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Union Minister Rajeev Chandrasekhar on Thursday said that the digital economy will contribute 20% of India’s gross domestic product (GDP) by 2026.

The Union Minister of State for Electronics and Information Technology, Skill Development and Entrepreneurship was speaking at the inaugural function of Startup Conclave 2023, organised by the Gujarat government at the helipad ground in the state capital.

“In 2014, the digital economy was around 4.5% of the GDP and today it is 11%. By 2026, the digital economy will account for 20% or one-fifth of the Indian GDP,” he said.

According to Chandrasekhar, targets and ambitions set by Prime Minister Narendra Modi when he launched the Digital India programme in 2015 have transformed “qualitatively as well as quantitatively our economy, our innovation ecosystem and our position as a nation in the world”.

India’s position has transformed from being the consumer of technology for nearly three decades to being the producer of devices, products, and platforms for the world, he said.

“It was a remarkable transformation during the last nine years under the PM. Our economy, which was once dominated by a few groups or segments, has now become a highly diversified economy,” said the minister.

He asserted that India has now become the fastest-growing digital economy in the world.

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“This is the most exciting time in the history of independent India that we are living in. This is the most exciting time for the innovation and technology sector in India ever. I am saying this look how far our innovation ecosystem and digital economy have grown since 2014 when Prime Minister Narendra Modi assumed office,” he said.

Chandrasekhar said the best time for startups and innovation is yet to come “because the next decade will be the decade of opportunities for startups and innovation”.

The Gujarat Education Department has organised this event intending to bring startup innovators and investors on a common platform to exchange ideas and opportunities.

The event will see various sessions, master classes, and networking opportunities to promote collaboration, creativity and startup ecosystem, said Higher and Technical Education Minister Rushikesh Patel in his address.