PM Modi talked about the impact of 4 Lakh of India’s common service centres in the villages, stating that there are 4 Lakh digital entrepreneurs being developed
40% of the Digital transactions taking place in the world happen in India: PM Modi
The Digital India movement and the steps towards semiconductors, 5G and optical fibre are not just an identifier for differentiation: PM Modi
Lauding the success of the Digital India mission, Prime Minister Narendra Modi said that the dream of a digital India will be achieved by utilising the potential of villages to its fullest.
“The dream of Digital India will go through India’s villages,” said the PM from the parapets of the Red Fort on India’s 76th Independence Day.
The Prime Minister also talked about the impact of Digital India on villages, and how the talent in the villages will form the digital entrepreneurs of the future.
“I am happy to tell you that 4 Lakh of India’s common service centres are in the villages. The young people are operating these service centres in the villages. It is a moment of pride for each one of us that around 4 lakh digital entrepreneurs today are working to provide facilities to the people living in the villages,” PM Modi said.
According to the Telecom Regulatory Authority of India (TRAI), India has more than 1.1 Bn telecom subscribers as of May 31, 2022. Out of these, 794.68 Mn were internet users, making India the country with the second-largest internet population in the world.
Of the total internet users in the country, more than 373 Mn were from rural areas, thus, almost half of India’s internet users come from its villages.
PM Modi also brought up India’s fintech startups, saying that because of the innovations made in the fintech sector, a significant chunk of all the world’s digital transactions happens in India. “40% of the Digital transactions taking place in the world happen in India,” he said.
It should be noted that with the help of UPI, companies in India have together managed to notch up more than 6 Bn digital transactions in July 2022. According to data from the National Payments Commission of India (NPCI), Fintech players in India facilitated digital transactions worth INR 10.63 Lakh Cr in July 2022.
Talking more about the Digital India movement, the PM added, “The Digital India movement and the [country’s] steps towards semiconductors, 5G and optical fibre are not just an identifier for differentiation. There are three major forces behind it. Revolutions in education, health and a change in all lives will come from digital.”
The PM was alluding to the PLI scheme for semiconductors, the recently concluded 5G spectrum auction and the BharatNet project.
At this year’s Union Budget speech, Finance Minister Nirmala Sitharaman said that the BharatNet project, which seeks to connect India’s 6 Lakh Gram Panchayats with optical fibre to deliver internet connectivity, will be completed by 2025.
The recently-concluded 5G spectrum auction, which stretched for 40 rounds of bidding and saw bids made for spectrum worth INR 1.5 Lakh Cr, will see India’s three private telcos – Reliance Jio, Bharti Airtel and Vodafone Idea – roll out 5G across various cities in the coming months, with a full 5G coverage expected by 2024.
The Digital India RISC-V programme was launched recently as part of the Centre’s INR 76,000 Cr Semicon India programme to build the semiconductor ecosystem in the country. The government’s vision is to see India use semiconductors worth up to $80 Bn to manufacture electronics worth $300 Bn by 2026.
The two sectors that the PM mentioned – edtech and healthtech – can boast of 11 unicorns and 11 soonicorns, ranking among the most lucrative from an investor standpoint. Both the sectors are critical from a consumer standpoint and both sectors gained prominence post-pandemic.
According to Inc42’s ‘The State of Indian Startup Ecosystem Report, 2022’, 856 funded startups within the two sectors have raised a combined $15.3 Bn in funding from 2014 to H1 2022.
