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India's digital economy to surpass $1 trillion by 2028: Report

Livemint · 2m

- India's digital economy is expected to surpass $1 trillion by 2028, driven by factors like widespread 4G and 5G access and homegrown innovations such as UPI. - Government initiatives like PMJDY and DBT have accelerated financial inclusion, particularly in rural areas, propelling India towards a cashless economy. - India's digital prowess now outpaces several developed countries, including Japan, the UK, and Germany, according to ICRIER. - Mobile network expansion has played a key role in driving India's digital transformation, with over 7 crore internet and broadband subscribers added in the past year. - The rise of digital payments is remarkable, with retail digital transactions expected to reach $10 trillion by 2026, with UPI projected to handle 90% of these payments by 2027. - Digital services like telemedicine, online education, and e-commerce have seen significant growth, transforming access to healthcare and education in the country.