Digital economy to create 10 million in 2 years: Ashwini Vaishnaw

India’s digital economy has created almost 9 million jobs and the figure is expected to cross 10 million in two years, said communications minister Ashwini Vaishnaw on Wednesday.

“We are currently the second largest manufacturer of mobile phones now,” he said at the ESC-STPI Start-up Initiative conclave in Delhi, adding that electronics manufacturing has created around 2.5 million jobs and IT services 5.5 million.

“Start-ups are undergoing a significant change where a lot more of them are now looking at developing technologies. The ecosystem is now witnessing a trend of technology development. From becoming technology consumers, we are now becoming technology producers,” he said.

Under a government-backed start-up initiative, 40 start-ups have been selected to pitch their businesses and products in the US to seek venture capital funding.

Software and Technology Parks of India (STPI) provides business spaces in 64 locations across the country, aiming to facilitate entrepreneurs in smaller cities. STPI, which is backed by the Ministry of Electronics and Information Technology, has created 20 centres that offer technological support for start-ups.

“The Prime Minister has a vision that unicorns and decacorns can emerge from even the smallest villages in the country. PM (Narendra) Modi has democratized entrepreneurship. Opportunities are present for everyone today,” Vaishnaw said, referring to privately owned companies valued at $1 billion or more each and those valued at more than $10 billion.