In the past eight years, India has made significant strides in digitizing its economy. The Minister of State (MoS) for Electronics and Information Technology, Rajeev Chandrasekhar, recently highlighted this progress. The nation's current digital economy represents about 11% of its total GDP, having grown from just 4.5% less than a decade ago. According to Chandrasekhar, the target is set firmly at 20% by 2025-26. 

Particularly noteworthy is that the digital and innovation sectors are outpacing the growth of the non-digital economy, growing two-and-a-half to three times faster. The MoS made these comments during the recent Global AI Summit hosted in the UK, dedicated to the discussion of AI implementation and associated risks. 

International Collaboration Key to Shaping Tech Future 

Chandrasekhar voiced strong support for international collaboration in shaping the future of technology. He highlighted events like the Global AI Summit as crucial platforms for multi-nation dialogues and decision-making. Given the rapid advancements in technology, these conversations have never been more important, presenting some of the most exciting opportunities ever seen in human history. 

GDP

Indian Prime Minister Narendra Modi, Chandrasekhar conveyed, has repeatedly argued that the future of technology should be controlled by a global coalition of nations, rather than a select few. This coalition, according to Modi, should have a sustained and strategically clear institutional framework for regulating technology and driving innovation for the greater good of humankind. 

AI: A Major Catalyst for Digital Economy Growth 

For India, digital advancements are not just ideas for the future—they represent tangible goals and practical steps in their growth strategy. Artificial Intelligence (AI) in particular, is seen as a key enabler of this digital acceleration, acting as a driving force for the economy and government operations alike. 

While India is making progress in promoting its digital economy, the United Kingdom and its international partners have also been busy on the AI front. An £80 million (USD 100 million) fund has been launched to support AI projects globally, starting with Africa. This project, a collaboration between the UK, Canada, and the Bill and Melinda Gates Foundation, aims to promote safe and responsible programming. 

The first day of the AI Safety Summit at Bletchley Park, a historic British tech landmark, was marked by the announcement of this funding. Rajeev Chandrasekhar is representing India at the two-day summit.

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