5G will contribute $450 billion to India’s economy in coming 15 years, says Union Minister Piyush Goyal

The Telecom Regulatory Authority of India (TRAI) recently completed 25 years of service in India. On the sidelines of the occasion Union Minister for Commerce and Industry, Piyush Goyal, said that 5G connectivity will contribute $450 billion to India’s economy in coming 15 years. “The nation is moving to the 5G era. This will contribute over $450 billion to the Indian economy over 15 years,” Goyal said while addressing the TRAI Ministerial Session.

The common thread through the massive government welfare efforts in the last 8 years has been the Digital India mission.

The nation is moving to the 5G era. This will contribute over $450 billion to the Indian economy over 15 years: @PiyushGoyal

— Piyush Goyal Office (@PiyushGoyalOffc) May 18, 2022

Talking about the first 5G testbed that was launched by Prime Minister Narendra Modi on TRAI’s silver jubilee celebration, the Minister said that the move will prove to be a milestone in digitising India’s economy and boosting the startup ecosystem.

The launch of indigenous 5G Testbed by PM @NarendraModi ji will be milestone towards Aatmanirbharta in telecom.

It will help in digitising the economy, boosting Startup ecosystem, improving governance, ease of living & ease of doing business in the country: @PiyushGoyal

— Piyush Goyal Office (@PiyushGoyalOffc) May 18, 2022

He also talked about two programs that TRAI was launching for boosting digitisation in the country. The first programme is the Collaborative Regulations programme, which the minister said will focus on co-creation and sharing of Infrastructure. He said that this program is in sync with PM Modi’s PM GatiShakti program and that it has ‘pathbreaking potential’. The second programme that the minister highlighted is the International Regulators’ Roundtable on Collaborative Regulations using RegTech & Technology Platforms, which he said can generate the next level of transformation in this sector.

“PMGatiShakti was conceptualised by PM @NarendraModi ji. His logic was that the age of haphazard development in the country particularly in the field of infrastructure can be changed only by the effective use of technology,” he said.

We will be able to locate our economic activities smarter with #PMGatiShakti.

The data compiled is robust, contemporary, vibrant. This will help us having secure, sustainable, scalable, & collaborative approach to plan smarter: @PiyushGoyal

— Piyush Goyal Office (@PiyushGoyalOffc) May 18, 2022

“#PMGatiShakti can help create common utility corridors for different sectors like gas, electricity, water, optical fiber and telecommunications. Govt. is working towards an India that is quality, cost and time conscious. We are on the path of unprecedented growth,” he added.

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