A famous broking company lost $70 million for a four hour breakdown of the network systems, he said. Describing the stage of Internet growth in the country as `adolescent', he said that the first mover advantage need not be a deciding factor. ``It has to be a best mover advantage''. Internet browsers have no loyalty and the ones who have value proposition only will succeed. This does not mean that dotcoms will be wiped out - some will definitely survive. However only those brick and mortar who adopt to click and mortar will survive in the `old economy.' Disputing the terminologies in use about old and new economies, he said that there was only one economy which would be improved with greater efficiencies on account of technology. Despite all the hype of Internet there was no question of a `borderless economy'. Most countries were getting to be very strict on data leaving the country which restricted the `borderlessness'.

This was true in Europe and the US. On the regulatory issues, he said that the centre was very proactive in making the requisite amendments to speed up economy through use of Internet. But in terms of penetration and last mile access there was a long way to go. Analog modem penetration was bound to be the highest in the country, to the tune of 50 per cent despite cable modems and other technologies.