Digital economy could create up to 65 million jobs by 2025

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Published: April 6, 2019 2:07:31 AM

By 2025, core digital sectors such as IT and business process management, digital communication services, and electronics manufacturing could double their GDP level to $355 billion to $435 billion.

Digital economy, digital leap, india, digital india, news

India is one of the largest and fastest-growing markets for digital consumers, with 560 million internet subscribers in 2018, second only to China. A study by McKinsey Global Institute says that digital applications could proliferate across most sectors of economy. By 2025, core digital sectors such as IT and business process management, digital communication services, and electronics manufacturing could double their GDP level to $355 billion to $435 billion.

Newly digitising sectors including agriculture, education, energy, financial services, healthcare, logistics, and retail, as well as government services and labour markets, could each create $10 billion to $150 billion of incremental economic value in 2025 as digital applications in these sectors help raise output, save costs and time and reduce fraud.

The productivity unlocked by the digital economy could create up to 60-65 million jobs across almost all sectors by 2025. However, automation can eliminate the equivalent of 40-45 million current jobs, necessitating large scale retraining and redeployment.

 

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