The Digital Economy of India has grown 2.4 times between 2014 and 2019, generating around 62.4 million jobs, says RBI

As per the latest bulletin of RBI, India’s digital economy had a growth 2.4 times faster than the growth of economy between 2014 and 2019, generating 62.4 million job opportunities.

The size of the digital economy has grown from USD 107.7 billion in 2014 to USD 22.5 billion in 2019. India’s digital economy has shown a growth rate of 15.62 percent between 2014 and 2019, in absolute US dollar terms. India’s economy grew at a compound rate of 6.59 percent annually.

In an article authored by Dhirendra Gajbhaye, Rashika Arora, Arham Nahar, Rigzen Yangdol, and Ishu Thakur from the department of Economy and Policy Research, RBI, it is stated that India’s digital economy has grown 2.4 times faster than Indian economy itself.

Hardware, software publishing, web publishing, telecommunication services, and specialized and support services which come under India’s core digital economy showed an increase from 5.4 percent of  GVA (Gross Value Addiction)in 2014 to 8.5 percent in 2019.

All these views are made by the authors and are not supported by the central bank as per RBI.