5G to inject $450 billion into Indian economy by 2040: Telecom Minister Scindia
Oct 14, 2024, 10:48 IST
Union Minister of Communications Jyotiraditya Scindia on Monday stated that 5G technology is expected to inject around $450 billion into the Indian economy by 2040.
The minister highlighted this during his address at the Global Standards Symposium at Bharat Mandapam in New Delhi, one of the world's largest telecom events.
He said, "In India alone, for example, 5G is anticipated to inject an astounding 450 billion dollars into the economy by 2040."
The minister emphasized that 5G is not just about faster internet or low latency, but is laying the groundwork for smart cities, advanced infrastructure, and autonomous innovations.
Scindia further noted that 5G has already been rolled out across all 36 states and Union Territories, covering 98 per cent of districts and 80 per cent of the population in just 22 months. He said this achievement showcases not only India's technological prowess but also the transformative power of standardized innovation.
He added "We are unlocking new Reims of possibility in health care, education and agriculture and Manufacturer"
The minister stressed the importance of international collaboration in unlocking the full potential of technologies like 5G, artificial intelligence (AI), and the Internet of Things (IoT).
He stated that the global standards are key to ensuring that these technologies work harmoniously across borders.
"The import of dialogue cannot be overstated. The wonders of 5G the brilliance of artificial intelligence and the interconnected marvels of the Internet of Things. Things are transforming industries, societies and manufacturing processes and economies on a global scale," he said.
Scindia also pointed out the need for robust governance in emerging technologies like AI and IoT, emphasizing the importance of ethical considerations and regulatory frameworks to address concerns around privacy, bias, and transparency.
"We are today poised at the edge of a new technological era, the dawn of the 6th generation of mobile network 6G and this is a gateway to the future where communication will become boundless where innovation will know no limits and by humanity, interconnectedness becomes the corner stone of our shared global destiny" he said.
Scindia also urged the global community to work together in setting standards and nurturing partnerships that will define the future technological landscape, ensuring technology serves as a force for good.
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The minister highlighted this during his address at the Global Standards Symposium at Bharat Mandapam in New Delhi, one of the world's largest telecom events.
He said, "In India alone, for example, 5G is anticipated to inject an astounding 450 billion dollars into the economy by 2040."
The minister emphasized that 5G is not just about faster internet or low latency, but is laying the groundwork for smart cities, advanced infrastructure, and autonomous innovations.
Scindia further noted that 5G has already been rolled out across all 36 states and Union Territories, covering 98 per cent of districts and 80 per cent of the population in just 22 months. He said this achievement showcases not only India's technological prowess but also the transformative power of standardized innovation.
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The minister stressed the importance of international collaboration in unlocking the full potential of technologies like 5G, artificial intelligence (AI), and the Internet of Things (IoT).
He stated that the global standards are key to ensuring that these technologies work harmoniously across borders.
"The import of dialogue cannot be overstated. The wonders of 5G the brilliance of artificial intelligence and the interconnected marvels of the Internet of Things. Things are transforming industries, societies and manufacturing processes and economies on a global scale," he said.
Scindia also pointed out the need for robust governance in emerging technologies like AI and IoT, emphasizing the importance of ethical considerations and regulatory frameworks to address concerns around privacy, bias, and transparency.
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He called for a comprehensive policy framework to ensure that future innovations, such as the upcoming 6G technology, benefit everyone equitably and do not deepen existing digital divides."We are today poised at the edge of a new technological era, the dawn of the 6th generation of mobile network 6G and this is a gateway to the future where communication will become boundless where innovation will know no limits and by humanity, interconnectedness becomes the corner stone of our shared global destiny" he said.
Scindia also urged the global community to work together in setting standards and nurturing partnerships that will define the future technological landscape, ensuring technology serves as a force for good.
SEE ALSO:
Hyundai IPO review – Everything you need to know about India’s biggest IPO
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