Internet of Things will lead to $2 trillion economic benefit by 2020

Information Technology (IT) minister Ravi Shankar Prasad said Internet of Things (IoT) is likely to generate an economic benefit of nearly $2 trillion. He was speaking at an Internet of Things conference organised by Nasscom.

“Forbes says that we will have 25 billion IoT connections by 2020. Cisco estimates 50 billion, and the revenue is going to be very very exciting.

“As per Gartner, IoT will produce economic benefit of nearly $2 trillion by 2020 and Cisco estimates it will be $14 trillion. Therefore even economically, IoT products are going to be very win-win,” he said.

Prasad said he was open to suggestions to leverage IoT skilling and also stressed on having higher human resource research and training in the area.

He also laid emphasis on using IoT for cyber security and said it should not be allowed to be abused by some people. Innovators should conduct research to develop a good ecosystem to further strengthen the whole architecture of cyber security, Prasad said.

“How can by innovation and research, we can develop a good ecosystem to further strengthen the whole architecture of cyber security, that is a very lurking area of concern, where we have all to work collectively,” he said.

Prasad said he would consider India’s IT initiatives a success if its technology products are adopted across the world, including Europe and US.

“I have seen IT evolution of India which follows the traditional pattern — from outsourcing to R&D and what not. They are important. They need to be promoted. “But I will be the happiest and consider our IT initiative a success if your extraordinary potential propels products, which are replicated and used in Asia, South-East Asia, Latin America, Europe and America,” he said while addressing an event on Internet Of Things (IoT) organised by Nasscom here.

Prasad said healthcare, education and agriculture must be the priority areas wherein benefits could be offered to the people.

He also said as per a study, IoT products will produce economic benefit of nearly $2 trillion by 2020.

Talking about the government’s initiatives for developing internet infrastructure, Prasad said as many as 250,000 gram panchayats will be connected with optical fibre network.

When the NDA government came to power, only 358 km of optical fibre were laid, but in close to two and half years, as many as 1.23 lakh kms of optical fibre have been laid in the country and the process is going on, the minister said.

“We had 80,000 common service centres. Now we have scaled up to 200,000. We are going to scale it up to 250,000…,” he said.

Prasad also said his ministry is digitising the post office network.

“We have 50,000 post offices in the country. More than 25,000 already have come under core banking solution and we are going to give hand-held devices to 1.30 lakh rural postmen for doing internet banking, insurance services and all,” he said.

Prasad said tender process is on for setting up call centres in small towns and it has invited a lot of positive response.

The minister said he has fixed a target of 500 million internet connections by 2017.

“God willing we are going to achieve that number this year itself,” he said.

Posted by on July 8, 2016. Filed under Editorial. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.