The subject of how to tax the digital economy and the relevance of the existing global tax rules has long been a concern.
Among other things, the panel has suggested that there should ber no convenience fee on payments made to government agencies by customers and recommended that payment systems use machine driven, online dispute resolution systems to handle complaints.
India is entering into partnerships with many countries including with China to diversify market to have synergies, she said adding that China is the leader in manufacturing, whereas India leads in software and services sector.
The government estimates the digital economy to surpass USD 1.115 trillion by 2024-25.
Referring to the ongoing debate on impact of note ban on GDP, he said experts are divided on the issue, but stressed that "it will definitely increase".
"A merchant enabled Aadhaar payment system will be launched shortly. This will specially be beneficial to those who do not have debit cards, mobile wallets or mobile phones," Jaitley said while reading out the Budget in Parliament.
Due to a push towards affordable housing, the housing sector, even with poor volumes off late due to demonetisation, may start to do well, says Prabhat Awasthi, Head-Equities, Nomura India. Cement sector will also gain due to this.
"The recommendations of the committee (on digital payments, headed by Andhra Pradesh Chief Minister N. Chandrababu Naidu) will be carefully examined and appropriate decisions will be taken in due course," the ministry said.
Pichai, who was speaking at his alma mater IIT-Kharagpur, said the focus is also on areas like local language support and improving connectivity in India as the country becomes a global player in the 'digital economy'.
Confident that India will soon be a global player in the digital economy, Google CEO Sundar Pichai today said that in the next 3-4 years, big software companies will be coming out of the country.
In an event where Google CEO Sundar Pichai was present, Telecom and IT Minister Ravi Shankar Prasad said that India‘s digital economy will cross USD 1 trillion in the next 3-4 years, aided by demonetisation.
The government‘s latest measures such as discounts on fuel and railway ticket purchases made through cards and e-wallets are vital for the country to move to a cashless economy, according a clutch of digital payment services providers.
Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday had announced the demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight, making these currency papers invalid.
Speaking at the India-UK Tech Summit, Modi showcased his government's initiatives in sectors like smart cities, startups and digital economy as he sought enhanced engagement with Britain.
"The Union Cabinet under the Chairmanship of Prime Minister Narendra Modi has been apprised of a Memorandum of Understanding (MoU) signed between India and Tunisia on June 2, 2016 for strengthening bilateral cooperation in the field of Information and Communications Technology (ICT) and Digital Economy," an official statement said.
Internet and mobile industry body IAMAI representing giants like Google, Flipkart, Facebook, Airtel Money slammed proposed Goods and Services Tax Bill saying it fails to recognise the digital economy and push back regulatory progress by decades
The two sides also discussed the issue of spreading tide of extremism and terrorism which is a threat we both face, Vice President Hamid Ansari said while making the joint press statement with Tunisia Prime Minister Habib Essid.
Google, Facebook warn on Internet rules at e-G8