India’s internet economy is expected to double to touch $250 billion by 2020. E-commerce and financial services are projected to lead this growth with share of digital payment transactions to become more than double to go up to 30–40% by 2020. While digital economy will have a much broader influence beyond the direct economic impact, digital adoption will deliver several citizen-centric social benefits like enhancing ease of doing business, improving access to services and products and transforming governance, according to a study conducted by the Boston Consulting Group (BCG) along with The Indus Entrepreneurs (TIE), both global consultancy firms.
The Commission is addressing this issue because the EU is currently not making the most of its data potential. To change that, it is necessary to address unjustified restrictions to the free movement of data across borders as well as several legal uncertainties. The Communication presented today outlines policy and legal solutions to unleash Europe's data economy. The Commission also launched two public consultations and a debate with Member States and stakeholders to define the next steps.