Indigenously-developed 5G and 4G telecom technology stack will be rolled out in the country this year and the platform will be offered to the world from next year, Union telecom minister Ashwini Vaishnaw said on Monday.
Vaishnaw spoke at The Business 20 (B20), an official G20 dialogue forum with global business leaders. He said that only five countries have an end-to-end 4G-5G telecommunications technology stack. However, India now has a public-private partnership and has its own technology, which can handle 10 million simultaneous calls.
Vaishnaw stated that the core of the solution was developed by the private sector and invested in public funds. HTML2_ Then, it will be rolled out to approximately 50,000 to 70,000 towers and sites, and then, in 2024, it will be offered to the rest of the world.
The minister also discussed four broad approaches to economic management, regulation in the digital economy, and development of new technology. These are the steps that India has taken under Prime Minister Narendra Modi’s leadership to address some pressing issues.
In reference to the Covid-19 pandemic, Vaishnaw stated that the world experienced a turbulent period in the past two years. However, many countries have responded to it as per textbooks.
He stated that when the pandemic hit, the world stopped and the economy slowed down. The classic response to many economies was to provide a fiscal stimulus.
“The hope is that consumption will pick-up and that will lead to economic revival. However, simultaneously, the quantity of fiscal stimulation combined with the monetary stimuli created a situation in which the balance sheets of both the Fed and the European Central Bank as well as the Japanese Bank have humongously grown, and that has really brought about inflation that was unprecedented, unheard off throughout the world,” Vaishnaw stated.
According to the minister, unlike the fiscal stimulus-driven approach of India’s Prime Minister, India’s approach was more focused on consumption. A large portion of the fiscal space was also allocated for investment.
“Historically, there has been a range of four-and-a-half to seven per cent in run rate for inflation. Today, however, that is around 5.8 percent. This is a change in the approach.
He stated that the Prime Minister had a different approach to digitalization. In India, they created a system in which there is no monopoly on any tech. Vaishnaw said, “I could see that in five-six year’s time, India’s model will be followed everywhere in the world.”
He stated that the government used a strategy to create a public/private partnership with public funds to create platforms. The minister stated that the model was first used to create a payment platform that banks joined, followed by insurance companies and finally people.
“In December, the annualized digital payments transactions in India were USD 1.5 trillion,” Vaishnaw stated.
He stated that the Prime Minister had taken a strategy to use public money to build a platform that would allow everyone to join it.
“This decreases the concentration, which reduces the monopoly.” Vaishnaw stated.
The Business 20 Forum (B20), is an official G20 engagement group with the global business community.
Vaishnaw addressed the B20 India inception conference here.
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