India's digital economy expands as data costs drop to Rs 9 per GB

India has undergone a massive digital transformation over the last decade, evolving into one of the world’s most cost-effective digital markets. Speaking at the Global Fintech Fest, Communications Minister Jyotiraditya M. Scindia noted that broadband access has expanded from approximately 6 crore people ten years ago to over 102 crore today.

Data costs have seen a significant decline, dropping from roughly Rs 287 per GB to just Rs 9 per GB. This affordability has facilitated widespread use of digital payments, e-commerce, and government services. The country’s 5G rollout, which began in 2022, has achieved network capability in 99.9 per cent of India’s districts, covering about 85 per cent of the population with a capital expenditure of approximately Rs 4,500 crore.

India’s digital infrastructure is supported by the Aadhaar system, which holds over 144 crore identities, and the Jan Dhan account system, which has reached 60 crore accounts. Furthermore, 84 per cent of digital transactions in the country now occur via the Unified Payments Interface (UPI), contributing to India accounting for 49 per cent of the world’s digital transactions. The nation currently stands as the second-largest telecom market, with 133 crore mobile phones in use.