GANDHINAGAR: Union Telecom Minister Ashwini Vaishnav on Monday said indigenously developed 5G and 4G telecom technology stacks will be rolled out in the country this year and the platform will be offered to the world from next year.
Speaking at The Business 20 (B20), the official G20 dialogue forum with the global business community, Vaishnav said only five countries in the world have end-to-end 4G-5G telecom technology stacks, but now public-private partnerships With , India has developed its own technology which has been tested to handle 10 million simultaneous calls.
“Our private and public partnership approach has given us a solution where the core was developed, invested in by the public sector, public money, and everything else comes from private partners. Throughout this 2023, we will Will roll out.” Vaishnav said, around 50,000 to 70,000, towers, sites and then in 2024 it will be presented to the world.
The minister also elaborated on the four broad approaches directed towards economic management, digital economy, regulation in the digital economy and development of new technology, which India has adopted under the leadership of Prime Minister Narendra Modi to help solve some serious problems .
Referring to the COVID-19 pandemic and its impact, Vaishnav said that in the last two years the world has witnessed a very turbulent period, unprecedented in more than a century, but its response in many geographies is textbooks. Has been according
He said that as soon as the pandemic hit, the whole world came to a halt, the economy collapsed and the classical response in many economies was to deliver a classical fiscal stimulus.
“The expectation was that consumption would pick up and this would lead to an economic revival but at the same time the quantum of fiscal stimulus combined with monetary stimulus created a situation where the balance sheets of the Fed, the European Central Bank, the Japanese banks, many of the larger, wealthier economies,” Vaishnav said. In 2010, there has been a huge increase in the balance sheet and it has actually brought inflation which was unprecedented, unheard of across the world.
The minister said that in contrast to the fiscal stimulus-driven approach, the Prime Minister of India took an approach that was very much focused on consumption and a large part of the fiscal space was allocated to investment.
“We have traditionally been anywhere between four and a half to 7 per cent as a run rate of inflation. So as a run rate, today, we are at about 5.8 per cent as the latest trend, which is very good moderate inflation. Therefore, this change in outlook is the result of strong growth with moderate inflation, Vaishnav said.
He said that the Prime Minister took a different approach to digitization where India created a system, a digital ecosystem that was not monopolized by any big technology. The example will be given everywhere in the world,” Vaishnav said.
He said the government adopted an approach to create public-private partnerships and create certain platforms using public funds. The minister said the model was initially used to create a payment system platform, which involved banks, then insurance companies, e-commerce, start-ups and then individuals.
Vaishnav said, “In the month of December, on an annual basis, digital payment transactions in India are USD 1.5 trillion. It is huge. It is more than many other countries.”
He said that the Prime Minister has adopted an approach to use public money to build a strong platform and let everyone join that platform.
Vaishnav said, “It reduces concentration, it reduces monopoly. It democratizes the whole digital benefits. It’s a very inclusive approach. It’s a very democratic approach and it’s a very sustainable long-term approach.”
The Business 20 (B20) is the official G20 dialogue forum with the global business community. It is one of the most prominent engagement groups in the G20, with companies and business organizations as participants.