Why in news?
Germany convened the first-ever G20 “digital ministers” meeting.
What is the significance?
- Cyber-attacks cost the global economy nearly $450 billion.
- So the G20 digital ministers meeting is a step in the right direction to give this issue the political visibility it needs.
- It indicates how the future of connected societies and economies is now firmly at the top of the global agenda.
- The meeting resulted in the creation of a working group on the digital economy to articulate rules of operation for businesses, governments and users transacting on the Internet.
- The larger mandate of this working group is the creation of a strategy for securing the global digital economy.
- G20 should assess whether cybersecurity is a business objective or a means towards the larger goal of promoting digital access and financial inclusion.
- It should also articulate policies for the digital economy that can be emulated in developing countries outside the G20.
- A T20 task force comprising think tanks and academia was constituted to offer recommendations that would strengthen digital economies and manage the “digitalization” of traditional sectors.
- G20-wide “digital skills upliftment strategy” that can improve labour participation and competitive capacities for women and marginalized communities.
Why India should be concerned?
- India is affected by the weaknesses in digital payments systems, global and domestic.
- It is tackling the twin challenge of Internet adoption and expansive digitalization.
- So it should contribute to the working group’s findings, as its digital economy is qualitatively and quantitatively different from those of the advanced industrialized nations.
Source: Livemint
