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.
