ICT key driver in tenfold economic growth ambition, say experts
The ICT players proposed that Government enforces a reduction of the mobile money withdrawal excise to 0.25 % with a per-transaction cap to drive up digital uptake and revenue collection.
Some of the stakeholders who participated in the dialogue between the ICT players and Government at the Finance Ministry.
Experts in the information, communication and technology (ICT) space have argued that technology can drive economic growth, create wealth and enable the country to compete globally.
The remarks were made during a dialogue between Government, regulators and the ICT private sector on the sector approach to the national development agenda. The event was held at the Finance Ministry offices on October 14, 2026.
CIO-CxO Digital Leadership Forum executive secretary Gideon Nkurunungi highlighted that the ICT sector can accelerate national development by supporting productivity and innovation across the country.
When it comes to agriculture, which contributes over 26% of the country’s Gross Domestic Product (GDP), he asserted that digital technology can increase the value of agricultural products, with farmers able to access international markets by providing reliable information on production, livestock maturity and product traceability.
Gideon Nkurunungi, the Executive Secretary of the CIO-CxO Digital Leadership Forum, addressing the dialogue between the ICT players and the Government at the Finance Ministry (1)
He stated that telecoms are thriving better with increased penetration of open accounts and wallets that already exist.
“In our sector, the reality is telecoms are doing better than banks. We have a lot of presence in banks. Only 80% have active bank accounts. We request the government to reduce the transaction charges. People should not withdraw money at high cost.”
The ICT players proposed that Government enforces a reduction of the mobile money withdrawal excise to 0.25 % with a per-transaction cap to drive up digital uptake and revenue collection.
Rajesh Kumar, the Chairman of the Indian Business Forum, added that high Know Your Customer (KYC) requirements are limiting access to banking services, with costs like photocopying and transport discouraging people, especially in rural areas.
For digital transformation to effectively support national growth, he called on the government to review import taxation policies to make smartphones more affordable.