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Digitalization in India: Is it the big multiplier for the country’s economy?

Digitalization in India: Digitalization is the next big thing and it will change the way countries and economies function in future. It is essential for a country like India, because of its large population, vast spread and outreach of government programs and the high rural population. Digitalization would increase competitiveness and economic efficiency, address challenges, create new products and businesses and reduce disparities.

Making the ground ready for digitalization in India
The last few years have been a game-changer for India as it witnessed some remarkable figures in areas such as deep penetration of its broadband connections, data usage at a low cost, advancement in technology and consolidating the digital infrastructure. The ground is set for the next phase of growth and outreach and digitalization is set to play a vital role in it.

Deep penetration of broadband connections

Broadband in India is not the same as it used to be a few years ago. Communication technology has not just developed in terms of its technology, but also in terms of its outreach. India has overcome various challenges in terms of establishing a vast network of broadband connections, which not only covers even the remotest parts of the country but is highly dependable in terms of efficiency and speed.

Low-cost data 

The cost of data in India is much lower than in other countries and it is enabling its access to the masses. People from even the weaker segments of the economy can afford to use internet-based applications, further enhancing their digital awareness.

Advancement in technology

From the telecom revolution in the late 80s to the internet revolution of the 2000s, India has witnessed it all and the technology has advanced at par with the needs and demands of the masses. India, today is technologically-sound and is adopting new-age solutions.

IMF acknowledges India’s “very brave step with the digital ID”
According to International Monetary Fund (IMF) managing director Kristalina Georgieva, “What is unique about India is the fact that this public digital infrastructure is built in a very agile and welcoming manner. So private initiatives can tap into this public infrastructure and benefit themselves as well as support growth and employment in India. What is replicable is this concept of an open, holistic approach to digitalization using key building blocks.”

She also stressed the importance of India’s G-20 presidency and how it would provide India with the opportunity to share the experience of its achievements in the digital sphere, with the world. Furthermore, it would be a motivator for the developing nations, to take cues and move ahead in the same directions and adopt a thoughtful approach to digitalization, she said.

UPI going global
India has experimented, innovated, and even promoted the adoption of digital payments through home-grown UPI (Unique Payments Interface) applications. It was a giant leap, given the size of the country’s population and how the process is carried out. India is now reaching out to other countries and is successfully implementing payments exchange through the UPI applications, making the transfers quicker and involving less transaction cost.

Way forward for India
India has witnessed a digital empowerment of sorts in the past few years, according to the research, Digitalization in India, published in International Journal on Emerging Technologies. The authors stress digital connectivity as being the “great leveller”, and how it has reached across socio-economic segments and demographics. Digital resources are available in regional languages in India, which has further encouraged the Indian population to adopt this revolution. The paper also raises a very important point of “digital culture” and how it has made the easy transition from older methods to new digital processes. The relationship between humans and technology has enabled the examination of the role of technology in social sciences, and how it is further shaping the political and cultural systems.

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