Benefits of Digitization in Growth of India’s Digital Economy

  • April 26, 2018
  • Nirlep Patel
  • 4 min read
  • 1740 Views

India has more than half a billion internet subscribers, making it one of the fastest and largest growing markets for digital consumers and digitisation.

 

Today, India is one of the most digitally forward countries globally, having adopted digitisation in almost every Indian living aspect, be it hospitality, healthcare, finance, or tourism.

India has portrayed great leadership abilities when going through a digital transformation. The last decade has seen our country going through a vigorous Digital Transformation is all spheres of life.India today is very different from what it was in the 90″s

We see a digitised economy where digital technologies such as the internet, mobile devices, etc. have a positive impact on economic patterns of trading, production and consumption. Business workings, Government-citizen interactions and various minor and major economic aspects are performed thanks to India’s Digitized Economy correctly. 

In fact, Digitisation of the Indian economy is driving India towards a $5 Trillion economy by 2025!

Digitalization of the Indian Economy began in 2013, under our Prime Minister Narendra Modi’s flagship program named Digital India.

Digital India’s objective was to connect the rural areas with high-speed internet and improve digital literacy through the country, making Indian digitally advanced and conscious.

 

 This very program started the digital revolution in India, and the program’s vision has continued to bring out inclusive growth in various economic sectors such as:

  1. Manufacturing & Production Sector
  2. Agriculture Sector
  3. Healthcare & Finance Sector
  4. Electronic Sector
  5. Banking Sector
  6. Private Sector

Let’s have a look at the Key Initiatives Of Digital India:

  • Establishing a Digital Locker to help India store their important government identification documents such as Pan Card, Driving License, Passport, Voter Id Card and Educational Marksheets in a safe, secure & digital format.

 

  • Introduction of the MyGov Portal for aiming at Good Governance via help from Citizen Engagement

 

  • ORS Portal for helping Indian Citizens handle and manage online appointments, pay online fees of doctors, government hospitals.

 

  • A Structured Design Framework for allowing digitised signatures on documents.

The Aim Of Digital India Was To:

  • Reduce Corruption

  • Increase The Speed of public Sector Services

  • Provide An Easy Online Portal For Document Storage & Management

  • Digital Growth ff The Nation

Digitization Of the India Economic has ushered in a futuristic and advanced era in India with several benefits.

Digitisation of the Indian economy has made India the second largest digital consumer base in the world. The government’s digital model of digitisation of the Indian economy has bridged the gaps between rural, urban, and upcoming areas, narrowing the digital divide and bringing technology to even the country’s remotest parts. 

The new “Digital Economy” has seen technology adoption rates increase between 2013 to 2018.

During this timeline, the country received 122 billion Adhaar Card Registrations Online, around 870 million Aadhaar-linked bank accounts and almost 98 million e-Government transactions daily.

India has become one of the leading countries of digitised payment systems making money transactions seamless for citizens. 

UPI, an instant real-time payment system developed by The National Payments Corporation Of India, allows inter-bank transactions in matters of a second. Payments apps like Paytm, PhonePe, GPay are all based on UPI transaction systems, enabling Indians swift and fast cash transactions.

Manufacturing, Education and Healthcare sectors are bombarded with programs like Digital India, Make In India, Startup India and Aayushman Bharat, creating an inclusive and digitised environment, boosting India’s economy further.

Due to The mass adoption of biometric and digital systems, India is expected to use plastic payment systems globally, resulting in one of the world’s most sophisticated financial systems.

India is aspiring to be a leader in different global technology platforms. 

This is strengthened by the country’s expanding technology capabilities, vibrant private sector, rich diplomatic history and entrepreneurial potential.

 For India to maintain its leadership in information technology, digital technologies need to improve public services, deliver financial inclusion and develop efficient trade mechanisms.

It is possible to achieve this by leveraging India technology companies’, information technology companies and skilled personnel. 

The goal should be to deliver an advanced digital solution for India’s problems and make a difference to the economy. 

One of the IT companies making a difference in India is GBIM Technologies Pvt Ltd. 

Our Advanced & Futuristic Digital Solutions aim to bring businesses of all types to be small, big or start-ups onto the digital medium for greater profits and exposure.

It is predicted that India could see a fivefold increase in Economic values via digital transformations in 2025, via providing opportunities for global and local level businesses, start-ups, innovators to invest in emerging technologies (blockchain, AI, Drones) in ways that are customised to fulfil the country’s goals and needs.

The Country Digital Index that measures a country’s digital adoption based on 30 metrics has named India the second fastest digitised economy among the world’s leading economies.

This itself is a proud moment for us, Indians!

The Indian digitised economy will continue to bloom and prosper in the coming years, completing more milestones and adding more achievements to its list.

But the biggest benefit would be to us Indians, who will lead a safer, modern, digitised, easy and futuristic lifestyle.

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Author
Nirlep Patel
I am an internet entrepreneur and also the Co-Founder of GBIM Technologies, India’s fastest growing internet marketing company. My forte lies in actively lending technical expertise in Search Engine Optimisation, SEM Google AdWords, SMM. Spanning about 14 years of focus on Digital Marketing, GBIM today has become one of the greatest digital marketing company. This could have been possible only because of the trust which our clients have on us, and the quality services we have delivered to them I have always believed that more is lost from indecision than wrong decisions and as a result, we have managed to create an environment where people are encouraged to challenge process and innovate. This culture has cultivated a highly motivated team with an open approach where anyone can share their thoughts and ideas freely.
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