How Digital Economy Of India Has Altered The Nation ?
India is one of the biggest Digital economy in the world and the biggest ever proof for it is 462 Million Internet users scattered into many parts of India. The high use of Internet marks the greatest potential for the global players. There are many factors making greatest Digital economy of India such as innovation alterations, demand and supply scenarios, institutional environment, etc. Along with these stated reasons, the competitiveness of the country’s digital economy and the current state as well as the pace of the digital period has brought global evolution
More about Digital Economy of India:
- According to Digital Evolution Index 2017 India is categorized in the list of ‘Break Out’ countries consisted of Indonesia, Kenya, Bangladesh, Mexico etc. Although India is very close to China amongst Internet users but it is still fighting and getting internal challenging situations such as various local languages and large infrastructure. Even demonetization has not shown any great impact and this leads to cause India a loss. This is the country considered as cash dominated society and much is still left under Digital India campaign.
- One of the researches explored that more than 86% of the people in the world made cash transaction. The countries such as France, Switzerland, Sweden, and Netherlands are in the category of least cash reliance countries of the world. 75% of the sale payment is made in cash. Most of the times, developing countries are dependent on cash. In fact the heavy demonetization in India few months ago failed to decrease cash dependency.
Peculiar Digital Economy Trends Observed:
- Digital Players dominated the market. The known companies such as Apple, Microsoft, and Amazon etc have gained top positions.
- Digital technology has change the way work is actually done. World economy has effected big data, artificial intelligence, and automation etc.
- Seamless Public Policy is helpful in the long run. Economists are required to obtain public as well as private policies for fostering the innovation in the digital economy including India. They encourage right integration of latest technologies, data, and automation.
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