Digital Economy represents a broad range of economic activities based on digital technologies. The economic activity is driven by online communication, connections, and transactions of millions of people and businesses around the world.
The Internet and Mobile technologies provide the fundamental backbone of digital technology with the interconnectedness of people, businesses, and machines. The advancement in technologies like the Internet, IoT, Cloud Computing, cheap smartphones have enabled the hyperconnectivity, resulting in online businesses and social interactions as never before.
Digital technologies are shaping the way people are communicating, businesses are operating, and customer services are rendered. Advancement in digital technologies fuels innovation, employment opportunities, and economic growth. The digital economy positively impacts all aspects of society.
The technologies are getting cheaper, faster, and easier to use, leading to the exponential growth of the digital economy. More people and organizations are leveraging the growth in technology. Technology has become ubiquitous and central to growth and innovations transforming the digital economy.
The accelerated digital economy impacts the regional and local economies. The growth in e-commerce transactions is multifold in the last decade. The need for the digital economy has never been greater, especially in the current pandemic.
Technological advancements are enabling the small and medium industries, helping them revive their businesses, and emerging market economies have been on the accelerated growth trajectory for the last couple of years.
The consideration of India as one of the largest emerging markets is evident from the fact that several tech giants have shown interest to invest in local telecom companies to build a robust ecosystem to penetrate the rural market. India, as an emerging market has garnered the attention of the world’s leading technological corporations.
India’s digital growth has gained momentum with investment from tech giants such as Google and Facebook in local corporations. The recent announcement of a $10 billion digitization fund from Google for India’s digital economy is touted to be a significant growth towards the digital revolution in the Indian Economy.
The Indian telecom company Reliance Jio has made a successful foray into the world of telecom, leading in the country with around 400 million users. The Reliance vision has been a technological and social disruption at scale.
The company has revolutionized the Telecom and Data sector. Before Jio entry’s to Indian telecom space, the Internet usage and data plans were at a higher cost and out of reach to the common masses. Reliance Jio platform made the data plans affordable and accessible to millions of Indians.
Telecom and software companies have made an immense contribution to developing the country’s technological progress and Internet penetration in the rural population over the past decade. The local conglomerates in partnership with tech giants are ensuring the growth of the Internet and Mobile technologies ecosystem.
The apps and online services are made available to remote areas. The development of the Internet and the digital economy is central to the growth of the developing economies from the ground level. The partnership is likely to bring smartphones and Internet access to more folks paving the way for people to communicate, use services, and run businesses.
While India is leading in the IT services industry, million of Indian in rural India still doesn’t use the smartphones. They do not have access to the Internet. Their life is not enabled by the power of the Internet.
The production of low-cost smartphones is imperative to penetrate the internet usage at the heart of rural India. Internet usage will unlock new opportunities and empower the ecosystem of growth and innovations for the Indian economy.
Emerging markets like India are on the verge of becoming the number one country in the world in terms of Internet usage. The low-cost usage of the internet are critical to economic growth and social inclusion. Such a partnership will improve the lives of Indians and advance India’s digital growth and economy.
In any growth market, the role of the government is to facilitate the businesses to accelerate the industry’s activities and revive the economy. It’s not feasible for the government to curb the problem of unemployment, poverty, healthcare issues alone. The combination of government and private sectors is to be formed to design an economy that serves the nation and people on the scale.
The digital economy can bring about a radical transformation in the sociological environment and power the growth in economic activities across the region in emerging markets. The emerging markets like India are already witnessing the rapid digitization, high innovation, and application of digital technologies to other economic sectors.
The scale of the digital economy lies in the growth of low-cost smartphones, rural internet penetration, user-friendly technologies, and computing interfaces in local languages. Everybody with access to the Internet and affordable data can prove to be a catalyst to the immense growth of the digital economy resulting in increased economic growth for every nation in the emerging market !!