Digitalization, also known as the transition to a digital business, is the use of digital technologies to alter a business model and offer new revenue and value-producing options. India, one of the most significant developing economies in the world, is guiding its own development through the recent emergence of start-ups and unicorns, which carry the strength of India and helps in digital transformation of India.
The part that smartphones play in our lives is one of the biggest factors to their development. The majority of start-ups, like Zomato, Paytm, Oyo, Flipkart, Physicswallah, and Upstox, in the fields of finance, education, and aggregators, demand that their users utilise smartphones. Not only that, but in the future economy, whether it is a cashless economy requiring the usage of QR codes or DeFi (Decentralised finance), the involvement of mobiles/smartphones is unavoidable. As a result, it is not unreasonable to argue that smartphones are playing a key role in the digital revolution of the Indian economy.
By 2025, the digital economy’s productivity gains might generate 60 million to 65 million new jobs, many of which will require functional digital skills. Helping the 40 to 45 million workers whose employment could be eliminated or altered will require retraining and redeployment.
500 Million Internet users backbone of Digital transformation in India
India is one of the largest and fastest-growing marketplaces for digital consumers, with more than 500 million internet users, but business adoption is unequal. Technology is poised to quickly and drastically impact almost every area of India’s economy as digital capabilities advance and connection becomes pervasive. That is likely to change the nature of work for tens of millions of Indians and generate enormous economic value.
India is becoming a significant player in the digital economy. The volume and growth of its digital economy have now surpassed those of the majority of other nations by a number of important criteria, including internet connections and app downloads. The public and private sectors are moving quickly to establish high-speed connectivity throughout the nation and to offer the tools and services needed to link Indian customers and businesses to the internet.
The growth of digital consumption is being driven by both the public and private sectors. More than 1.2 billion Indians have signed up for the government’s biometric digital identity programme, Aadhaar, and a goods and services tax has connected more than 10 million enterprises to a single digital platform. Competition among telecom companies has accelerated the growth of internet subscriptions and data consumption, which quadrupled in both 2017 and 2018 and helped close the digital divide. Lower-income states in India are seeing faster growth in internet infrastructure and subscriptions than higher-income states.
In the areas of agriculture, healthcare, retail, logistics, and other industries, new digital ecosystems are already apparent and altering consumer-producer interactions. Opportunities can be found in anything from data-driven loans and insurance payouts for the agricultural industry to digital solutions that plan the most effective routes and track the movement of freight on India’s roadways. Patients in the healthcare industry might use digital voice or HD video teleconsultations, while brick-and-mortar retailers in the retail industry would benefit from becoming a member of e-commerce platforms.