Topic > Digitalization and the Indian economy

The Indian market has developed from just Rs. 2.7 lakh crore to Rs 57 lakh crore making it the world's sixth largest market by GDP and third largest by purchasing power parity (PPP). The nation ranks 141st in GDP per capita and also 123rd in GDP per capita (PPP) in 2020-16. Post 1991 the Indian market has seen numerous developments, from being relegated to opening the door to global gambling by allowing LPG (Privatization and Globalization, Privatization and Globalization) since 1991 under the then Prime Minister PV Narasimha Rao and also Finance Minister Dr. Manmohan Singh. India has achieved moderate GDP growth of 6.7% per annum. In fiscal year 2015-2017, the Indian market became the fastest-growing large economy in the world, surpassing China. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Digitalization could mean that the mass adoption of connected electronic services by consumers, businesses and authorities is much more than the usual tumultuous wave washing over foreign companies. Initially, people were introduced to the use of computers and automation took every business by storm, now we can observe the digital universe that exists. Digital World and Digital India: The World Economic Forum in its Global Information Technology Report generated a Networked Readiness Index (NRI) about 12 years ago, to attract the attention of both decision makers and investors implying the adoption of financial and business plans which could allow them to grow in the context of a rapidly evolving but professional online economy. Globally, the 20-16 report released by the World Economic Forum ranked India 91st in the Network Readiness Index, one of 139 countries slipping down two places in the overall ranking. The shift is more marginal, but this decline is still a sign of the slower speed compared to other nations. Under the leadership of the honorable Prime Minister Narendra Modi, India is preparing to go head-to-head with the rest of the world. Along with his vision of producing an electronic digital India using his tough Bharat Net plan. Since most Indians still have homes in many rural areas where an online connection can be a fantasy, the federal government is building a highway high-speed electronics to unite all 2.5 lakh Gram Panchayats of the nation. It is the largest rural broadband connectivity undertaking using fiber optics on the planet. This study will be completed using all of the following objectives: 1) Understand the various measures of the digitization index. 2) Analyze the effect of digitalization on Indian economic development; 2) 3) Examine the different constraints of digitalization. The analysis is qualitative and qualitative in nature. The secondary information will be used to diagnose the problem. Resources for secondary statistics will be derived from numerous sources such as Special Investigation Team files, paper and Telecom Regulatory Authority of India, World Economic Forum websites. The Digitization Index Digitalization metrics decide to try to measure the cumulative influence of the adoption and use of information and communication technologies (ICT). We all know that holistic adoption and its use helps improve economic development. Only six digitization indicator measures were used in the analysis. 1. Accessibility: It must be accessible enough to enable scalable impact. 2. Reliability of the infrastructure: It is supported by telecommunications networks andreaches the majority of the population of a national territory. 3. Network access: Networks need to be accessible by multiple fixed and mobile voice and data devices. 4. Capacity: - Bandwidth is the data rate supported with a network connection. This comes from the area of ​​technology where the bandwidth reflects the exact distance between the highest and smallest signals on a communicating station (ring). Higher bandwidth means higher capacity, however, will not necessarily mean increased performance. 5. Usage: Networks must provide sufficient capacity to deliver large amounts of information at speeds that do not impede effective use. 6. Reliability of human capital infrastructure: it is supported by telecommunications networks and reaches the maximum number of people in the federal territory. A number of programs undertaken by the Government of India to improve the infrastructure would be:- 1. Broadband Highways: Ensures three components Broadband for most broadband, Rural for most national and urban information infrastructure. 2. Universal use of mobile connectivity: ''It is focused on understanding the system and bridging gaps in the nation's connectivity. 3. Public Internet Access Program: Offer shared service centers (CSCs) and item offices as multi-service centers. 4. E-governance: reforming authorities through technology: re-engineering government processes using it to simplify and make government procedures more effective is essential for transformation to achieve better delivery of government services in various government domains and therefore it must be carried out with the ministries/departments. 5. E-Kranti: Electronic Service Delivery: The federal government has declared the National eGovernance Plan (NeGP), consisting of 3-1 Mission Mode Projects (MMPs) and 8 elements. E-Kranti is a vital pillar of this Digital India initiative, also there are 44 mission mode projects under e-Kranti, which may be in various stages of execution. (includes banks, post offices, taxation, land records, agriculture, Gram Panchayats etc.) 6. Recommendations for many: Internet hosting of documents and information to facilitate open and easy access to information for taxpayers. 7. Electronics Manufacturing: ''Aims to boost electronics in the country with the aim of zero net imports by 2020 due to a stunning demonstration of that goal. 8. IT for Jobs: ''Aims to provide training to young people on the skills needed to obtain job opportunities in the IT/ITES sector. 9. Historical Collection Programs: Consists of these efforts that should be executed in a short timeline. Internet Access Internet penetration in India grew from just 10% in 2011 to 34.08% in 2016, registering a direct increase of 89% in 2016 compared to 2007. • Urban India, with an estimated population of 444 million, it already has 269 million (60%) users using the Internet. • Rural India, with an estimated population of 906 million as per the 2011 census, has only 163 million (17%) Internet users. There is therefore a great opportunity to increase penetration in rural areas. • “Daily Users” analysis reveals that in both urban and rural India, younger generations are the most prolific users of the Internet. • Increasing internet penetration is expected to boost the growth of e-commerce in India. Indirect and indirect IT-BPM workforce in India from financial year 2009 to 2017 (in millions) This statistic indicates the number of people working, indirectly and directly, in Indian IT and process managementbusiness (IT-BPM) sector from 2008/9 to 2016/17. Direct employment in the IT-BPM sector in India has reached 3.9 million people as of 2016/17. Over the past decade, the IT industry has been caught by surprise by the huge wave of outsourcing by foreign companies. In 2014, the infrastructure outsourcing agency segment accounted for the most significant percentage of IT outsourcing spending in India. Digitalization and GDP Growth: Digitalization being a vital economic driver globally, there is a need to embed the economy by creating digital economies. Businesses, productivity and prices would be the 3 benefits produced by the economy. It has been seen that in large markets the Internet normally represents around 3.4% of GDP along with stable job creation. During the global recession, the impacts of digitalization generated 6 million jobs worldwide, of which 94% came from emerging markets and 6% from developed markets. This demonstrates the possibility of this digitalization in creating job opportunities. Surveys show that growth savings are more likely to benefit from digitalization than developed markets as growth markets have a wider range of reducing inefficiencies and increasing production. Coming back to India, growing net penetration has accelerated the adoption of technology and increased sales of gadgets like tablets, computers, etc. have helped create an attractive internet customer base and an unprecedented rise in e-commerce . The World Economic Forum (2013) stated in their report that a 10% increase in the digitalization score of almost all countries would contribute to a 0.75% increase in GDP per capita. Other studies agree that the impact is 4.7 times greater than the ordinary effect of 0.16% on GDP per capita for broadband installation (World Economic Forum, 2013). With the increase in online usage, e-commerce companies have not only increased their business activity in many benefits but also given birth to both marketing services and services for small sellers allowing them to reach an industry more global. With the onset of the electronic age, there is again the automation process that helps reduce errors and increase production speed as well as decrease ineffective movements. Industry cost reduction differs from industry to industry and company to industry. • Street lighting, which today constitutes 1.5% of India's total electricity consumption (according to McKinsey), can be changed through digitalisation. Motion-sensing lights can save 70 to 80 percent in costs and electricity, based on Cisco pricing. • The use of biometric equipment Helps in tracking ghost workers and reduces individual bias towards a particular worker Job Creation Creation of this broadband system around 2.5 lakh village panchayats in the nation since 2018 The broadband road might require a great deal of work and move to develop many tasks for the small area of ​​this society. With this gain in Internet and technology penetration, there will undoubtedly be a need to maintain the apparatus, therefore, it is likely that there will soon be a huge demand on its maintenance team. To educate people there will also be demand from educators. Figure 2 indicates the trend line and regression equation of online penetration and lead job creation. The R 2 value indicates that 92.04% variance in employment will be clarified by individual variability, i.e. online penetration. Obstacles in the digitalization process: 1. The.