It is predicted that the digital economy will rule in the upcoming 5 years. Not just this, the anticipated growth is said to be in high double digits! So, it becomes necessary to understand both the role of digital economy in India, and the importance of digital economy in India. Especially if one is, or wishes to associate with the field of Digital Marketing.
1. Facts, statistics and figures
To begin with, if one is to go by a press release, India has got near about half a billion internet users. This lays a solid foundation and a huge demand for digital platforms, services, content, applications, and so on.
As far as the digital consumer base of the country goes, it ranks 2nd in the world and is growing at a great pace. Digital India continues to narrow the digital divide, and is taking technology to even the most remote areas of the country.
India is placed at 2nd place in the list of the fastest digitizing economies amongst the world’s leading economies, as per a recent report’s Country Digital Index.
As per the report, India has got the potential to generate an economic value that is more than US $1 trillion come 2025, with the help of digital economy. At present, it is around US $200 billion. So, you can see the jump.
The best part about digital technologies is that they bring transformation in work and generate demand for newer skills and job positions. Other than the solution providers and digital coders, the majority kinds of work will be governed digitally, and it will become necessary for the workers to acquire IT skills.
From these figures and statistics it is clear that there is already a surge in the digital economy in India. The scale is expected to be such that the future digital economy in India might result into an output and productivity that will be sufficient to cater to 55 to 60 million workers by 2025.
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2. Why the digital economy? Principal governing factors
Following are the principal factors that would result into India becoming a leading digital economy in the world.
1. Tools combined with talent would raise India’s tech growth
Technology, talent and infrastructure (tools) will be the three pillars that will ensure a long-lasting and growing digital economy in the coming times. The next gen intellectuals of today happen to be a big talent repository that got to be put to use for creating and enhancing the tools and technology. Just the internal resources in the country won’t be sufficient for the same. Instead, partnerships and collaboration will be a deciding factor in pushing up the growth-oriented ranking of India on the world economic map. This would result into quick growth in innovation, and making the fundamentals stronger.
India’s tech industry is seeing a steady growth for the past few years. This has resulted into India being positioned amongst the first 50 nations across the globe. According to the Global Innovation Index 2020, this has happened for the first time ever. That speaks a lot about how the digital economy would be in the near future. This has happened due to the country’s rapid progress in terms of setting up the digital infrastructure. India has been consistently analyzing and reinventing itself, in order to continue walking on the digital transformation growth path.
2. India’s teaching potential has been identified and recognized by global brands
India currently has reached a position where worldwide leading brands have identified the potential, and thus entered here with opportunities. Be it knowledge transfer, dedicated investments for setting up global infrastructure, initiatives and processes for upselling of local communities and labor etc.
Reputed global tech giants such as Amazon, Google etc. have committed substantial investment in India across sectors like innovations, infrastructure, uplifting and up training of society etc. On the other hand, mobile giants such as OnePlus and OPO have established their Research and Development facilities in India for coming up with products based on the choices of the local users – an indication of how valuable this market is to these brands. Such research and development centers have not only facilitated more employment opportunities, but also taken India to the global platform through timely technology developments.
With the principal governing factors now in front of you, it is clear that the digital economy is the thing to go to.
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