Digitalization in Indian Economy

February 11, 2017by piyush golani0
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A major transformation is going on among all the economies of the World. This we can observe in the functionalities and the process of the Industries. “Going Digital” is the motto of most of them and Indians are outperforming here. In India, the current level of digitalization is nearly up to 27% and it is expected to reach up to 65%. Source: PWC

 

Digital Techs are used in everyday life from grocery stores to the government filling. Indian government tried their best to introduce digitalization at all the levels of the society.

 

Demonetization scheme was whole heartedly supported by Digitalization. After Demonetization, there was a reduction in the GDP growth rate but in 2017 it is again coming on track. As per the OECD report, India tops the list of BRICS nation.

 



Source: Trading Economics

 

Major Digital Technology involved in the process of digitalization:


 

Start Up ecosystem in India is third largest in World, many young entrepreneurs with a lot of potential are moving further into the digital market and exploiting their talents with their innovations.They have played a great role in making the best use of these technologies.

Important Facts

Data Analytics:

Global level of maturity in data analytics in an organisation

 

Banking:

In India, more than 50% of the population doesn’t have access to the banking system. The average number of card transactions per resident is a mere 6.7 compared to China 14.4, Brazil 54.8 and the UK 201.7 Source: RBI

 

Around 85% debit/ credit card holder use their cards just to withdraw cash at ATMs. Only 15% of online or point of sale transactions take place using credit or debit cards.

 

Education System:

With more than 260 million admissions, India has the world’s largest primary and secondary education system.

 

New technologies like virtual reality and augmented reality will be playing a key role in making learning more easy and engaging.

 

Small and Medium Businesses (SMBs):

SMBs are the backbone of Indian economy, even they

Contribute up to 37% India’s GDP.

  • 68% of SMBs are completely offline
  • Only 2% are fully digitally engaged
  • Internet Penetration expected to rise to 50%-60%

By 2020

  • This could support the contribution to GDP

Up to 45%

Source: KPMG

 

Level of Digital Engagement:

 

Source: Analysis of ITOPS Business

 

Future Ride:

There is a great scope of improvement in the digitization process, many startups and organisations are giving their best efforts to convert India into the DIGITAL INDIA.

CapitaWorld platform also works on the technologies like Big Data Analytics, Cloud Computing, Authentication, Location Detection, Mobile Devices etc. It is a digitized lending platform which connects fund seeker and fund provider in the digital environment in a very user-friendly manner. It acts as a facilitator between both of them. So here a person can get the consultation without any cost involved.

 


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