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business in India 2018-12-10

Digitalization And Urbanization: A Boon For Indian Economy

Ravi Shankar Prasad, Minister for Electronics and Information Technology, earlier this year, stressed on the importance of technology in fueling inclusive growth, creating new business and employment opportunities.

By Senior Sub-editor
Digitalization And Urbanization: A Boon For Indian Economy

Over the last couple of decades, technology has witnessed an unprecedented growth. With ground-breaking innovations taking place in the fields of artificial intelligence (AI), Internet of Things (IoT) and machine learning, nearly every industry from healthcare to education has gone through a tectonic shift. India, too, is experiencing a digital revolution that is transforming the country, both economically and socially.

Ravi Shankar Prasad, Minister for Electronics and Information Technology, earlier this year, stressed on the importance of technology in fueling inclusive growth, creating new business and employment opportunities.

Urbanization and Digitalization go Hand-in-hand

By 2024, India is expected to overtake China to become the most populous country. The booming population has been a major driver of urbanization in the country. Every year, thousands of people migrate to large cities from rural areas in search of jobs.

Most of these migrants consist of young people who are looking for a sustainable livelihood. With increasing urbanization, the Indian government is coming up with a slew of initiatives to support the needs of people moving to large cities. Prime Minister Narendra Modi is leveraging technology to develop ‘smart cities’ that have better infrastructure, amenities and facilities.

New Job Opportunities

Contrary to popular belief, technology is not taking over our jobs. Instead, it is opening doors to new opportunities.

According to a study conducted by the economists at Deloitte, technology has been a ‘great job-creating machine’. Another research by IDC suggests that around one million new jobs will be created in India by the year 2022, as more companies adopt innovative technologies.

Mukesh Ambani, the Chairman of Reliance Industries, also believes that new technologies and disruptions create more jobs than they destroy. The allied industries like logistics, warehousing, IT/ ITeS, sellers and SMEs, and other support industries (like payment solutions, marketers, and advertisers) in particular, have generated numerous indirect/adjacent job opportunities for the skilled.

Lifestyle Changes

It won’t be an exaggeration to say that technology has invaded every aspect of our lives: the way we communicate, travel, work, order food, shop and consume entertainment have all been transformed by technology. When it comes to online shopping, a joint study by ASSOCHAM-Resurgent reveals that an estimated 120 million Indian consumers are expected to purchase products from e-commerce sites by the end of this year. With access to anything we want at the touch of a button, technological innovations have brought significant changes to the Indian lifestyle.

Impact on Entrepreneurship and Startup Culture

The startup sector has probably been impacted the most by digitalization. In recent years, the Indian government has undertaken many initiatives to foster a culture of entrepreneurship in the country. Make in India, Digital India and Skill India are some of the schemes that have provided budding entrepreneurs with ample opportunities.

A report by NASSCOM-Zinnov titled ‘Indian Start-up Ecosystem 2018: Approaching Escape Velocity’states, the Silicon Valley of India, Bangalore is now one of the fastest growing tech start-up hubs, with 1,200 new companies added in this year alone. There has also been a rise in the number of young entrepreneurs as 73% of the startup founders are less than 35 years old.

Consumers Now Hold Power

In today’s digital era, companies are shifting their attention to customers. Instead of brands, consumers are now in the driver’s seat. The transformation of the consumer industry has led to some important tech innovations, particularly in areas such as payment technology and last-mile delivery.

Moreover, companies are using various digital platforms to connect with their target customers and receive feedback from them.

This article is written by Ankit Garg, Co-Founder, Wakefit.co

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