India is among the largest and fastest-growing market in digital economy. The unprecedented pace of change in digital transformation can be seen in everyday action, and across all socio-economic classifications. Regulatory push is helping to steer digital growth in India. The entire world is beholding the Industrial Revolution and is changing the lives of many especially in developing country. Massive digital transformations are creating the perfect storm. A storm that is changing the business landscape and accelerate the economies.
Industrial revolution indices relationship between digital transformation, economic development, employment and productivity in the developing country. The connotations of those relationships are of significant importance to policymakers vis-à-vis how much support should be given to revitalize digitalization.
Developing country like India needs to trail a specific approach to ensure development digital economies. Governments have an important challenge to foster acceptance of new technologies with ease by populations and companies. Digital proliferation therefore necessitates policy thinking and appropriate interventions well beyond liberalising and facilitating multitudes of digital commercial transactions, and catalysing a domestic start-up ecosystem. Some of the recommended actions are invigorating digital acceptance with holistic digital public policies, measuring the digital impact in economies and promoting digital telecommunications infrastructure, redefining traditional regulatory framework and institutions, and understanding the implications of each new business model in order to quickly react.
In the past few years, India has built a set of public digital and data infrastructures are certainly a trail-blazer for developing countries. Digital transformation has come at a good time for developing countries experiencing a big surge in the number of educated and aspiring youth, seeking to break away from shackles of underdevelopment, in societies. Amid down-shift economic condition, COVID-19 has led to a surge in digital transformation. The current digital ferment can trigger new entrepreneurial energies and cultures, helping shape a new phase in socio-economic development.
As India comes out of the lockdown, many MSMEs and merchants struggle to manage working capital to sustain their business, getting customers back to the stores should now be the key priority for all the merchants. In such a difficult scenario, digitalization will not only enable easy access to funds but will also allow businesses to migrate easily to online platforms. This is a turning point that gives an opportunity to rebuild our nation, digitally. Digitizing the businesses is the key to face-lift the nation’s economy. The sustainability of business will heavily rely on how well we adapt to this new normal.