Accelerating India’s digital future
It is all about, Digital acceleration is a business strategy that guides the company's future. It shifts the focus from digitizing a process to adopting the latest technologies, such as automating business processes, data visualization, ML, and AI.
India’s digital transformation is at a tipping point. Seven hundred million connected Indians, affordable smartphones and data, record highs in digital payments, the digitization of citizen services, and a vibrant start-up ecosystem have put the technology sector on track to become the single largest contributor to the national economy.
The government of India aims to enhance the contribution of digitalization by 20% of GDP by the end of the financial year of 2025 and if the expected target is achieved in the given timeframe; we may observe an exponential boom in the digital market industry. This is a significant increase from the current level of 11%. If this target is achieved, it would mean that the digital economy would be worth around $1 trillion.
With easy access to authentic digital documents, DigiLocker facilitates the speedy delivery of government benefits across financial inclusion, education, health initiatives and more.
Secondly, with the rise in the development and deployment of AI systems, it is essential to establish responsible guidelines to ensure fair, ethical and safe usage of AI based solutions. There is a need to develop technology that is understandable to the end users, providing strong safety and performance guarantees, and to raise awareness of the impact of the technology on society.
If the government's target is achieved, it would have a major impact on the Indian economy. It would create new jobs, boost exports, and improve the efficiency of businesses. It would also help to bridge the digital divide and improve the lives of millions of Indians.
Going forward, the growth of the digital economy will have a major impact on the Indian economy and society as a whole.
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