How quickly is India progressing in its digitalization journey?
There might be a downside to the Modi’s Demonetization back in November 2016, but that decision has indeed started a great digitalization journey in India. India has been driven by the most recent technology and with the increased penetration of mobile phones usage, there was a call for digitalization.
Also, social media these days is influencing people substantially time.
The Digital India initiative was launched in 2015 and it did take some time to completely materialize it. But the Government of India has already pioneered the change in the way the country is gradually transforming. Due to the digitalization in the country, India is now ranked as #1 in the impact driven from the digital transformation. All those enterprises who have started digitally transformation first are gravely benefiting from it. Also, it is a competitive edge.
A tremendous encouragement from the Government has made the enterprises in India to progress themselves in the Digitalization Journey. But no matter how much they push. A study recently revealed that less than 10 percent of the Indian Companies see themselves as digital leaders. Nonetheless, India is taking necessary cautions and steps to grasp the complete potential of a Digital Economy.
So here are some of those few changes or milestones which India has achieved during the digitalization Journey.
A lot of companies, brands are reducing the amount of paper in their routine tasks. Undoubtedly, it is a paradigm shift where everything is digitalized and all the transactions, important e-mails, faxes, and notices are exchanged via the Internet. India today is slowly embracing the shift towards the paperless country. Also, most of the documents – are digitalized. In addition, digital documentation means accepting the digital journey. They also can reduce a certain amount of paper wastages and also costs in the long term. So for any enterprises who think to optimize their output using minimum resources, going paperless is the best option for them.
Online banking/ Mobile banking
Though there was internet banking much prior to the Digital India Initiative, online transactions have surged much recently. According to a recent report, the digital payments market in India is actually transacting over $200 billion presently. A rise of over $1 trillion is expecting by 2023. Somehow the IMPS value has increased many folds since the digitalization journey started.
Generation of Employment
Digital India somehow has promoted a new sector of jobs for people in the country. Digital India Scheme has launched more than 86 BPOs till now. Each BPO maintained a capacity of 53,400 seats. Around 12,000 people are part of this BPOs. They are from the towns like Imphal, Guntur, Unnao, Kohima, etc.
Proper Usage of Government Funds
Once there was digitalization of a lot of documents and identity information, the Government could save more than 90k crores and reach to more than 30 crore beneficiaries. Plus, the Government has launched e-marketplaces for the benefit of companies, government departments, and agencies. This way, they are capable to convert the revenue to better opportunities. More than 22 thousand companies have placed and delivered orders and in the process earned around INR 7,000 crore.
Therefore due to digitalization, there have been quite a lot of improvements in the commerce, job scenario, and IT sector. The Government’s effort for the Digitalization Journey of India might be comparatively long as you cannot expect the results to be instant. But in the span of four years, the digitalization of Aadhar card, the introduction of Digital India, BHIM UPI app for fast and integrated payments, RuPay debit cards have contributed in some or the other way for the digital infrastructure.
Also, according to Google India and several other business and trade analysts predict that by 2020, digital transactions will happen tenfold the current rate. So far, the digitalization journey is going on fine but better execution of the plans and centralization of state projects might generate a progressive change.