The wave of digital innovation is driving the birth of many multi-billion dollar companies in India with the numbers increasing day by day. Needless to mention, a plethora of opportunities and all-round development is just around the corner. Around a billion people are supposed to come under the digital ecosystem and India is expected to be a trillion dollar digital economy in the few years to come. The driving force – the government of India is aiming to transform the country into a trillion dollar economy with the help of its Digital India campaign and the blueprint is already being worked on.
The plan is to create up to $1 trillion of digital revenue by 2022, and $1 trillion of economic value by 2015. A 30-point module for the same has been included in a document titled “India’s Trillion Dollar Digital Opportunity”. Transformative infrastructure, applications, and ecosystems will make way for the Indian digital economy to enhance productivity, value, and efficiency, thus empowering the country in various sectors. A new generation of private and public infrastructure in the form of IndiaStack, low-cost data, GST, etc. is coming together in the country. Thankfully, the collaborative efforts between the private and public sectors are improving the digital infrastructure which provides a strong base for expanding digital initiatives all over the country.
It is an interesting fact that the number of internet users in India is going to double up by 2022, with the figure touching the 850 million mark by that time, with the mobile penetration being as high as 90%. A study by World Economic Forum has revealed that a 2X rise in the internet penetration can result in up to 12% increase in per capita GDP growth of the country.
Furthermore, eKYC and Aadhaar enabled verification systems have empowered organizations to make the most out of the digital infrastructure. Take, for instance, the telecom operator Reliance Jio that managed to acquire as many as a million customers a day, thanks to Aadhaar. It cut down customer on-boarding process with the help of an innovative Aadhar-based eKYC solution, and reduced SIM card activation time. Added advantage – addition of seven new members every second for a number of days.
Indian CEOs’ increased focus on digitization, in sync with an increasingly digitized world, is giving a much-needed push to tech start-ups in the country. The start-up ecosystem is believed to gain innumerable opportunities from data explosion and businesses will expand globally, allowing India to leverage the power of world’s largest digitally enabled workforce.
Going forward, businesses, start-ups, investors, and other stakeholder would be able to generate more wealth. Digitization, in addition to GST, will generate volumes of data trail for lenders to create specialized, cost-effective supply chain financing products to boost the sector.
We have just started with the digitization process, and the possibilities are endless! It is going to impact majority of sectors including healthcare, retail, infrastructure, logistics, etc. in a positive way. IBM and Kalaari Capital have put together a detailed study with interesting facts and stats in their report “Imagining Trillion Dollar Digital India”. Click here to read the complete report.