Digital Revolution in India
The world is changing. If what experts around the world are saying is true, we are in the middle of the fourth industrial revolution. Commonly referred to as Industry 4.0, this revolution is the transformation of manufacturing, production, banking, energy, and many other value creation processes to a digital medium aka digital revolution. The Internet, Robotics and AI are some of the wheels driving this change.
Industry 4.0 is set to change not just the industrial sector but also individual lifestyles dramatically. The ways, in which we live, engage with art, communicate, conduct monetary transactions, eat, commute, access healthcare, and much more. The onset of this digitization is already being felt by many if not all and at the heart of this revolution, is India.
Watch our short interview of ex-Infosys director, Padma Shree Mohan Das Pai and his take on India’s Digital Revolution:
There are numerous reasons why India is at the crux of the Digital Revolution. Let’s have a look at some of them:
Internet Penetration and Usage: Key to Digital Revolution in India
According to the Telecom Regulatory Authority of India, as of December 2019, there were 718.74 million Internet subscribers in India. This makes India the second-largest digital market in the world, second only to China. In a span of just three years (2014-2017) the number of Internet users in India doubled!
This rise in Internet usage is as a result of the dropping costs of smartphones and Internet data. Additionally, the public and private sectors are fluidly collaborating to catalyze India’s digital revolution.
Digitization of the Public Sector
The Indian government’s flagship Digital India Program that was launched in 2015 has started various ambitious projects and has had far-reaching effects. Schemes like BharatNet has connected 129,000 gram panchayats, India’s formalized, rural self-governing bodies, with optic fiber Internet. Aadhaar, the world’s largest biometric ID system (referred to as, “the most sophisticated ID program in the world” by the former chief economist of the World Bank) has registered 1.26 billion people. This ID can be linked to digitally open bank accounts and acquire SIM cards.
Young Digital India
India is also one of the youngest populations in the world, with a median age of only 28 as compared to 38 in the USA and China. This favorable demographic dividend in conjunction with highly skilled individuals means young India is primed for a digital revolution.
Globally, India ranked second in-app downloads, with a whopping 19 billion downloads in 2019. To complement this, India has a booming start-up culture. In 2019 alone, 1300 tech start-ups were born in India implying the inception of 3 or 4 technology start-ups daily!
Rapid Digital Innovations in the Private Sector
The use of apps is booming in rural as well as urban India, be it booking bus, train, air tickets, taxi services, ordering food or groceries, shopping, fitness, entertainment, logistics, creativity, events, enterprise collaboration, etc. Indians are one of the front-runners in developing and using these apps. The public sector is not to be left behind; the Government of India in April 2016 launched the Unified Payments Interface (UPI). UPI is a service that allows instant transfer of funds between two banks on a mobile platform. Between its inception in April 2016 and September 2019, UPI facilitated the transfer of US$240 billion.
This ubiquitous digital service is changing the way India conducts its business. From the biggest marketplaces online to the smallest shops in remote villages, digital payments have become a norm.
Diversified Potential
Apart from the US$180 billion IT industry- a more conventional idea of Industry 4.0, agriculture, education, and healthcare are other avenues in which digitization has massive potential in India. From e-profiling soil health to cloud-based distance learning, digital consultations for patients in remote villages to blended learning techniques over the Internet.
Read about the pros and cons of increased digitization in the wake of the COVID-19 crisis
India is a fertile ground for the roots of the digital revolution to grow. The Internet and digitization have already created drastic changes in the world, but perhaps even bigger changes lie further in the future. India is keenly transforming itself to take center-stage in Industry 4.0 and give rise to a dynamic and digitally diverse economy.
To learn more about this magnificent country, head on over to Mastering India. Our learning hub offers a blended technique of learning. We combine online courses, events, and sensory experiences. Our goal is to build awareness about India and help learners unlock the massive opportunities that reside within.
- Published in Blogs