DIGITAL TRANSFORMATION IN INDIA: A POWERFUL CATALYST FOR ECONOMIC DEVELOPMENT AND INNOVATION
Keywords:
Digital revolution, Digital Economy, Information and Communication Technology, Economic activity, Devolvement, Opportunities Challenges.Abstract
In the last decade, India has undergone a sweeping digital revolution that has transformed its economy, society, and global standing. What was once considered a developing nation with widespread digital inaccessibility is now one of the world’s largest and most innovative digital ecosystems. This transformation has been driven widespread internet penetration, government initiatives, and a surge of digital infrastructure, shaping India into a thriving digital hub. As a result of the digital revolution, often known as The Internet Economy or The Internet of Everything, new market expansion opportunities are expected. Nowadays, almost every economic sector has been impacted by digitization, which may indicate a path towards modernization. As an important cornerstone for establishing a modern economic system, the digital economy relies on the use of information networks and platforms, renews factors and resources, and strives for high-quality and sustainable development. Digitalization has an impact on the majority of economic activities and production processes. The digital economy is based on new development concepts and is propelled by rising technologies. At a time when the digital economy is rapidly increasing, its significance can be observed in the deep integration it has fostered with economic and social industries, as well as the ongoing introduction of new technologies, models, and business methods. This leads to the modernization and transformation of society, business, and industry, which fosters innovation-based, long-term economic growth.
The importance of the digital economy in the modern economic system, as shown in new job growth, enhanced production efficiency, and industry-wide synergy, is examined in this paper. This report also examines several impediments or problems to the program's implementation, as well as future potential that could help India become the preferred destination for digital activity.
