The Indian Growth trajectory is continuously moving upward with country entering the new digitization phase. India is seeking to expand its digital infrastructure with high-speed internet connectivity and innovative products. The corporate are evolving to take full advantage of the upcoming opportunities.
Digitization in India is having a bigger impact than it has had in its other developed countries. With its mobile base subscribers crossing 1bn mark earlier this year. The bandwidth promised by new technologies is setting new benchmark rapidly. Balendu Shrivastava, Head of Marketing Science, Facebook India. shared that there are 65 million daily users on Facebook, this is much larger audience than any other newspaper or channels in India have. The bottom line is Technology has accelerated change and we have to ensure that this change is inclusive.
Internet of Things is the next big thing and the key driver of digital growth in India. The IOT are expected to create a business over 511bn$ in the next decade. This can be broken into 394bn$ business in the private sector and $116bn in public sector. Given the scale of opportunities that are to be created. The government is also taking initiative in building up the IOT infrastructure and facilitate the development of the ecosystem in the best possible ways. Digital India initiative has been focusing on making government services available to citizens by boosting internet connectivity and online infrastructure. The Digital initiative is largely focusing on bringing internet connectivity to rural areas and promote digital literacy. It is projected that through Digitization 140 million users that don’t currently use banks will have access to banks through mobile financial services. The Digital India is supporting the initiative that will enable connectivity of broadband highways that will cover 2,50,00 local governments. Facebook has been partnering with state -owned government companies to create 100 wifi hotspots in rural India.
With its digital revolutions underway, India is most certainly a country with an eye in the future. As digital India becomes a reality, the new digital infrastructure will enable create tremendous business opportunities for entrepreneurship and innovation. In addition to aiding business, ICT is creating pathways to open government or e-governance, in other words, the unprecedented technological innovations will help government become more transparent and accountable.