Digitalization and its Impact on Indian Economy
European Journal of Molecular & Clinical Medicine,
2020, Volume 7, Issue 6, Pages 2131-2140
Abstract
This study discusses the digitalization and its impact on various sectors of Indian Economy, On July 1st, 2015 under the leadership of honorable Prime Minister Narendra Modi took the very first and crucial step towards “Making India Digital”. This is aimed to connect the rural parts of the India with Internet Connection and make them digitally literate to understand the development happening in their own sector and to inculcate them. India is one of the fastest developing nations with a very high young population accounting to (~65%) whose age is less than 35 years. Impact of Digitalization can be clearly observed only when the Individuals are capable of understanding and adopt them, for that every individual have to be financially literate which makes them capable of making judicious decisions, post digitalization financial transactions have to be taken through internet keeping that in view digital financial literacy has become the essential knowledge,through digitalization we can change a business model and provide new revenue and value producing opportunities. This paper focusses on how Digitalization has impacted the MSME and service sectors and how implementation of industry 4.0 has not done in larger scale. Why digitalization is so important and what are the sectors got impacted and how can we as emerge 3rd largest economy in the near future and how digitalization helped in bringing the transparency in the financial transactions and raise of usage of E Wallets.
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