The opportunity to create a digital world

Recently, the Indian government has banned 59 Apps, including TicketLock, Share It, Cam Scanner, etc., created and operated by China using Section 69 (A) of the Information Technology Act, 2000. The Ministry of Electronics and Information Technology (Ministry of Electronics and Information Technology-MeitY) has cited data security and privacy concerns as the basis for this ban. As India’s digital economy is one of the largest markets in the world, it also has great importance in the global economy. In the era of the digital economy, we can call data as the currency of the 21st century. There are many apps that have no income channels, but their only benefit is data collection. This internet-based business model is called Surveillance Capitalism, where all social media apps and other such platforms use their own data collected from users and receive income from it. The banned Chinese app in India is an example of surveillance capitalism. The credibility of Chinese companies in the global market has definitely been negatively affected by the ban on Chinese equipment by India. This has come as an opportunity for India. India will have to move towards digitization, working on a long-term strategy. Experts believe that the Indian digital economy can become the leader of the digital world.

Digital economy can be elaborated as

The form of economic system in which most of the money is transacted through credit cards, debit cards, net banking, mobile payments, and other digital means is called the digital economy. Digital services have become important for the 21st-century economy. When more traditional methods of commercial transactions were interrupted in national or global emergencies, digital services have succeeded in filling such gaps. Digital services enable access and distribution of a wide variety of products in many areas, from healthcare and retail distribution to financial services.

Components of Digital Economy

Keeping in view the changing scenario in the country, the digital economy can be divided into three main components: The Digital India program of the Government of India has promoted financial inclusion as well as the use of digital infrastructure. The plan to provide nationwide access to digital infrastructure including high speed WiFi has given a boost to the digital economy in India. The second phase of the digital economy is the growth in electronic and mobile commerce in India. The technologically savvy younger generation considers online purchase the simplest means of purchasing goods. This has led to the expansion of e-commerce and m-commerce in the country. The utility of data is increasing at every level in the digital economy. Our economy is going through a period of understanding and analyzing such data. In view of this, the Government of India has launched its own open data portal where data is available for analysis. In view of the ever-increasing amount of data and strategic importance, the government is helping to provide training and research in the field of data analytics for the digital economy.

India the center of digital innovation

Digital India is becoming a medium for digital empowerment by laying the necessary digital infrastructure for providing services in a digital way in the country. In a world where geographical distances are no longer a barrier to building a better future, India has emerged as a strong center for digital innovation in every field. With more than one lakh villages connected to optical fiber, 121 crore mobile phones, around 122 crore Aadhaar and 50 crore Internet services, India is now the largest population in the world with ease of technology. High-Speed ​​Internet 5G service in India is expected to be launched in the year 2020. The use of 5G technology will not only be limited to browsing on mobiles and laptops, it will also be able to make new technological developments in health, agriculture and industry-related sectors. Due to fast internet speed and low latency, it will also prove useful in serverless applications, remote control surgery, connected smart city. Artificial intelligence is going to play an important role in the field of economic development and social progress. India’s mission is to develop a human-centered artificial intelligence, which can benefit humanity in an inclusive manner. Finding solutions to difficult problems and joining the world’s leading countries in the field of Artificial Intelligence is among India’s main goals. At present, a technologically efficient economy is playing a major role in determining the foreign policy of the country. Cyber ​​Secure India’s 5G Internet technology will prove to be an important factor in determining relations with developing countries.