Hello friends welcome in SONU LIVE in this post I’m going to tell you about DIGITAL ECONOMY AND India aims to become 1 trillion US dollar digital economy in the coming years. What steps have been taken recently by the government in this regard?
INTRODUCTION
It is an economy which involves the processes that use digital or computing technologies such as E-Commerce, Mobile-Commerce, internet and so on. The term was coined in year 1995 by Don Tapscott in his book “The Digital Economy: Promise and Peril in Age of Net Worked Intelligence”.
India’s ambition to become a $1 trillion digital economy by 2025-2026 necessitates proactive measures, and the government has been implementing various initiatives lately:
Policy Push
- Draft Digital India Bill: This upcoming legislation aims to create a comprehensive framework for the digital economy, addressing data privacy, cybersecurity, and online competition.
- National Digital Communication Policy 2022: This policy focuses on building robust digital infrastructure, promoting affordability, and fostering innovation in emerging technologies like AI and IoT.
- Start-up India initiatives: Programs like Startup India Seed Fund and Stand-Up India provide financial support and incubation services to budding entrepreneurs, propelling the digital ecosystem.
Infrastructure Development
- National Optical Fibre Network (NOFN): This ambitious project aims to connect all villages in India with broadband internet, bridging the digital divide. And enabling online access across rural areas.
- Digital Seva Kendras: These centers across the country provide citizens with digital literacy training. And access to various government services, promoting digital inclusion.
- 5G Rollout: Accelerated deployment of 5G technology, with its high speed. And low latency, promises to unlock new possibilities in digital services and business applications.
Promoting Innovation
- India AI initiative: This program focuses on developing national capabilities in artificial intelligence, with research grants. And infrastructure support for AI research and development.
- Open Network for Digital Innovation (ONDI): This platform enables researchers and developers to access government datasets. And infrastructure for innovation in areas like healthcare, education, and agriculture.
- Skill development programs: Initiatives like Digital Skilling and Literacy Mission. And its aim to equip the workforce with necessary digital skills to thrive in the digital economy.
Ease of Doing Business
- Streamlined regulations: The government has undertaken various reforms to simplify business processes and reduce regulatory burdens for digital businesses.
- FDI liberalization: Relaxing foreign direct investment policies in tech sectors like e-commerce and data storage attracts global investments and expertise.
- Digital payments push: Promoting digital payments through initiatives like UPI and Aadhaar-based authentication facilitates cashless transactions and financial inclusion.
These are just some recent steps taken by the government. The success of India’s digital journey will depend on consistent policy interventions, robust infrastructure development. And fostering a vibrant ecosystem of innovation and entrepreneurship. Challenges like digital literacy, cyber security, and data privacy need to be addressed effectively.
The road to a $1 trillion digital economy is paved with ambitious goals and multifaceted efforts. It will be interesting to see how India’s digital landscape evolves in the coming years, powered by these initiatives. And fueled by the collective drive of government, businesses, and the tech-savvy Indian population.
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