India’s government launched the Digital India programme in July 2015 with the goal of transforming the country into a knowledge-based economy with strong digital capabilities. This was the beginning of the country’s digital revolution.
The purpose of the Digital India programme, according to Prime Minister Mr. Narendra Modi, is to enhance the lives of common people. It sought to provide the populace of the nation with “accessible, inexpensive, and beneficial” technology.
The initiative was broken down into several components: governance, on-demand digital marketing services, professional seo services, digital citizen empowerment, and digital infrastructure as a utility for all citizens. After six years of work, the nation has strengthened its digital infrastructure and increased internet access across the board.
As new digital applications permeate and transform a variety of activities and types of work on a national scale, India is set for the next phase of growth, the production of enormous economic value and the empowerment of millions of Indians.
India’s digital revolution benefits
The digital revolution in India has greatly helped the nation. The government has used its digital environment to better the lives of its residents during the past six years. A professional seo services provider in digital marketing can help to reach out your business at next level.
Through Direct Benefit Transfer (DBT) initiatives, India has transferred a total of Rs. 22 lakh crore (US$ 300 billion) through the JAM ecosystem. The method of electronic payments has also been revolutionised by the government. With 48 billion transactions in 2021, India will have the most real-time transactions globally.
This is 6.5 times larger than the combined populations of the US, Canada, France, and Germany, and it is approximately three times larger than China, which has 18 billion people.
The measures taken by the Indian government go beyond transaction standardisation. Through the GST, the government was able to integrate more than 63 million MSMEs into the formal economy in 2019.
As a result of this formalisation, businesses are now required to use technology for tax filing and other purposes, which is assisting India’s expanding internet use. Try to get best professional seo services near you.
Important Forces Behind India’s Digital Revolution
India’s digital economy is now the second-fastest-growing in the world. The following factors are the main contributors to India’s digital ecosystem’s rapid growth.
Growing Internet Use
India has the highest data consumption in the world, with an average per-user consumption of 14.1 GB and the lowest cost per GB of data consumed globally at Rs. 50 (US$ 0.7) per GB.
The country has a 43% internet penetration rate and 830 million internet users overall, according to the World Bank. In just three years, there were 530 million more internet users in India.
With an average age of just 29, India has the youngest population in the world. More than 68% of Indians are under the age of 40, and 70% of those people use the internet. By 2030, there will be one billion middle-class people in India, or 70% of the country’s total population.
Rising Smartphone Adoption
A study estimates that by 2026, there will be roughly 1 billion smartphone users in India. India presently has 750 million smartphone users, and in the following five years, it is anticipated that India would overtake China as the world’s second-largest smartphone maker.
India’s thriving IT industry is predicted to develop at a rate of 15.5%, which is double that of the overall economy, and would generate US$227 billion in sales in 2021–22. In 2021–2022 the industry added 4.5 lakh new employees. This strong industry expansion has greatly accelerated India’s digital revolution.
Private sector support for India’s digital revolution
India’s digital revolution was heavily supported by the private sector. With more than 60,000 firms, India boasts the third-largest startup environment worldwide.
In 2021, the nation was home to over 94 unicorns, with a combined market value of US$ 319.67 billion. The majority of the unicorn startups in India are tech-focused and are aiming to capitalise on the country’s mobile-first economy.
In the entire world, India is home to one unicorn for every thirteen. Between 2015 and 2020, early-stage capital in the nation increased by 60%. In 2021, there were 217 transactions of US$14,3 billion in the Indian IT sector.
The ecosystem for software startups in India spans a number of industries, including gaming, SaaS-based tools, logistics, health care services, education technology, logistics, e-commerce, and online marketplaces.
Drive to deliver high-quality internet
The Indian government has undertaken a number of initiatives to provide high-speed, low-cost internet. The digital marketing services project and investments in the creation of 5G and 6G infrastructure are among these investments.
The 5G ecosystem in India is anticipated to contribute US$ 450 billion to the Indian economy over the next 15 years, according to a statement from Mr. Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles.
India’s digital payment system reforms
The Indian government intends to further modernise the country’s digital payment infrastructure. In order to serve rural India, the government has pushed for UPI to be made available on feature phones.
UPI has been developed to a worldwide level by NPCI International Payments Ltd (NIPL), with countries including the UAE and Nepal actively engaging in the UPI ecosystem.
India’s digital transformation will be accelerated and would benefit the entire world. A Digital Rupee has also been proposed by the government, according to the Union Budget for 2022–2023
B2B investments are still in their infancy but present numerous promising potential
While investments currently favour B2C start-ups, we predict that in the next few years, as in developed nations, the balance will move in favour of B2B start-ups. Given the surge in online retail start-ups without back-end infrastructure assistance, enablers like B2B logistics companies are anticipated to play a significant role.
The need to sales data and customer behaviour data to assist quick decision-making would also benefit B2B analytics and big data enterprises. Additionally, B2C discount-based strategies, which are more realistic in B2B, are to blame for poor revenues. Investors will therefore gravitate toward the latter. A professional seo services play an important role in digital era.
In the domestic market, startups are growing both vertically and laterally
Businesses are spreading out from major metropolises into smaller towns and rural areas. Other players, like Urban Ladder, are vertically integrating to offer one-stop solutions.
In order to take advantage of economies of scale, they are also expanding into adjacent markets and providing wider portfolios of goods and services. One illustration is Ola, a cab-hailing app, expanding into food delivery.
Players who have an advantage are growing internationally through both organic and inorganic approaches. Larger startups are pursuing worldwide growth by acquiring smaller competitors abroad.
Fast-growing start-ups in more than 15 countries include Zomato and Practo. The potential opportunities for Indian start-ups are shown by expansion rates.
Relatively developed industries like e-commerce, travel, and food are starting to consolidate. Major start-ups like Flipkart and foodpanda are acquiring rival companies and suppliers in order to get scale advantages in digital marketing services, overhead, and shipping as well as front-end customer and back-end technology synergies.
A favorable moment to invest
Investments in this fascinating digital start-up sector are now a good idea. There isn’t much time to waste, though, as the opportunity will soon close.
The secret is to consider the “why” and the “how” of investing up front. To enhance your business growth you should look for the best digital marketing services and professional seo services in India like OMR Digital. Start your business and go ahead with all the things you have in your mind.