Is India on the brink of becoming the world ’s most economy that is digitised?
If we go by Prime Minister Narendra Modi’s address at the Vibrant Gujarat Global Summit at Gandhinagar on Tuesday.
“Believe me, we are on a threshold of becoming the digitised world market,” said PM Modi as he clarified his vision to bring a paradigm shift in the market and his government’s policies using technology.
There is no doubt that post-November 8, demonetisation has induced more Indians to work with technology to perform their monetary transactions.
But in a nation of over 1.25 billion people, will that be enough to make it the most market? If so, how long can it take?
Network Readiness Index that ranks nations on their performance in the digital world, released in July 2016, placed India at the 91st standing out of 140 countries worldwide is ’sed by the World Economic Forum. This was a slide of 2 standings in the prior year with all the drop being credited in part to the fact that other nations are moving at higher speeds.
Singapore took the top position followed by Finland, Sweden, Norway and the USA.
The report also revealed that among the important emerging markets, India is rated the lowest. The best among emerging markets is Russia at 41st standing, followed by China at 59th, South Africa at 65th and Brazil at the 72nd position.
The report points out that despite progress in its political and regulatory environment (78th, up four) and business and innovation environment (110th, up five), insufficient infrastructure (114th) and low rates of skills among the population (101st) stay the crucial bottlenecks to widespread ICT adoption, especially with regards to individual utilization (120th).
While the report lauded for aiming to bridge this difference ‘Digital India’, additionally, it said that India’s performance about providing online services and allowing e-participation is far in the international greatest though in line with peer nations.
Also on the crucial parameter of government usage of digital policies and also the number of government services they provide online, India has shown a little decline in its score from 4.55 in 2013 to 4.1 in 2016, with one being the lowest and seven being the finest.
The Indian government under Narendra Modi has additionally made a significant sound on being digitally savvy. But it features among the ten most tech-savvy authorities.
There are other studies also that reveal India’s insufficient infrastructure – a major roadblock to large-scale digitisation.
Even here, among the emergent economies, Brazil, Russia, South China and Africa are ranked within the top 100 countries, making it clear that India has a long approach to take.
So in light of exactly how we rank worldwide, how long can this ‘threshold’ be for becoming the world’s most digitised economy. Maybe PM Modi has taken up the phrase in the world’s richest man Bill Gates.
Gates was in India in the second week of November, considerably after demonetisation was announced. Calling ‘demonetisation’ a bold move, the creator of Microsoft and the world has known for using technology to better individual life said that “India has great potential to eventually become the digitised economy globally in mere seven years, evangelist.”