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India ushers into digital era in a big way
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IANS | 20 Aug, 2022
Digital foot print is the new currency for economic development of next
generation for any country. The recent viral video of Indias External
Affairs Minister S. Jaishankar narrating an incident of his visit to a
restaurant in the US along with his son during the Covid-19 pandemic
indicates how India successfully adopted digital technology to manage
the crisis, taking advantages of the Central governments CoWin portal.
While the Indian Minister showed his vaccination
certificate using his mobile, his son who lives in the US, took paper
certificate out from his wallet. This shows the degree of adoptability
of digital technology in India, which is even much higher compared with
many developed countries like the US. Although being a developing
country, Indian digital footprint is appreciated worldwide for its
social inclusiveness, which has 2nd highest penetration of internet
users in the world with 600+ million users.
Bullish about the
digital power and accessibility of the internet in India to transact and
its deep penetration into the society, Scott Rigby, chief technology
advisor and principle product manager for enterprise solutions at JAPAC,
during a recent visit to India stated: "India is very lucky. You've got
a deep pool of technical talent to be able to execute on that and be
able to realise that."
Currently, India is also eyeing upon the
expansion of 5G network to capitalise its advantages, which would
further expand digital foot print.
The penetration of digital
footprint has expanded to all the sectors of the Indian economy which is
attributed mainly to the factors of affordability, i.e. availability of
cheap data as well as local talent along with federal government's
push, and it is catching up. The momentum of digital revolution could be
gauged from increase in the smart phone users base, multiplying 5 times
during the period 2014-2019. Global telecom gear makers expect India to
account about 15% of the worldwide market for the 5G network. It would
cover over 50 per cent of the geographical area of the country in the
next two years. The development would usher India in a big way into a
digital economy.
Analysts point out at the difference between
�access' and �usage' of technology, especially in digital infrastructure
and India had alreadymastered both of them. The issue facing the
developed world is �usage', i.e., consumer privacy, security, data
protection, productivity. The developing world needs �access', i.e.
digital availability, affordability and usage of infrastructure. India's
path in digitalisation showed a universal approach that is necessary to
reconcile these factors and became a successful leader in its
programmes.
India's crossing the digital divide had been
demonstrated during the pandemic. It created special platforms for
�Aarogya Setu' app using CoWin platform and coordinating all data and
public supplies, including hospital bed management, vaccine
distribution, thereby successfully managing Covid pandemic and
minimising waste, besides giving access to health resources to all the
eligible. India's success story also proved that it can bridge a �hard'
and �soft' infrastructure gap -- �hard' includes devices, electricity,
telecom, servers, data centres, while �soft' includes digital platforms,
content, legal and policy measures across value-chains. India even
offered the technology for social benefit of other countries in public
good management.
Covid vaccination programme of Indian government
was the most digitalised public programme. India adopted a complete
digital approach while planning the vaccination strategy as it could
secure and trustworthy proof to establish when, where and by whom the
citizens have been vaccinated. This digital approach avoided all kinds'
malpractices and wastage in the vaccine administration, besides winning
over heart of millions all over the world.
Digitally connected
social welfare programmes came handy during the pandemic. Using the
biometric identity, the Indian government's public programmes connected
to bank accounts through which citizens receive services and subsidies,
from pensions to remittances, licences to food rations, expanding social
inclusiveness in the country. The unique feature of it is that public
authority stores the digital records � but consent of sharing data lies
with the individual, thus maintaining privacy as well as foolproof
access to the system to implement welfare programmes for targeted groups
minimising misuse.
It has been tested during the pandemic across
India's vast, diverse population, and at monumental scale � with food
rations for migrant workers, vaccines taken and digital certificates
provided.
Successful digitalisation of country is that which is
making digitalisation a �public good' -- available, affordable,
accessible, auditable, scalable -- with privacy embedded in its design.
The UN Secretary General had also noted this in a substantive road map
for digital cooperation between the countries. It is so because the
world is also tied down to three approaches, proprietary digital
platforms owned by a few private players, especially the developed ones,
a government mandated system, especially in a democratic country, and a
broad regulation for consumers disconnected from their needs due to
digital divide.
Fintech is another area where rapid
digitalisation is cutting down the cost of lending. According to a
report by VC firm Chiratae Ventures and Ernst & Young (EY), digital
lending space in India is expected to touch $515 billion along with the
asset under management (AUM) touching $1 trillion by 2030.
India
is democratising credit flows to MSMEs while simultaneously driving
digitalisation within them, a step further in digitalising the credit
flows. In the absence of data, the costs of reaching these MSMEs,
underwriting, monitoring and repayment risks of small-sized loans, make
it difficult for lenders to provide cheap credit. Further, it is
bringing together private participants like app-based companies,
credit-scoring, mutual funds, insurance, telecoms, to speed up
innovation across the entire lending value chain. Digitalisation of
financial inclusion is a great success of the Indian government.
Private
sector entities are also taking part in the digital development through
their own networks that too without support from the government, that
is unique to any country. There are many Indian private players who have
tied up with public authorities around the world to provide public
solutions to enhance welfare of people.
The need of the hour is
more and more digitalisation for both supply chain management as well as
for resources management to minimise wastage & cost. The hope is
for democratic digitalisation to create new tiger economies, across
continents, in the Indo-Pacific, Africa, South America and the
Caribbean. With the deadline for the 2030, Sustainable Development Goals
approaching, time is running out to tackle mega challenges right from
climate crisis to better healthcare and education for all.
Digitalisation is a boon to the administrators across the world, where
in India had already became a leader. Digital footprint is the new age
infrastructure and India is going to reap more benefits in the coming
days. The digitalisation would promote public welfare in a democratic
manner as exemplified by India.
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Customs Exchange Rates |
Currency |
Import |
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64.50 |
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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58.85 |
56.85 |
As on 13 Aug, 2022 |
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