Digitalization: Opportunities, Challenges and Its Impact on Indian Economy

Abstract:

Digitalization play a crucial role in promoting economic growth in many countries. It is the result of innovations and technological advances. In today’s world, we can’t dream our life without technology. It has become an integral part of people’s lives. Every country is aiming to achieve digitalization to empower society and economy. India is the fastest growing economy in the world and is also strengthening its roots in digitalization. On 1^st July 2015, Hon. Indian Prime Minister Shri. Narendra Modi has launched the Digital India Initiative to transform India into digitally empowered society and knowledge economy. The main aim is to build participative, transparent and responsive system. Further COVID-19 pandemic has boosted the demand for the digital economy as the world has moved from classical economy to digital economy to mitigate the negative economic impact of pandemic. Further digitalization helps to enhance productivity, streamline operations, foster innovations, reduce  cost and job creation. The present study delves into the dynamic landscape of digitalization in  India, focusing on the opportunities, challenges and overarching impact on economy