India’s march towards a digital economy is in full swing. In the wake of Demonetization, NITI Ayog CEO Amitabh Kant was quoted saying that by the year 2020, ATMs, PoS, credit/debit cards will become redundant. It is very much possible that by the year 2020, a majority of our population will be well versed with mobile banking and ATMs and credit/debit cards will not be required at all. There will be High speed WiFi in every public institution. Learning, health care, banking will take a huge leap forward and will become e-learning, e-health care and e-banking respectively. This ideal image is far and yet quite near.
Digital India campaign launched by the Modi government is a huge step forward in this respect. The umbrella project plans to bring a lot many schemes under it with a common goal of making a smarter digital India. As the government move from e-governance to m-governance(mobile), it is also promoting mobile banking. Recently PM launched BHIM (Bharat Interface for Money) app that uses a Unified payment Interface. This platform will make banking and transactions feasible for the layman. A lot of companies like Paytm and PhonePe are riding on the “cashless” wave generated by demonetization and are fuelling a cashless economy dream.
Under the Digital India campaign, the government plans to provide WiFi access to all public institutions. Government plans to set up NOFN (National Optical Fibre Network) to provide high speed internet in rural areas of the country. The Campaign aims to produce more jobs in the IT sector by training individuals and promoting IT startups. Not only will this improve the unemployment scenario, it will also reduce India’s trade deficits. The plan is to reduce net Imports to zero by 2019.
Companies like Reliance Infocomm have played a major role by setting up intensive fibre networks across India and facilitated the goal of a Digital India. Companies like Facebook and Microsoft have also invested funds to improve rural digital connectivity in India.
Digital Revolution has shown its impact on every sector of Indian economy. Our education institutions are gradually moving towards e-learning models. MOOC platforms like edX , Khan Academy and Udacity have a huge number of Indian students. Health care institutions are more automated and organized. Government has launched its own website MyGov.in to facilitate people participation in the governance. Digitalization will undoubtedly lead to a more transparent democratic and advanced India.
A major challenge that lies in front of Indian Government is to educate people, disseminate information and ensure high level of digital safety. A large proportion of Indian population resides in villages and/or is illiterate and that will be a big challenge to overcome. Information disseminating booths, easy payment interfaces, and universal mobile connectivity will be needed to realize the dream of digital India. The future is indeed bright and it is time for India to take the road not taken.