Vol. 6, Issue 2 (2019)
How digitization can push economic growth and impact of digitalization on the Indian economy
Author(s): Vinay Kumar Punia
Abstract: India is the fastest growing economy in the world. The Indian economy is the seventh largest economy in the world measured by GDP and third largest by purchasing power parity (PPP) after US and china. The Indian Economy has seen a lot of change’s from being self-reliant to opening its door for global trading by allowing LPG(Liberalization, Privatization and Globalization) in 1991 under the then Finance Minister Mr. Manmohan Singh. Digital India the Dream that drives the push for digitization and e- governance in India is a long and winding road. But it is one which if handled properly could bring about real and tangible changes in the Indian economic structure. Digitization is a process of converting format. The Digitization has a proven impact on economy and society by reducing unemployment improving quality of life and boasting access to knowledge and other public service. The process of digitization is marked by cost effectiveness to cut the cost that incurred in various knowledge practices related to the problem. Digitization is depending upon the long term economic growth. A number of measures are taking in the field all over the world and in India, to conserve and preserve the knowledge of the past and present for the upcoming generation. Digitization will have far reaching implications for the corporate, household and public, this will allowed formal lenders to assess cash flows of smaller borrowers and hence price, loans better. The paper highlight’s the concept of digitization along with the social economic and ecological benefits of digitation of knowledge and information.