Siddharth Mehta of Religare says digitalization in India shaken up the national economy positively and vice versa

Digitalization in India has shaken up
the national economy positively and
vice versa

The modern economy is becoming
increasingly dependent on digitalization,
which has given rise to a brand-new
phrase, "Digital Economy", as it promises
to rapidly expand. Therefore, very few
people are surprised when Prime Minister
Narendra Modi claims that India's digital
economy will be worth $1 trillion by 2025
and that the country's digital economy and
the infrastructure sector have a combined
potential of $2 trillion. Few businessmen
like Mukesh Ambani of Reliance, Natrajan
Chandrasekaran of Tata Group, Falguni
Nayar CEO of Nykaa, Siddharth Mehta of
Religare (former Director) praised Indian
Govt. For this incredible remark on rapid
growing digital economy.

The introduction of information and communication
technologies into a sector is essentially what is meant
by the term "digitalization" or "the digital
transformation of the economy." This process aims to
increase a sector's productivity, extent, and
competitiveness while also fostering innovation and
high-tech development. The use of digital technology
across a range of economic sectors, including
healthcare, education, housing, community services,
manufacturing, and services, is quickly transforming
how these businesses look. While praising the Digital
transformation in India Siddharth Mehta, Religare’s
former Director, currently CIO & founder of Bay Capital
said that everyone is taken care of and no one is left
behind in the campaign of digital India, digital
transformation must be purposefully inclusive and
strategically developed and implemented.

And in India, where digital technologies are penetrating every part of society and impacting how
we conduct economic operations, they are acting as a great equalizer by sharing the benefits of
economic progress to all, resulting in sociological changes as well. As fewer wealthy states catch up
with more prosperous ones on factors like the growth of internet subscribers, the density of
internet infrastructure, and common service centers, India's inclusive digital model is reducing the
digital divide between people and bringing the benefits of technology to all segments of the
population.
Data pooling, artificial intelligence, and other digital technologies are increasingly often used to
track and diagnose problems in logistics, jobs and talents markets, e-governance, and performing
daily chores like navigating traffic, paying bills, conducting financial transactions, and others.

The Government of India is placing a lot of emphasis through the Digital India Program on building a solid
foundation of digital infrastructure and increasing digital access for everyone, generating enormous
economic value and empowering citizens as new digital applications permeate sector after sector. India is
now the second-fastest digitizing economy among the world's top 17 countries, and its digital economy
may provide enough productivity and production in 2025 to sustain 55 to 60 million jobs.