EFFECT OF INTERNET AND DIGITAL TECHNOLOGY ON INDIAN BUSINESS

Abstract

One of the world’s economies with the quickest rate of growth is India, whose economy is also firmly rooted in digitization. Beginning with a traditional economy, India is currently moving towards a massive economy worth $1 trillion. Ravi Shankar Prasad claims (Mo IT). He went on to add that the contribution of the digital economy to India’s entire economy would reach $200 billion by 2020. The state of a nation or region’s economy is defined as the supply of money, the production and consumption of products and services, and other related factors. Speaking of the digital business, it indicates that as a part of the digital economy, the digital business is acting as a driving force for the Indian economy by using technology to create new value in business models, customer experiences, and internal capabilities that support its core operations. This decade has seen a significant rise in digital business, with the previous five years being considered the economic pioneers. The NDA government’s goal and commitment to implement Digital India resulted in a significant increase in the digital business sector in India, with the digital index rising to 56% by 2015. It was discovered that the digital economy contributed 8% to the nation’s overall GDP in the years 2017–18. The main findings indicate that the demonetization that took place in November 2016 and the push to go cashless also encouraged digital business as it was a significant event in the nation’s digital economy. In this study, we looked at the effects of digital business on the Indian economy as well as its potential and difficulties in expanding the national economy.