Indian Economy: The whole world has seen the rise of India’s economy in recent times. Along with this, the financial ecosystem of the country has also become stronger. We not only launched a digital payment system like UPI but also made it successful. The situation is that there is a competition among our neighboring countries to accept it. Besides, systems like UPI are also being developed in countries of South America and Africa with the help of India. Cheap internet in the country has also made the task of expanding the digital economy easier. Now, while the Indian economy is dreaming of 5 trillion dollars, the digital economy is also planning to touch the 1 trillion dollar mark by 2028.
UPI changed the way people transact
The Government of India also continuously takes steps to increase the digital economy in the country. UPI has proved to be a game changer in the country. With its help the way of transactions has completely changed. Due to this, cashless transactions and online business have also increased in the country. According to the report of the Indian Council for Research on International Economic Relations, India’s digital economy has left behind even developed countries like Japan, Britain and Germany. Pradhan Mantri Jan Dhan Yojana and Direct Benefit Transfer schemes have also proved successful for this reason. Smartphones and internet, which have spread across the country, have also made the digital economy reach every home.
Digital economy can reach 20 percent of GDP
Digital entertainment, digital lifestyle, online education, tele-medicine, digital health and disaster management have also improved in the country due to this reason. There has also been a boom in e-commerce. According to TRAI data, there are about 120 crore telecom customers in the country. Besides, the number of people using the internet is also around 95 crores. This figure has increased every year. 4G and 5G technology has also taken a strong hold in the country. Till 2014, the country’s digital economy was 4.5 percent of the total GDP, which can reach 20 percent by 2026.
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