India is chalking out its own growth strategy driven by digitalization, connectivity, cash -less/paper-less economy, and start-up innovation ecosystem. Indian economic growth will be driven by the rising tech adoption.
Smart phones penetration is rising in the country with 700 million users expected by 2020; we will have 331 million internet users by 2020. With Aadhaar UID, 1 billion users can authenticate 100 transactions per day in real time. India Stack is a complete set of APIs for developers which include Aadhaar for authentication, e-KYC, and e-sign amongst others. All these will propel technological disruption, digital connectivity, growth of tech start-ups in order to achieve the said vision of Digital India.
Technology will allow businesses to transact easily and efficiently, and thus contribute faster to economy growth. Launch of new devices that feature iris scanner that is Aadhaar and STQC certified, will enable cashless and paperless services for banking, passport, taxation, etc. All these, along with Immediate Payment Service, Unified Payments Interface, micro ATMs, m-POS and financial inclusion programs by the Government (such as Pradhan Mantri Jan-Dhan Yojana), will aggressively pave the way for digital payments in India.
After demonetization on November 8, we have seen an adoption of payment solutions like e-wallets, cash cards, bitcoins, online platforms and POS (point-of- sale) services. Coming back to India Stack, and how it will revolutionize the space for business, fuel innovation, India stack comprises of four key layers- presence-less, paperless, cashless and consent. This means for tech start-ups and app developers is that they can readily create novel business apps using the infrastructure provided by the stack.
To conclude we cannot emulate other economics. Technology and digitalization will propel growth in India. Digital Bharat is the goal, which will create opportunities for stakeholders and industries alike. The cashless and paperless economy is catapulting small and medium businesses, making it easier to transact. So much data and transactions is creating huge demands for cyber security, storage, web performance and faster computing.
A digitally-advanced India will create more job opportunities. Homes, businesses and industries will become smart, cities will be run on the click of a button, transactions will be done without cash hassles and the overall economy will become stronger.
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