Digital transformation is about to transform our society

Technology is no longer a matter of choice. It has now integrated into every aspect of our living. In India, the Covid-19induced lockdowns have really accelerated investments in digital initiatives. The impact of these investments and initiatives is now visible. India is now the world's second-fastest-digitising economy and becoming a global force to reckon with.

- Manish Sinha

India is leading the Digital Transformation Wave

FY23 provides a lot of promise for the global society as it rebounds from the impact of the pandemic. On one hand, businesses are leveraging digital networks to improve customer experience and gain competitive advantages. On the other hand, governments are using the power of technology to bridge the economic and digital divide and build connected cities and villages. Data, technology, and governance are coming together to accelerate socio-economic change like never before. It's remarkable to see how the Indian government is actively encouraging local manufacturing and R&D. This will help businesses leapfrog to Industry 4.0. These are indeed exciting times, as this change is being led by our billion-strong populace. Another primary driver is the volume of data consumed, which is remarkable for a low per capita income country like India. India's per capita Internet usage has increased from 1.2 GB per month in 2018 to 14 GB per month in June 2021 according to the Economic Survey of India. This 12X growth in usage along with a multi-fold increase in internet penetration has set the foundation for the next phase of digital transformation.

Some examples:

• The digital payment market will reach $1 trillion by 2026

• The digital health and telemedicine market will be worth over $800 million by FY24

• The Indian ecommerce market is expected to grow to US$ 188 billion by 2025