Digital revolution has led to better speed and connectivity in smaller tier-2 and tier-3 cities, enabling people to explore more business options.
Evidently, rising economies such as India have become case studies for technology disruption and innovation. The apex body of the Indian IT industry, NASSCOM claims that e-commerce, tech startups, Digital India, and digital payments have created new opportunities for growth in the country. Although it admits that increasing automation might eat up a certain section of jobs, nonetheless new areas like cybersecurity, blockchain technology, internet of things, robotics, machine learning, and artificial intelligence are creating new industries, and hence newer opportunities.
As per a report released by the Asian Development Bank, an in-depth assessment and analysis of occupation titles in India, Malaysia, and the Philippines found that 43–57% of new job designations that have emerged in the past 10 years are in the Information and Communications Technology sectors.
With more people being online, the user database has also grown over time, leading to the availability of more user data for companies to leverage in their businesses. The digital revolution has also led to better speeds and better connectivity in the smaller tier-2 and tier-3 cities, enabling people there to explore more business options. This has given birth to several startups.
Era of ubiquitous network
No longer do we need to ‘access’ the internet. The internet is present everywhere, rather, it’s ever-present. It operates as an automated entity that carries out functions affecting and reflecting on the physical world. The Internet has, thus, resulted in the creation of an economy led by design, creativity, innovation, and entrepreneurship.
The rise of business-friendly connectivity for Indian businesses has enabled more products to reach the masses at economical prices. Improved infrastructure has connected the Indian cities with smaller, remote towns and local economies with the trending global phenomena, thus creating new jobs for a young India.
Internet, the town square for the global village, has totally spurred the Indian economy. Corporate customers enhanced relationships by employing sophisticated and modern software-driven customer relationship management system. This paved the way for India to rise as an important provider of technology and IT-enabled services.
Important landmarks
The internet has brought in great transformations to the Indian economy. A comparative study of the Nifty 50 sector composition in the year 1995 versus the present day, offers a good metaphor to understand these changes. The weight of the stocks from the financial services sector has spiked from 18.2% in 1995 to 33% at present, propelled by the emergence of online banking and mobile services.
At the time of the internet’s inception, the IT sector, which is now the largest private-sector employer in India, was not represented. But today, it makes up for 16% of the