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    By: Bijan Biswal
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    By: Bijan Biswal
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    India, the fifth-largest economy, is also home to the largest and youngest population in the world. Over the past few decades, the world has witnessed significant changes with the emergence of the internet. Besides, the rapid growth and development in the field of digital electronics have brought the entire world together. Technological advancements have completely revolutionized the way businesses function. It also gave birth to a highly informed society. The growing use of the Internet has also influenced general human behavior.

    Recent digital revolution in Indian business has given India the much-needed boost to acquire a global position. Currently, the nation is witnessing a wave of technological revolution. The growth of the digital economy has influenced the way traditional businesses operate. Business dynamics are changing fast with the adoption of modern technologies. Governments across the world are implementing new tax laws to bridge the gap between digital and conventional economies. Digital business models are also affecting the tax law structure of the country.

    There is a continuous growth in the number of smartphone users and the young population of the country will emerge as a powerful consumer group. They will also influence the preferences and behavior of the market.

    The Indian government has adopted new policies to promote digital innovations. It will help in connecting the young and internet-savvy population.

    The balance between Government reforms and the lifestyle of the young population has been the key ingredient in India's digital journey. It has helped India to be at the top of the global digital revolution. Best trading app in India 2021 is allowing people from all walks of life to take part in stock trading.

    Following are some of the notable developments that have helped India to achieve the top spot in the digital ecosystem.

    A large Number of Startup

    One cannot miss out on India's emerging startup ecosystem when discussing digital India. The young and tech-savvy population has presented a unique set of customer behavior and expectations. India was quick to respond which gave rise to a booming startup ecosystem that primarily focused on solving the problems faced by Indian millennials.

    Startups today provide cost-effective solutions in domains like e-commerce, food delivery, e-retail brokering, and more. Businesses are now focusing on developing customer-centric products and services.

    Food delivery businesses like Zomato and e-commerce giants like Flipkart are some of the prime examples of India's distinctive ecosystem. Modern entrepreneurs can create customer bases consisting of millions of people looking for app-based solutions.

    At present, businesses need to understand the unique preferences of price centric market in India. Modern entrepreneurs aim to identify the dynamics of the digital revolution.

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    More Number of Jobs

    India is home to some of the largest manufacturing facilities in the world. The growing number of mobile manufacturing facilities indicates the demands of tech-savvy Indian consumers. Currently, India produces over 250 million mobile handsets every year.

    This is one of the fastest-growing sectors that have created around 400000 jobs over the last 5 years. Likewise, personal vehicle ownership is growing steadily along with the use of shared taxis.

    App-based cab operators like Uber created a huge splash in the Indian transportation market. Indian companies are also giving tough competition and creating their customer base in the market.

    It created around 1.5 million jobs in the industry. These are some of the prime examples of the rapidly growing work ecosystem in India.

    During the early days of the digital revolution mostly the urban people reaped benefits of digital entrepreneurship. However, the growing connectivity and proliferation of smartphone users is encouraging people living in tier 2 and tier 3 cities to take part in the digital revolution. Besides, the digital revolution is also transforming the lives of people living in rural parts of the country. It has also created multiple jobs across cities and towns in India.

    Growing Use of Digital Wallet

    The young population of India no longer prefers to carry cash with them. The process of purchasing products and services has become much easier with the emergence of digital wallets. Moreover, one does not require going through the long process of creating and verifying an account.

    Digital payment platforms are also accessible by people living in remote parts of the country. In this fast-paced world, digital wallets have become an indispensable element of everyday life.

    Impact of Digital Revolution on Investing

    Today a significant portion of the population shop online for most of their needs. Investing in stocks and mutual funds is no exception. The investment industry in India has made huge progress over the last couple of years. At present, investment tools are accessible via best trading app in India 2020 for beginners. People no longer need to fill multiple pages of paperwork. Modern investment agencies are offering highly interactive platforms to shop for mutual funds and shares.

    The digital revolution in India is still in its initial stages. With best trading app in India 2020 investing in mutual fund stocks and other forms of security will be a lot easier for the common people. It will no longer be a domain reserved for the urban elites.

    The digital revolution in India is unique. It not only connects people across different parts of the country but also empowers them to explore the opportunities of the new economy. It has also promoted self-employment and rural entrepreneurship across the country. The Digital revolution will continue to create millions of new jobs in the coming years. Rural India has hugely benefited with the rise of digital India and a new economy.

    The rapid growth of digital platforms and systems will soon eventually transform the country. Both domestic and international platforms will have a huge customer base to offer their products and services. The digital innovation of the country is leveraged by the startup community. India is now the third-largest startup ecosystem globally. Sectors like e-commerce, food delivery, and other platforms have witnessed success with the wave of the digital revolution. The new generation of entrepreneurs is focused on designing and developing solutions that will have a continuous demand in the local market. The startup community in India is quite ambitious about catering to their customers in different parts of the world.


    AUTHOR

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Bijan BiswalThursday , June 03 , 2021

    ....

    Mr Bijan is the man behind www.paisababu.com. He is a well qualified (B.com, MCA, MBA, LLB ) and entrepreneur having more than 20 years expertise in Business. He engaged in blogging for many years. Paisababu.com blog is ranked as one of the Top Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money.to make ware people about various financial products in India for their use. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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