The digital economy is the economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes. The backbone of the digital economy is hyperconnectivity which means growing interconnectedness of people, organisations, and machines that results from the Internet, mobile technology, and the internet of things (IoT). The digital economy is taking shape and undermining conventional notions about how businesses are structured; how firms interact; and how consumers obtain services, information, and goods.
Way Forward
Digital revolution must include communities and regions that were previously not part of information and communication technology (ICT) advancement.
Sectors must be opened to new digital business models through reductions in regulatory restrictiveness.
For countries to reap the digital dividend, there must be space for new digital competition, experimentation, and entrepreneurship
Removing red tape that burdens digital entrepreneurs with unnecessary costs
Technological innovation is a boon for India, the only thing that matters is how much it is allowed to change the economy.
Government must formulate a new electronics policy, software product policy, and a framework for data security and protection.
The focus needs to be on creating technology that is affordable, developmental, and digitally inclusive.
The idea of setting up special innovative zones for start-ups must be explored.
Ensure a simpler tax compliance regime in order to further India's Global ranking in ease of doing business.
The need for internet and mobile application training aimed at less educated and the low-income groups.
Conclusion
The digital economy could be an important vehicle for change and could dramatically expand India's role and influence in the global economy and become a powerhouse of digital innovation
E.LALITHA
