Effects of Digitization on Jobs in Indian Economy

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Creating digital markets and boosting digitization can yield significant economic benefits and lead to substantial social benefits to societies and communities. Digitization is emerging as a new tool to build and sustain such absolute advantages, and in some cases even to claim the right to win and beat competition in certain sectors - a critical capability that underpins all other national economic efforts.

Digitization has the potential to boost productivity, create new jobs, and enhance the quality of life for society at large. If emerging markets could double the digitization index for their poorest citizens over the next 10 years, result would be a global $4.4 Trillion gain in nominal GDP, an extra $930 billion in the cumulative household income for the poorest, and 64 million new jobs for today's socially and economically most marginal groups which will enable 580 million people to climb above the poverty line. If policymakers want to capture these rich returns, then they need to go back to the Drawing Board and figure out how they can build their digital markets where the bulk of world's information and goods will be bought and sold in the upcoming decade of digitization. 

India is moving towards digitization with the interlinking of the four levels i.e. expanding digital infrastructure, growing digital communication, increasing technological adoption and unprecedented data explosion. Digital infrastructure's backbone is the availability of high-speed internet.  

The real changes because of digitization are becoming visible today because of the push by the Govt. which is expected to bring in a new era (such as how computerization did in public as well as private sector about two decades back).Things like paper currency will soon be a thing of past. We need certain essential elements to materialize digitization in our routine life. Digitization is playing a vital role in flourishing the Indian economy.

I am confident that the idea of digitization is the step which will gradually turn us into an economic powerhouse by cutting down paperwork and decrease our dependency on govt. employees which will help cut down corruption. These technologies will could add $ 550 billion to $1 Trillion a year of economic value in 2025, potentially creating millions of well-paying, productive jobs (including positions for people with moderate level of education) and helping millions of Indians to enjoy a decent standard of living.     

Time is not far when Digitization will change the phase of Indian economy.  


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