The country had got used to internet buffering, but as soon as Modi came to power, data started being transferred at high speed.

Digital revolution in India has played a very effective role in strengthening the economy. The Indian economy today has become the fastest growing economy among the major economies in the world due to the digital revolution. Digital revolution has made financial inclusion very easy in India and today India is showing the way to the whole world in the field of financial inclusion. Developing countries today are looking forward to India in the field of financial inclusion with hopeful eyes that how India can help them in the field of financial inclusion.

The formalization of the Indian economy has also become possible only because of the digital revolution. Due to this, the collection of Goods and Services Tax has increased to an average of more than Rs 1.50 lakh crore per month and an incomparable increase has also been seen in the collection of direct taxes. This is making it easier for the central government to develop strong infrastructure in India and the central government is also succeeding in continuously increasing capital investment in the country. Also, no problem is coming in the way of funding various government schemes for the poor.

It is not that only the Central and State Governments have benefited from the digital revolution in India. Rather, ordinary citizens, including those living in remote rural areas, have also found it much easier to perform various government functions. Today in India, the number of citizens using internet facility has become more in rural areas than in urban areas. India’s telecom and digital model is very simple, easy, secure and transparent. Because of which today India has become a leading country in the digital revolution in the whole world and is leading the world.

New innovations are also being made in the field of digital revolution in India. For example, recently e-Rupee has been started in India as a digital currency. This digital currency can be kept in wallet or mobile. With the increase in the circulation of digital currency, the need to keep currency in the form of rupees in the pocket will end. This is being considered as an important and concrete step in making India ‘Digital India’. In the budget of the Central Government for the year 2022, an announcement was made regarding the introduction of digital currency in India. This will greatly strengthen the digital economy in India. E-Rupee will be helpful in ending virtual currency like bitcoin in the form of digital currency and it will also be easy to curb foreign currency brought into India illegally (money laundering). Through digital currency, it is easy to send money to people living in other countries and there is a possibility of a reduction of about 2 percent in the cost of sending money to other countries. The amount can be transferred directly to the beneficiaries account, this will facilitate Indian citizens to transfer money from one country to another. Overall, e-currency is expected to have a positive impact on banking, monetary policy and financial stability. E-Rupee is also being called the main currency of the future.

It is also a result of the digital revolution in India that Rs 6,000 per year, in three equal installments of Rs 2,000 each, is being easily transferred by the central government to the savings accounts of more than 11 crore farmers under the Pradhan Mantri Kisan Yojana. The National Agricultural Market (e-NAM) has been established in India only on the digital platform, due to which farmers have got a better market to sell their produce, both in the country and internationally. Due to this, the farmers are getting a fair price for their produce and it is also possible to find the right price for their products. Today, through e-NAM mandis, the farmer of India can easily sell his produce in any mandi of the country. 1,260 mandis from 22 states and 3 union territories have been linked to the e-NAM platform.

A strong banking system is the mainstay of any country’s economy. India’s banking system has also been successfully integrated with the digital platform. Through the Digital India campaign, banking services are being provided easily to the citizens of the country through facilities like UPI, DBT, e-Rupee and mobile banking. UPI has become the most popular medium in the country for making digital transactions among the citizens of India. Today India has gone ahead of many developed countries in terms of digital payments and digital currency. Overall, due to the digital revolution in India, various banking facilities have become very easily available to the citizens of the country and there has been a lot of ease in simplifying the previously complicated financial procedures like PAN card.

The Digital India program was started keeping in mind the main objective of making the benefits of government services accessible to the common citizens through electronic means in an easy and simple way. With the digital revolution, the said main objective has definitely been fulfilled. Thus, Digital India has become a special kind of ‘umbrella program’, under which all the facilities provided to citizens by various departments of banking, insurance, central and state governments have been brought on digital platform.

In view of the digital revolution in India, not only developing countries but also developed countries in many fields have started demanding Indian technology so that digital revolution can be started in those countries as well. For this reason, it is now expected that India is rapidly moving towards becoming a major exporting country in the field of telecommunication technology all over the world.

– Prahlad Sabnani

retired deputy general manager

state Bank of India