3 Ways Technology is Driving India's Economic Growth
Dell Technologies' Anit Midha recently announced that, "this could be the decade of India", per Financial Express. He thinks India has the right digital capabilities and demographic to drive the nation in achieving it's $5 trillion economic target.
Over the last few years, India has become a nation synonymous with their dedication to pushing digital development. We are committed to not only changing the way we the public interact with technology, but the ways it influences our economy. Business to business connection, online entertainment, and retail are three key sectors that have not only experienced their own tech overhaul but who's expansion is driving India's economic growth too.
B2B - Business to Business
In 2018, it was reported that out of all 7,400 startups created, 43% were B2B enterprises, as reported by Digitalist Magazine. And while the domestic market for B2B startups in India isn't large just yet, most enterprises start with their sights set on the global field. Their goal is to not only accelerate business for Indian companies but international clients across the entire planet.
Take yBANQ, an Indian B2B startup specialising in simplifying collections, managing payouts, and reconciliation, as a prime example. They reduce friction during financial interactions, thus accelerating business for clients of all sizes. Then, there is Udaan, a major Indian B2B e-commerce startup who recently raised $525 million in a bid to take more kirana stores online via their marketplace. Just by looking at two of India's thousands of B2B startups it is clear to see how technology is rapidly enhancing the sector.
Online Entertainment
With the price of data taking a dramatic downturn having dropped 93% since 2013, the Indian public are now able to access data-intensive services with much more freedom. Movie streaming, on-demand-television, gaming, and other entertainment platforms like YouTube are being enjoyed more than ever. Reports claim India's entertainment industry to be worth over US$ 23.34 billion.
Many entertainment services are actively tailoring their platforms for Indian customers too. Netflix and Amazon Prime Video, for example, both include region-specific content in their services. Online gaming is now more accessible with over 300 million Indians taking part, and the likes of online casinos are experiencing a rise in popularity too. According to CasinoMarket.com, many now accept Indian Rupees as payment, while some have also integrated Indian games like Andar Bahaar and Teen Patti. With entertainment now so readily available, it's predicted the entire sector will continue to grow too.
Retail
Currently, 80% of India's retailers operate in an informal cash-driven society. This stops many traders being able to apply for bank loans to expand their business, thus limiting their potential for growth. However, many businesses are indeed embracing technology and digitising their enterprises. This is not only allowing retailers to reach a wider audience, but also improve internal processes, such as automating their inventories and updating financial records.