Introduction
India’s digital revolution is fueled by the twin engines of affordable smartphones and low-cost internet. These advancements have accelerated technology development in India, and democratized digital access, bridging the gap between local capabilities and global standards.
Fostering digital innovation and entrepreneurial growth
With over 700 million smartphone users and internet costs among the lowest in the world, India has become a fertile ground for digital innovation, leading to a new generation of entrepreneurs taking their solutions to the global stage:
- Indian app companies are targeting international audiences, leveraging their technical expertise and cost advantages to compete with established players.
- The government’s digital initiatives, such as Digital India and Startup India, provide startups with the resources and regulatory frameworks needed to thrive and lead technological advancement in India.
- Increased foreign direct investment (FDI) and a supportive startup ecosystem have further fueled entrepreneurial growth.
Catalyzing innovation: Digital revolution across sectors
Established businesses, government bodies, and even rural communities are embracing technology to solve challenges.
Cost-effective devices and connectivity have enabled:
- Mobile banking, digital wallets, and low-cost lending to empower individuals and small businesses to access credit, savings, and insurance services with minimal friction.
The number of real time digital payments in 2021 were at 48.6 billion in India as compared to 18.5 billion in China and 8.7 billion in Brazil.
- Indian IT firms to expand globally by training a tech-savvy workforce and creating cost-effective digital solutions for international markets.
IT revolution in India: The IT industry will hit the US$ 350 billion mark by 2026.
- Digital identity systems and mobile-based payment platforms to make large-scale public services accessible to millions.
- Remote education solutions to reach underserved communities while reducing the cost of access to quality education.
- Cost-effective telemedicine platforms and mobile health apps to bring affordable diagnostics and consultations to rural areas, addressing critical gaps in healthcare delivery.
The road ahead
India’s digital revolution is not just a story of connectivity but of empowerment. For CIOs, CXOs, and policymakers, the message is clear: the next wave of global innovation is likely to emerge from India’s thriving digital ecosystem.
A dozen disruptive technologies can add up to $1 trillion in GDP by 2025, driving an IT revolution and helping bring millions of Indians up the MGI Empowerment Line.
The challenge now lies in sustaining this momentum, ensuring that accessibility and innovation continue to drive the country’s digital narrative forward.