DIGITAL ECONOMY- OPPORTUNITIES AND CHALLENGES

The digital economy has been getting a lot of attention, with increasingly strong headlines offering apocalyptic as well as breathtakingly exciting scenarios.

The economy of a country can be defined as a place where the process of production and consumption takes place by the people and for the people of that respective country so that proper growth and development can take place. Without the export and import of commodities, the economy will never be able to stabilize or develop. Not only the big multinational companies, the cooperate sector, but also the government and an individual consumer contribute to the development of an economy. It is very important to know that the economy of a country does not remains static or constant, it keeps on changing with respect to changes in factors such as culture, climate and political issues, etc.

With the passage of time, the economy has transformed itself into a digital economy. The life of every human being on Earth nowadays is connected digitally, it is a trap which cannot be resisted. The digitilisation of economy is emerging as a new concept to the nation which has various challenges to overcome, whereas lots of opportunities awaiting. This will not only bring a new change in the working of the economy, but it would also push the economy towards greater heights and success.

India would definitely become a very powerful world economy by being digitally connected. Digitalization has expanded or brought a wider scope for the citizens of India to grow in technological spheres.

This basically aims to provide all the services digitally from paying off bills to selling and buying things online. This concept of digital economy is removing the gap between the government organizations and the citizens and it has also increased transparency in every field of work process. Digital learning and education has also become the need of the hour and this has been possible only because of digitalization. India with the introduction of digitalization will progress in all the respective fields. Digitalization has bridged the gap between hope and opportunity. But it is also very important to understand that if we continue to fear from the fear of missing out we might not reach what we are aspiring for.

ALL ONE NEEDS IS A COMPUTER, A NETWORK CONNECTION, AND A BRIGHT SPARK OF INITIATIVE AND CREATIVITY TO JOIN THE ECONOMY

Don Tapscott

Richa Singh is a student pursuing Economics from Jamia Millia Islamia.

Edited by: Nuzhat Khan

Disclaimer: The opinions expressed in this publication are those of the author. They do not purport to reflect the opinions or views of The Jamia Review or its members.