Turbocharging India’s Digital Economy
New digital ecosystems are springing up across India's economy, transforming business models and delivering huge productivity, efficiency, and growth benefits. And sectors that have not traditionally had technology at their core – such as agriculture, banking, health care, and logistics – are among those with the most potential.
MUMBAI – India is taking a great digital leap. Having reaped substantial rewards from building up its core digital sectors, such as information technology and business process management, the country is now seizing new digital opportunities in many more sectors, such as agriculture, education, energy, financial services, health care, and logistics. These opportunities could deliver up to $500 billion of economic value by 2025.
India’s digitization process has been the second-fastest among the 17 mature and emerging economies we studied. Admittedly, it started from a low base, but in the last five years alone, the number of Internet subscribers has almost doubled, reaching 560 million.
Last year, Indians downloaded 12.3 billion apps, second only to the Chinese, and they spent an average 17 hours per week on social media, more than Americans. As a result, Indians used more than 54 times as much data, on average, in 2018 than in mid-2016.