A new report by Ask Capital forecasts that India’s digital economy will surpass the $1 trillion mark by 2028, bolstered by factors like widespread 4G and 5G access, deepening mobile connectivity, and homegrown innovations such as the Unified Payments Interface (UPI).
Reportedly, the country’s push for financial inclusion has been a game changer. Government schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY) and Direct Benefit Transfer (DBT) have accelerated universal access to financial services, particularly in rural regions. These initiatives, coupled with the surge in smartphone usage and affordable internet, have propelled India towards a cashless economy.
According to the Indian Council for Research on International Economic Relations (ICRIER), India’s digital prowess now outpaces that of several developed countries, including Japan, the UK, and Germany.
The rapid expansion of mobile networks is a major driver behind this shift. Data from the Telecom Regulatory Authority of India (TRAI) indicates that by March 2024, India had 120 crore telecom subscribers, with nearly half of them in rural areas. In the past year alone, the country saw an addition of over 7 crore internet and broadband subscribers. This expansion is powering not only everyday transactions but also enabling growth in sectors like healthcare, education, and e-commerce, all of which have been accelerated by digital advancements.
The rise in digital payments has been nothing short of remarkable, with retail digital transactions expected to surge to $10 trillion by 2026. UPI alone is projected to handle 90% of these payments by 2027, reshaping how Indians interact with financial services. The Reserve Bank of India’s upcoming Unified Lending Interface (ULI) aims to simplify credit access for rural and small borrowers, further driving financial inclusion.
India’s financial landscape is reportedly undergoing a seismic transformation, driven by a combination of robust government initiatives, technological innovations, and increasing internet penetration.
A new report by Ask Capital forecasts that India’s digital economy will surpass the $1 trillion mark by 2028, bolstered by factors like widespread 4G and 5G access, deepening mobile connectivity, and homegrown innovations such as the Unified Payments Interface (UPI).
Reportedly, the country’s push for financial inclusion has been a game changer. Government schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY) and Direct Benefit Transfer (DBT) have accelerated universal access to financial services, particularly in rural regions. These initiatives, coupled with the surge in smartphone usage and affordable internet, have propelled India towards a cashless economy.
According to the Indian Council for Research on International Economic Relations (ICRIER), India’s digital prowess now outpaces that of several developed countries, including Japan, the UK, and Germany.
The rapid expansion of mobile networks is a major driver behind this shift. Data from the Telecom Regulatory Authority of India (TRAI) indicates that by March 2024, India had 120 crore telecom subscribers, with nearly half of them in rural areas. In the past year alone, the country saw an addition of over 7 crore internet and broadband subscribers. This expansion is powering not only everyday transactions but also enabling growth in sectors like healthcare, education, and e-commerce, all of which have been accelerated by digital advancements.
The rise in digital payments has been nothing short of remarkable, with retail digital transactions expected to surge to $10 trillion by 2026. UPI alone is projected to handle 90% of these payments by 2027, reshaping how Indians interact with financial services. The Reserve Bank of India’s upcoming Unified Lending Interface (ULI) aims to simplify credit access for rural and small borrowers, further driving financial inclusion.|#+|
Digital services such as telemedicine, online education, and e-commerce have also seen rapid growth. The government’s Ayushman Bharat Digital Mission and the e-Sanjeevani telemedicine platform are expanding healthcare access, while digital classrooms and e-learning platforms are revolutionizing education.
With the increasing adoption of 4G and 5G technologies, and the government’s focus on digitizing services, India is poised to not only enhance its financial ecosystem but also become a global leader in digital innovation by 2028.
(With inputs from ANI)
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Published: 02 Oct 2024, 11:14 PM IST
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