INDIA: A SUCCESS STORY
The technological prowess, knack for innovation, appetite for technology and the widespread use of the internet has helped India to become a note-worthy force around the globe. As a result, it is one of the fastest-growing and sixth-largest largest economies in the world. Be it the infrastructural advancement, improving digitization trend, the prospering start-up ecosystem, all these factors showcase the growth of India. Take a glance at how India is walking the path of development consistently in every aspect.
The Emerging Market
The emerging markets are the developing nations that have a crucial role to play in the global economy. The consistent GDP growth coupled with valuable investment opportunities is what makes any nation a contender for the same. India is one such emerging market! It has prospered since the economic liberalization in the 1960s. The concept of an emerging market is employed to evaluate the development of the countries on the industrial and market front. This is because not only India is one of the hotspots for higher education but it continues to be one of the fastest-growing economies of the world. The creative and innovative minds nurtured by the Indian higher education institutions are the ones responsible for conceptualizing the idea of start-ups.
The hands-on and analytical education imparted in the institutes pushes students to think out-of-the-box and develop innovative thinking. As a result, the constantly thriving economic sectors like fintech, e-commerce, pharmaceutical have garnered global attention. Apart from these booming sectors, India is making significant growth in the field of Artificial Intelligence (AI) research. ... Also, there are numerous segments in India like financial services, healthcare, education, governance, energy, manufacturing or retail where the application of AI technology has surged in the past few years.
Guided by the unwavering support of both public and private players, India has been witnessing robust development and infrastructural growth. Moreover, the business-friendly reforms have made it a prominent emerging market on the world stage and it continues to flourish.
The infrastructure sector is the cornerstone of the Indian economy. Being one of the most vital sectors, it plays an important role in the complete development of the country. All the major Indian cities have IT parks and electronic cities, such as HITEC in Hyderabad, Rajiv Gandhi Chandigarh Technology Park in Chandigarh, Infotech Park in Mumbai, etc. All these IT parks not only have stunning infrastructure but are equipped with every facility one can think of.
On the other hand, the success of the metros is a testimony of the technological advancement and modernization of the transport system in India. First started in the capital city, Delhi, metros enable affordable, fast commutes for people. Be it the electronic cards that can be recharged online through mobile apps, the Ticket Vending Machines for contactless transactions, proper connectivity within a city or availability of eating joints, the tech-driven services have made travelling very convenient. ... In fact, the paperless and cashless system integrated with the metros favours the digital transformation of India.
The Smart Cities Mission launched by the Government of India is yet another feather on the cap. Under this mission, the core infrastructure elements of Indian cities are being improved and renewed by applying smart solutions. In addition to this, the world-class airports, national highways, expressways, flyovers and footbridges, strategically built major ports and the setting up of renewable energy projects also depict the robust infrastructure of the country.
Digitalization in India
The digital capability of India continues to surge at an impressive rate. The increased availability of smartphones and good internet connectivity, as well as penetration, has made India home to more than 560 million internet users. This rapid growth in digital infrastructure has put it in the forefront in terms of technological innovation. Be it the availability of day-to-day services through mobile and online platforms or cashless transactions, India continues to achieve digital transformation in every field.
The hands-on and easy to use applications are a perfect example of digitalization in India. For instance, domestic travels have become trouble-free with apps like Redbus (for buses) and IRCTC Rail Connect (for trains), payments have become cashless with apps like PayTm, PhonePay, Razorpay, medicine delivery/ online doctor consultation/ online booking for lab tests is a few clicks away with apps like Practo, Apollo Pharmacy or Netmeds, search for accommodation in a new city is enabled through apps like Oyo, Nestaway or Housing.com and the food cravings can be handled with apps like Zomato or Swiggy. ...Millions of Indians efficiently use these applications on a daily basis and the credit goes to the enhanced status of digitalization in the country.
This trend has also extended to the educational sector wherein the Indian schools and colleges have adopted the idea of 'smart class' and most of the institutions have embraced the e-learning concept. Moreover, India has been taking giant leaps when it comes to digital adoption in the business sector too. With the help of technologies like artificial intelligence, cloud and data, many companies have brought about digital transformation within their system of work. They smoothly engage with people and render their services in both digital and physical domains. India has been able to take such giant leaps in digital adoption with the constant aid of the Digital India Programme that continues to empower the country.
The increased internet penetration in every part of the country has paved the perfect path for a number of start-ups to rise, reach out to more people and address unique issues with their respective products and services. The perfect example is that of Paytm, a leading financial services company that provides payment and financial solutions. Founded by Vijay Shekhar Sharma, the start-up initiated the digital revolution in the country and became India's leading payments app. Another notable example is that of OYO. An Indian start-up that has flourished globally and has made accommodation booking very convenient.
With the constant support of the Start-up India initiative and the success of many start-ups, global investors continue to invest their trust in Indian companies and the investment is growing each year. In addition to this, the Government of India has introduced a handful of funding schemes to extend its support to the overall start-up ecosystem. Some of the sectors performing exceptionally well in the start-up ecosystem include fintech, EdTech, e-commerce and online gaming.
... The progressive ecosystem of India, the availability of required infrastructure and the right resources also provides a strong base for entrepreneurs to kick-start their start-up journey. Furthermore, the education imparted in Indian institutes plays a crucial role in shaping young entrepreneurs. The institutes not only encourage the students to think out of the box but put equal emphasis on experiential learning. Inclusive education helps students to take up professional roles of their choice and excel in their life ahead.
India is home to 40 UNESCO World Heritage Sites out of which there are 32 cultural, 7 natural and 1 mixed property.
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