COVID-19 AND THE ROLE OF DIGITALISATION IN THE INDIAN ECONOMY (IN THE PRESENT CONTEXT)
Dr. Manjunatha S, Mr. Arun Kumar L S, Dr. Vivek I Sarikar, Basavarajaiah M S
Assistant Professor, RAMAIAH COLLEGE OF LAW
Digitalisation involves online transaction, as digitalisation of the economy is the usage of electronic mode of transaction for receipts and payments of the country, as most of the developed economies in the world like USA, Japan were using more online transactions some decades back, as it provides benefits for the consumers, producers by saving time, availability in lower cost and reduces the cost of transportation to purchase any products in the country, like education, banking insurance hotel services, and commerce sectors. India is one of the fastest growing developing economy in the world after China, with an average GDP (Gross Domestic Product) of around 7 percent from 2015-2019, Indiaâ€™s internet economy is expected to double from US$ 125 billion as of April 2017 to 250 billion by 2020. India`s E-commerce revenue is expected to jump from US$ 39 billion to US$ 120 billion in 2020, growing an annual rate at 51 percent, due to Covid-19 most of the states in India were in Lock down situation after March 2020, there is a need for all the sectors in the economy for Digital inclusion to achieve the goal of the country that is â€œDigital Indiaâ€. India can try to improve to make payments and receipts in unorganised sectors through online digital mode, like digital card payments like ATM (Automated Teller Machine), Rupay, Visa, Maestro, online shopping by promoting central governments schemes like â€œMake in Indiaâ€, export promotion trade schemes. India can use this global pandemic situation by making flexible investment destination in the globe, As most of the global giants are spacing away from China to make investment or to open start ups in China, the purpose of this study is to Make India self-reliant by implementing various schemes, E-commerce promotion during covid-19 epidemic situation
Keywords: Digital technology, Covid-19, Indian Economy, E-Commerce and online education.
Journal Name :
EPRA International Journal of Multidisciplinary Research (IJMR)
Published on : 2021-10-09