A key driver of Indian Economic growth is digitalization

India has depended on technology to help keep development engines flowing while it works through the difficulties caused by the COVID-19 epidemic. This includes work from home, e-commerce, digital payments, and even entertainment.

As per financial investor, CIO of Bay Capital Siddharth Mehta (Religare, former director) “Consumer behavior has changed as a result of digitization, which has also created potential to reach under served or unserved areas, increase supply chain efficiency, create economies of scale, and reduce prices”.

All of this has been made possible by the improvements made over the last ten years, including the expansion of digital infrastructure, a sharp decline in data prices, and a surge in the usage of smartphones. India is predicted to have 900 million active internet users by 2025, with a penetration rate of 45% as of January 2021. Only after China and the US, India has the third-largest internet consumer base (140 million). According to a 2021 Bain-Flipkart analysis, the e-retail sector is predicted to reach $120-140 billion by FY26, growing at a rate of about 25–30 percent annually over the next five years.

In July of this year, UPI transactions reached a record high of 3.24 billion monthly transactions, with the final billion of them being driven by the epidemic and occurring in just 10 months. India's e-governance has progressively advanced from the computerization of government agencies to large-scale initiatives like Aadhaar, GST, and the CoWin platform.

According to Siddharth Mehta (Religare’s former director) on what the digital transformation imperative will imply for business in India and the economy, just approximately 30% of CEOs had it. But now, every CEO faces the need of digital transformation as he considers two things: how to create an omni channel method of engaging not only with the client but also with all other stakeholders, such as workers, the supply chain, dealerships, etc. Therefore, the need for being able to work from anywhere and perform from anywhere is something that is guiding the majority of Indian enterprises today.

In the industrial and infrastructure plays, the majority of our clients are required to either provide services to the general public or their clients. Therefore, the crucial factors are dependability, accessibility, maintainability, and serviceability. The first thing we saw during the epidemic was that the clients wanted the services to be provided remotely and were willing to adjust their expected behavior. So, to maintain the dependability and availability of infrastructure in industrial complexes, we saw a quick adaption of remote services.