Digital governance – The Indian story

first_imgTaking into account the leaps and bounds with which digitization and internet connectivity have been taking over the world, we have reached a point where they are ‘what it takes’ to trigger off the Fourth Industrial Revolution.Digitization has the hydraulic power to thrust societies to the fore, add zip to innovative business models and support governments to focus on and resolve genuine policy worries and cares. Digital governance intends to sculpt the future of digital economy and society to run through a collective, credible digital habitat that drives inclusion, commercial development and social advancement.Belief on smartphone and internet usage census leads one to India that is rapidly turning into a digital-first country where the acceptance and absorption levels of new trends are so high that they scrape the skies. The present-day consumer focus is on dynamic and fertile inroads towards a digital lifestyle.A Morgan Stanley research report foresees India outrunning the US as the second-biggest smartphone market next year with unshakeable yearly growth. As there is more and more use of social media as a customer care base and with stronger and smarter customers, command centres are seeing the enthusiasm from trademarks that are keen to be part of the digital empire.Digital technology has become a family member of substance, playing a significant role in our lives, right from groceries to offices. It helps us to connect with both, the commercial as well as the personal universe and also share information on issues and concerns that stand in our pathway. In some cases, it also enables real-time resolution of those issues.India now has this century’s lion’s stake in digital technologies. Thanks to our youth for this, who is effervescent in making optimum use of digital technology to connect as well as transact. The future of Indians turning into full-size connoisseurs of digital technology is so near that you can actually hear it beeping.We don’t need to strain our eyes to see that in the majority of the cases, digital communication is the only way to touch base and nothing incarnates it as superbly as the troika of Jan Dhan, Aadhaar, Mobile Payment Interface (The Three Transformers). It would be under-rating to view the mobile phone in India as a calling device, it plays a pocket bank among a lot of other roles.The action-oriented Modi government’s first launch was the Pradhan Mantri Jan Dhan Yojana (PMJDY); a financial inclusion scheme on August 28 2014. The day it was effected, the government created 10 million bank accounts using existing Aadhaar IDs in a paperless way, costing a fragment of the earlier minimum previous customer acquisition cost.Then and now, the government has generated more than 300 million new, an essential element of bank accounts. Along with a free, zero-balance account, Jan Dhan account holders also get an accident insurance cover of 100,000 rupees, with an overdraft feature of 5,000 rupees. This is how the government brought those unbanked within the ambit of the formal banking system.Come November 8, 2016, and the Indian government did what no other government would have dared to do: It out-valued 86% of the country’s currency notes from circulation. The following months, more than 1 billion people came together to ‘cold boot’ the nation’s fiscal and monetary system. What triggered after that can be nothing less than a manmade ‘economic miracle’; For instance, look at a government payment mechanism born in 2016 that cleared 100,000 transactions per month across the desk in the October of that year, before demonetization struck out of the blue.As demonetization celebrated its first birthday, the same system churned out 76 million transactions every month. Despite this, India’s Finance Ministry said that the national economy is functioning with $45 billion less cash than what it had before demonization.On one hand, India was showing the world how to do it and before the world could figure out the jigsaw, we implemented the largest single tax reform ever, in one go. A mesh of 17 different taxes swept out with a single Goods and Services Tax (GST). This explains the slogan ‘one nation, one tax’ scripted and absorbed by the government of India. Ignoring critics’ horrifying predictions, the government did it again; one month GST got over a million businesses registered.India is adding 110 million smartphones every year and the government is on the brink of introducing Aadhaar-flexible gadgets with biometric verification, built into mobile phones. The power of the Three Transformers, mentioned earlier will run full throttle when transactions are Aadhaar-based and biometric.While the world is still at cashless, India is looking at a future that is cardless. There is no doubt that India is acceleration towards the future is breaking new grounds and the route it has taken is ….a Digital Highway.last_img read more