India: unleashing the digital revolution for unprecedented growth
Column: Carmen Vicelich
In today’s interconnected world, the transformative power of digital technology is undeniable. Embracing this wave of innovation can revolutionise economies, streamline processes, and improve the overall quality of life. However, desire alone is not enough to drive digital progress; it requires a harmonious blend of technology, data, and people. Recently, during my whirlwind trip across three Indian cities, I witnessed firsthand how India embodies this winning formula, further propelling its position as the world’s fastestgrowing economy. With key statistics to back this claim, India’s remarkable ascent is on an unstoppable trajectory.
Size, undoubtedly, adds complexity to any endeavor. Often, this means any change becomes arduous and time-consuming. However, India’s digital transformation has defied this expectation. The country’s digital population, along with the government and corporate sector’s enthusiastic embrace of new ways of working and living, has propelled India’s growth to new heights. Moreover, the rapid expansion of the talent pool, particularly in the form of managed services, has further accelerated this upward trend.
Within the Fintech industry, India’s financial institutions are taking decisive steps to simplify operations, adopt cloud technology, and streamline loan processing. These measures aim to cultivate growth, scale, and efficiency, aligning with India’s overall trajectory. With ambitious initiatives like “Housing for All” supporting home ownership, ongoing urbanisation gaining momentum, the population’s ability to access affordable homes is steadily improving. This confluence of macro-economic factors has created an unprecedented opportunity for technology and data companies like Valocity.
Valocity, a global Property Valuation Platform, has harnessed the potential of digitisation by streamlining the valuation ordering process and establishing digital connections between valuers and banks nationwide across India. This digital transformation has yielded remarkable benefits, including increased efficiency, transparency, and digital workflow innovation, precisely when it matters most in India. The sheer number of planned new housing projects across 100 new Smart Cities in development in the country positions India as the most exciting place to be for Valocity and any other technology enterprises aiming to make a lasting impact.
While there is still much work to be done, India’s digital progress has gained remarkable pace, accompanied by an overwhelmingly positive sentiment and a genuine desire for change. These factors, combined with the country’s unwavering determination, make success all but inevitable. The time for India to shine has arrived, and it is poised to redefine the future on a global scale.
Key statistics validate India’s position as the world’s fastest-growing economy. In recent years, the country has experienced a consistent rise in GDP growth rate, outpacing major global economies. India’s GDP growth rate reached an impressive 7.2% in FY23, further solidifying its status as a thriving economic powerhouse. Additionally, India’s digital revolution has contributed significantly to the economy, with the digital sector accounting for approximately 9% of the nation’s GDP.
Furthermore, India’s digital population has witnessed a staggering surge in recent years. With over 759 million internet users, India now boasts the second largest online user base globally, surpassed only by China. This massive digital audience presents immense opportunities for businesses and entrepreneurs looking to tap into this rapidly growing market.
The Indian government has been instrumental in fostering a conducive environment for digital transformation. Initiatives like “Digital India” and “Make in India” have laid the foundation for a digital-first economy. In addition to the government’s initiatives, Indian corporations have recognised the need for digital innovation to stay ahead of the curve.
With the rising demand for technology-enabled solutions, Indian companies have embraced digital transformation to drive operational efficiency, improve customer experiences, and unlock new revenue streams. This proactive approach has placed India at the forefront of global digital adoption and progress.
However, the true catalyst behind India’s digital revolution lies in its people. The population’s hunger for growth, willingness to embrace change, and adaptability to new technologies have become invaluable assets. This human factor, coupled with India’s rich talent pool, has propelled the nation’s digital transformation, and ignited a virtuous cycle of innovation, collaboration, and success.
In conclusion, India should be at the top of the list of any business delivering innovation and efficiencies of scale. India’s digital revolution is ushering in a new era of prosperity. The nation’s determination to embrace technology, harness data, and foster a vibrant ecosystem of talented individuals, has laid the foundation for ongoing sustainable growth. With key statistics supporting India’s position as the world’s fastest-growing economy, the time has come for India to shine brightly on the global stage, and for any ambitious New Zealand business, there is no better place to be.
See article in Kia Ora India Magazine: