Reading Time: 4 minutes
If you are interested on delving into the prospective trajectory of India’s economic transformation driven by technology, you have arrived at the right destination.
Within this post, I will explain the pivotal shifts anticipated within the realm of commerce in India over the forthcoming years. Our exploration will encompass the evolving landscape of economic activities, unveiling insights into the promising prospects that technology is set to establish.
Governance
From a governance perspective, there is a high possibility of a direct democracy with decentralised opinions from citizens and decision-makers in the country. This will lead to a more automated and efficient economy that is completely digitised. This change is foreseeable due to the impact of AI in our lives, which ranges from suggesting relevant news and social media content to predicting a nation’s growth. The processing and manipulation of data have enabled us to build efficient computer systems and programs that make AI a trustworthy entity, which is capable of helping our government advance.
Automation
By minimizing human intervention in crucial economic and financial processes, the opportunities for corrupt practices diminish significantly. Moreover, these advancements not only streamline operations but also foster a culture of trust and accountability, ultimately contributing to a more robust and ethical economic landscape.
Throughout thousands of years, humans have established highly structured societies and organised political systems by creating subjective realities such as corporations, democracy, law, and money. India has been using the rupee as its currency due to its subjective value and the trust we place in it, along with authorisation from the Reserve Bank of India. I believe that over a 15-20 year period, we will transition into a decentralised economy and begin using cryptocurrencies that have been sanctioned and accepted by the democracy of India as the mainstream mode of transaction.
Image Credits: Art Rachen
By adapting to and moving towards a more decentralised economy, we will not only create more employment opportunities in the IT sector but also help India become more technologically advanced and build sophisticated infrastructure that improves the lives of its citizens and boosts the nation’s GDP.
But a recent bubble can be sensed in the Indian startup world, not because due to the rivalry between the startup companies but rather due its relevance in the market. Two of the main qualities that determine the sustainability of a startup in the market is, one as mentioned earlier, its relevance and its application in day-to-day consumer’s life, and second is following all the norms set by the government. So, if any one of the quality is not satisfied by the company, the return on investment may be put on a question mark and the business may fall due to the extreme volatility.
I think that in the near future India will be implementing AI systems to leverage the best out of the funding the startup companies. Because this transition will help the deciding authority to predict the scalability and sustainability of a company, from analysing the founder’s history, stakeholder’s background to the real time application of the product or the service the company provides, through processing huge data sets and information resources to make the best investment on a budding startup.
I am of the opinion that micro-finances, along with technological advancements like blockchain, can enhance the quality of life for those with small-scale businesses or wage workers in the long term. Micro-finances have not been part of the mainstream money lending process primarily due to their unreliability in terms of returns. This is mainly due to the lack of transaction history and credit scores of borrowers. However, a decentralised system like blockchain can keep track of user transactions and records of money lent and returned.
Image Credits: Shubham Dhage
If these small investments are made systematically, with the use of the right technology, they can indirectly or directly contribute to the growth of the primary sector, which will have a positive impact on other sectors as well. Another advantage is that this step will improve the country’s infrastructure by developing a massive supply-chain distribution system, which will attract foreign investors and ultimately scale India’s economy to greater heights.
In summary, with complete digitisation and advancements in technology, we can expect a society with a decreased rate of corruption. Social norms will change with the rise of AI, and micro-financing will improve the lives of many, leading to a decrease in poverty rates.
Image Credits: AIHMS
That’s a wrap, I could have missed out a few topics, but these are the major areas I firmly believe in which we can eventually see huge changes. Thank you for reading, I hope I had added some perspectives and values to you, if yes please do subscribe to this blog and my social media handles for regular updates and insights.
Thank you for reading all along, subscribe to sapiencespace and enable notifications to get regular insights.
Click here to explore through similar insights.
Image credits: Art Rachen, Economic Times
