Significant Importance of Digitalization and Its Impact on Modern Economy: Issues Concerning India and Beyond

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@article{1702970,
      author = {Gangadhar S Sheeri, Jayadatta S, Pramod Gadigeppagoudar},
      title = {Significant Importance of Digitalization and Its Impact on Modern Economy: Issues Concerning India and Beyond},
      journal = {Iconic Research And Engineering Journals},
      year = {2021},
      volume = {5},
      number = {5},
      pages = {74-85},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1702970.pdf},
      abstract = {Imagining living in the past without the conveniences that people have today seems impossible to imagine. We live in an era where our reliance on technology for day-to-day work has led us to take for granted many of technology's benefits. Food, education, communication, transportation, entertainment, and medical care have all been revolutionized by technological advancements. Our favorite grocery stores and restaurants are open 24 hours a day, 7 days a week, to serve us with food of our choice. Education has become more accessible because to virtual courses and the vast amount of knowledge available online. Our friends and family may be far away, yet they are only a mouse click away. Instead of walking down the street to hail a cab, we book one from the comfort of our own house. We carry a whole entertainment package in our pockets and luggage at all times. Wearable technology is assisting us with medical attention and care. For emerging economies, information and communication technologies (ICTs) present new opportunities as well as new obstacles. In terms of greater efficiency and productivity, the creation of new services and vocations, and increased connectedness among agents, ICT adoption, digitalization, and automation give daunting new potential. However, a number of other social, economic, and institutional factors will determine how far developing economies can reap these potential benefits. While economic development and increased productivity are the most obvious benefits of digitization, digital gaps and other forms of exclusion and inequity are also frequent. India, as one of the world's largest economies and a leader in ICT adoption, is a good case study for studying the effects of digitalization on economic development. The current book brings together a number of fresh perspectives on this topic, examining the Indian experience from an international cross-country viewpoint. This study article discusses the main concepts on the relationships between ICTs, socioeconomic development, and digital divides, as well as providing background information on the Indian situation. While the list continues on and on, one common thread runs through them all: digitization. The notion of digitalization and its impact on the modern economy will be explored in this article.},
      keywords = {Digitalization, information and communication technologies (ICTs), economic development, wearable technology, modern economy},
      month = {November},
  }