Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / World/  Digital revolution clears hurdles for Asia’s emerging economies
BackBack

Digital revolution clears hurdles for Asia’s emerging economies

Governments, businesses and consumers in developing nations across the region are using digital technologies to leapfrog development hurdles

In India, which already has more Facebook users than the US, digital transactions jumped 59% in March from December last year. Photo: iStockphotoPremium
In India, which already has more Facebook users than the US, digital transactions jumped 59% in March from December last year. Photo: iStockphoto

Singapore: Asia’s emerging economies are embracing the digital revolution.

From the Philippines to Indonesia, developing nations across the region are jumping on the digital bandwagon faster than expected given their relatively low income levels, according to a new report by Deloitte LLP.

For economic policy makers, the shift matters. Governments, businesses and consumers are using digital technologies to leapfrog development hurdles. In India—which already has more Facebook users than the US—digital transactions jumped 59% in March from December last year, the first month after the government announced a demonetisation plan last year, Deloitte said.

In Indonesia, there are 1.3 mobile phones per capita in the country and most Internet users prefer mobile access, boding well for greater connectivity between government services and the wider populace; Indonesia also has more Twitter users than the UK, Deloitte estimates show.

Also Read: Digital transactions got major fillip after note ban: report

“Asia has become the center of global economic growth and by embracing digital, it will continue to lead global economic growth over the coming decade," Deloitte said.

China is now the world’s largest e-commerce market, while Singapore and other Asian countries have been gaining ground in the global competition for attracting and developing business talent amid a drive to build high-tech hubs.

Growth potential is still significant across multiple industries in poorer nations, Deloitte notes. In Indonesia fewer than one in 10 small businesses describe themselves as having advanced online capabilities while 73% are offline or have very basic online capabilities.

At the same time, the Philippines, India and Indonesia still have some of the lowest digital banking penetration rates in Asia. Bloomberg

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 17 May 2017, 08:53 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App