BackEconomic Survey: Digital tech underpins economic reforms
The Economic Survey underscored that the world has ‘moved seamlessly from the focus on physical infrastructure to investing in digital infrastructure’
PremiumNEW DELHI : The economy has started reaping the efficiency gains following greater formalization, higher financial inclusion, and economic opportunities created by digital technology-based economic reforms, said the Economic Survey 2023. “The use of technology, in particular digital technology, undergirds the reforms," it said.
The survey underscored that the world has “moved seamlessly from the focus on physical infrastructure to investing in digital infrastructure". Moving forward, the survey predicted that it is “almost a certainty that most of the future real-world applications are going to marry the two, something akin to that attempted under Smart Cities, that interlocks area-based development with digital assets and digital services".
According to the survey, the rollout of 5G services can unleash new economic opportunities and help the country leapfrog traditional barriers to development, spur innovations by startups and enterprises, and advance the ‘Digital India’ vision. Here are some highlights from the survey:
Data usage: Decision to share data and information between Central Board for Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) is a promising reform, and would result in efficiency gains in the tax system.
MSMEs: Digital platforms including the Unified Payments Interface (UPI), Open Network for Digital Commerce (ONDC), Goods and Services Trade Network (GSTN) and Account Aggregator have created more opportunities for MSMEs by simplifying payment methods and providing access to technology to e-commerce firms, diversify their target markets, and easy credit.
Blockchain: CBIC has launched a pilot project to implement Electronic Cargo Tracking System (ECTS) based on blockchain technology to track the movement of containers from the port to a warehouse at ICD, Tughlakabad, ensuring secured documentation and GPS-based tracking.
Education: Under the ICT component of the Samagra Shiksha Scheme, the government supports the setting up of smart classrooms, and ICT labs in schools, including support for hardware, educational software, and e-content for teaching.
Tech institutes are rising: The number of Indian Institutes of Technology (IITs) is at 23, and there were 25 Indian Institutes of Information Technology (IIITs) in 2022 against just 9 in 2014.
Rural push: Taking digitization and technology to the rural economy has also been a key aspect of the rural development agenda, be it in agricultural activity or governance.
Solar power: The International Solar Alliance’s (ISA) mission is to unlock $1 trillion of investments in solar by 2030 while lowering the cost of technology and financing. The push towards self-reliance in semiconductor technology and production will help India erect another pillar of this revolution.
Development of hyperloop technology: The Indian Railways has collaborated with IIT Madras to develop hyperloop technology by setting up Centre of Excellence for Hyperloop Technology at IIT Madras at ₹8.34 crore.
Manufacturing: India now has the physical and digital infrastructure to grow the share of the manufacturing sector and make a realistic bid to become a key player in global supply chains.
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!
