By 2021, digital transformation will add an estimated US$154 billion to India’s GDP, and increase the growth rate by 1.0% annually, according to a new business study Unlocking the Economic Impact of Digital Transformation in Asia Pacific. The research was produced by Microsoft in partnership with IDC Asia/Pacific.

Image Source – Digital Transformation

The study predicts a dramatic acceleration in the pace of digital transformation across India and Asia Pacific’s economies. In 2017, about 4% of India’s GDP was derived from digital products and services created directly through the use of digital technologies, such as mobility, cloud, Internet of Things [IoT], and artificial intelligence [AI].

Anant Maheshwari, President, Microsoft India, said

India is clearly on the digital transformation fast track. Within the next four years, it is estimated that nearly 60% of India’s GDP will have a strong connection to the digital transformation trends. Organizations are increasingly deploying emerging technologies such as artificial intelligence, and that will accelerate digital transformation led growth even further.

The survey conducted with 1,560 business decision makers in mid and large-sized organizations across 15 economies in the region highlights the rapid impact and widespread disruption that digital transformation is having on traditional business models. The study identified five key benefits from digital transformation.

According to the research findings, organizations are seeing significant and tangible improvements from their digital transformation efforts across these benefits in the range of 11% to 14% today. Business leaders expect to see more than 40% improvements in those key areas by 2020, with the biggest jump expected in productivity, customer advocacy as well as profit margin.

Digital Leaders in India to Gain Lion’s Share of Economic Opportunities

The study indicates that while 90% of organizations in India are in the midst of their digital transformation journey, only 7% in the entire region can be classified as Leaders. These are organizations that have full or progressing digital transformation strategies, with at least a third of their revenue derived from digital products and services. In addition, these companies are seeing between 20 – 30% improvements in benefits across various business areas from their initiatives.

The study indicates that Leaders experience double the benefits of Followers, and these improvements will be more pronounced by 2020. Almost half of Leaders [48%] have a full digital transformation strategy in place.

Sangita Reddy, Joint Managing Director, Apollo Hospitals Enterprise Ltd., one of India’s Leaders in Digital Transformation, said

Apollo Hospitals recognized the potential of technologies like artificial intelligence, machine learning and data analytics in providing high quality preventive healthcare services, very early on. With data being generated at an exponential proportion, technology is helping us derive insights to predict and suggest preventive steps with utmost accuracy. Our partnership with Microsoft bring us to the forefront of this remarkable metamorphosis that is allowing us to meet healthcare demand and maintain service excellence regardless of geography.

The Study identified key differences between Leaders and Followers, which contribute to the improvements tracked:

  • Leaders are more concerned about competitors and emergence of disruptive technologies – The digital economy has also given rise to new types of competitors, as well as emerging technologies such as AI that have contributed to the disruption of business models.
  • Business agility and culture of innovation are key goals – When addressing business concerns, Leaders are focused on creating a culture of agility and innovation to counter competition. Followers, on the other hand, are more focused on improving employee productivity and profitability.
  • Measuring digital transformation successes – Organizations across Asia Pacific are starting to adopt new Key Performance Indicators [KPI] to better measure their digital transformation initiatives, such as effectiveness of processes, data as a capital, and customer advocacy in the form of Net Promoter Score [NPS]. As organizations realize the potential of data as the new oil for the digital economy, Leaders are much more focused on leveraging data to grow revenue and productivity, and to transform business models.
  • Leaders are more aware of challenges in their digital transformation journeys – In addition to skills and cyber-security threats as key challenges, Leaders have also identified the need to bolster their data capabilities through the use of advanced analytics to develop actionable insights in fast-moving markets.
  • Leaders are looking to invest in AI and Internet of Things – Emerging technologies such as AI [including cognitive services and robotics] and IoT are areas where Leaders are investing in for 2018. Besides these emerging technologies, Leaders are also more interested in investing in big data analytics to mine data for actionable insights than others.
  • What sets Leaders apart from others are their ability to ride on the digital transformation wave from an organizational culture perspective. The study found that Leaders have these traits

Anil Bhansali, Managing Director, Microsoft India (R&D), said

There is a pressing need for organizations to fully capitalize on the potential value of digital transformation in the next few years. To do so, organizations need to invest in building their ecosystem, from employees, to customers, to partners, across their value chain by gaining new insights through new data sources, and incorporating digitization in their products and services.

Microsoft is uniquely positioned to help organizations in India to succeed in their digital transformation journeys today through our agile platforms and solutions that prioritize flexibility, integration and trust. We understand what organizations will need to make their journeys a successful one.

Riding the Wave of Digital Transformation

Organizations in Asia Pacific need to accelerate their digital transformation journey to reap the full benefits of their initiatives, and to address the invisible revolution brought about the mass adoption of AI. More importantly, companies need to focus on capitalizing their own data in order to gain new market insights, create new digital products and services, and monetize data through data sharing securely, and in collaboration with its ecosystem.

Daniel-Zoe Jimenez, Research Director Digital Transformation Practice Lead, IDC Asia/Pacific, said

The pace of digital transformation is accelerating, and IDC expects that by 2021, at least 60% of India’s GDP will be derived from digital products and services, with growth in every industry driven by digitally enhanced offerings, operations and relationships. The study shows Leaders seeing double the benefits of Followers, with improvements in productivity, cost reductions, and customer advocacy. To remain competitive, organizations must establish new metrics, realign organization structures, and re-architect their technology platform.

Microsoft recommends organizations to adopt the following strategies to become a digital transformation Leader

  1. Create a digital culture – An organization need to build a culture of collaboration where it is connected across business functions, and has a vibrant and mature ecosystem of customers and partners. Data can then be embraced across organization and functions, where better decisions can be made and ultimately serving the needs of customers and partners better.
  2. Build an information ecosystem – In a digital world, organizations are capture more volumes of data internally and externally. The key to becoming a Leader is for organizations to be able to convert data into capital assets, and enable data sharing and collaboration internally and externally in an open yet trusted manner. In addition, a proper data strategy will allow businesses to start their AI initiatives to identify connections, insights and trends.
  3. Embrace micro-revolutions – In most cases, digital transformation efforts do not start with widespread change, but a series of micro-revolutions. These are small, quick projects that deliver positive business outcomes and accrue to a bigger and bolder digital transformation initiatives.
  4. Develop Future Ready Skills for Individuals and Organizations – Organizations today must re-look at training and re-skilling its workforce so that workers are equipped with future ready skill sets such as complex problem solving, critical thinking and creativity for the digital economy. More importantly, they need to re-balance the workforce to attain and attract key digital talents, as well as be open in creating a flexible work source model where they tap into skills-based marketplace. From a digital skills perspective,LinkedIn’s latest study outlines the ABCs of digital talents required for future economies in the region – artificial intelligence, big data and cloud computing. In India, the top in-demand skills are big data, artificial intelligence, and cloud computing.

Reliance Jio and Sodexo, the leader in Employee Benefits announced the partnership to accelerate India’s digital transformation. Jio and Sodexo will leverage complementary strengths and offerings to create an enriched digital life ecosystem for Indians.

JioMoney, the PPI wallet offered by Jio Payments Bank Ltd., has enabled integration of Sodexo Meal Cards with a user’s JioMoney account to allow mobile-based payments via Sodexo Meal Card. The partnership will enable thousands of Sodexo Merchants like grocery shops, kiranas, restaurants and cafes across the country, to accept digital payments via Sodexo.

Sodexo’s proprietary meal benefit solution, Sodexo Meal Pass can be linked to the JioMoney App for making quick payments on-the-go. It will also be an added digital transaction option for JioMoney’s rapidly growing user-base across India. Consumers no longer have to carry the Sodexo’s physical card for the purchase of food and non-alcoholic beverages. They can simply add the Sodexo Meal Card balance to the JioMoney app and start transacting on-the-go. Jio and Sodexo will continue to work together to accelerate adoption of services offered by both the brands.

Speaking on the association, Anirban S Mukherjee, Business Head, JioMoney said

Jio’s partnership with Sodexo will further Jio’s endeavour to deliver the benefits of evolving digital technologies to every Indian and allow them to live Digital Life to the fullest. The integration will bring convenience and new digital transaction options for both JioMoney and Sodexo users in India. Going forward both brands will leverage core strengths, develop synergies and expand their reach and presence in India’s growing digital ecosystem.

Stephane Michelin, CEO Sodexo Benefits and Rewards Services India said

At Sodexo, we constantly strive to enhance the consumer experience by expanding the ways to use the Sodexo Meal card within our proprietary network. Our endeavour has been to improve the retail experience for our 3 million daily users. With this partnership, JioMoney’s MPOS system will help segregate the food & non – food items among standalone, smaller merchants, which will further strengthen Sodexo’s position as a compliant meal benefit solution in the country.

The solution has already been launched in Mumbai and the consumer response has been excellent. The JioMoney solution will be enabled at all Sodexo accepting merchants nationally over a period of time. This partnership between JioMoney and Sodexo, both being leaders in their respective spaces brings high levels of domain expertise will bring about a radical change in the payments landscape across the country.

PayPal, world’s leading payments platform have announced a 50 percent reduction in the Foreign Inward Remittance Certificate [FIRC] from Rs. 200 to Rs. 100 per transaction, for up to 20 transactions.

For more than 20 transactions, bulk FIRC fee will be levied at Rs. 2000. The move is in line to reduce the cost incurred in receiving payments from global markets and to encourage merchants to grow their cross-border business and realize the Government’s Make in India vision.

Narsi Subramanian, Director, Small Sellers & Consumers, PayPal India said

The reduction in the FIRC fee is in line with our commitment of becoming a customer champion and enabling merchants to grow their cross-border business in a profitable manner.

FIRC is a document that acts as a testimonial for all the inward remittances entering India. Most of the statutory authorities accept this document as proof that an individual or a business, such as a limited company, partnership firm, sole proprietorship firm and others, has received a payment in foreign currency from outside the country.

The freelancer market in India is growing immensely and PayPal is committed to help Indian freelancers improve profitability and improve the payment experience.

ToneTag, a sound based proximity payment technology provider launched an Audio Pod for merchants. ToneTag Audio Pod is as simple as just tapping a phone on a Pod to complete a transaction. On tapping the phone on the ToneTag Audio Pod, the pod emits a sound wave carrying data that is received by the mobile phone. On confirmation of the same, the payment is complete.

Image Source – ToneTag

From the invention of wheels and flint stone tools to Nano-technology and artificial intelligence, man has always produced technologies and machines that make his life easier. In today’s world, technology is everywhere! Everything we do involves technology. It is completely integrated into our lives and the two have become inseparable. Even the way we make payments has evolved significantly. Today, we have different types of payment technologies available, including cards, mobile payment options such as NFC, QR codes, RFID chips, e-wallets, applications and many more.

But what about a device that can be placed anywhere and can enable payments via sound without any dependency on Wi-fi or internet? Sounds intriguing, right? That is because we do not associate sound with payments, but with more traditional things such as music. But why should the beneficial nature of sound be curtailed or confined to producing just music? Why can’t one utilize sound based technology to make payments? Well, with ToneTag Audio Pod, you can!

Kumar Abhishek, Co-Founder & CEO, ToneTag, said

ToneTag Audio Pod is a device that can be used by any merchant irrespective of their scale of operations or nature of the business. This device can be that trigger which enables mass acceptance of digital mode of payments amongst merchants. In our push towards a digital economy, a device like the ToneTag Audio Pod can bring in both the merchant and the consumer segment to accelerate the digital drive.

ToneTag Audio Pod is a one stop solution for everything in payments.

  • Enables quick and faster checkout at stores, with transactions being completed under three seconds and thereby acting as a queue buster
  • Any issuer, merchant or acquirer can use the ToneTag Audio Pod to receive payments
  • Payment acceptance from any e-wallet or banking application
  • Payment experience is better when compared to prevalent methods
  • No congestion and rush at stores, giving merchants and customers a pleasant retail experience
  • Works in offline conditions. No data connection required
  • Robust build quality, combined with state of the art design features
  • Space efficient and user-friendly

For more information, please visit ToneTag’s Blog on Audio Pod

The pitch finale of #BuildOnIndiaStack, Venture Pitch Competition, organized by iSPIRT and Dalberg was close-fitting. With over 180 entries, the selected 12 finalists from diverse sectors such as e-governance, health care, education, fintech, environment and agriculture presented their ideas to a full-house audience.

Image Source – BuildOnIndiaStack

EasyGov that bagged the first position was awarded a cash prize of Rs. 3 lakhs. EasyGov is a cloud solution to help billion people of India to discover the entitlement from thousands of welfare schemes from the Government. EasyGov solution will help in rolling out 10K+ schemes in local language to enable people check family entitlement from phone.

The runner-ups, Journee and Megdap received prize money of Rs. 2 lakhs & Rs 1.5 lakhs respectively. FreeSave and Krishiyog received consolation prize. The winners now look forward to interact with Nandan Nilekani, who has agreed to mentor them for shaping their ideas.

The founders of the winning startup, EasyGovAmit Shukla and Vineet Sharma said

IndiaStack has created enabling environment for democratizing the government welfare scheme delivery. Acceptance of eSign document at all government offices can make it really big. We thank #BuildOnIndiaStack to provide us a platform to showcase our efforts.

Technology evangelist, Nandan Nilekani who has also been at the forefront of the digital agenda in India said

IndiaStack was being used mainly for Fintech. It however has vaster potential. It needs to be extended to education, health care and skill development amongst others. India Stack provides access to features such as the Digi-Locker, eKYC, eSign, UPI that can re-invent these sectors and make them accessible to the common man. #BuildOnIndiaStack was organized to embark upon this journey and interact with entrepreneurs that would be keen to serve the unserved and underserved. India Stack can be source of massive inclusion for India’s population.

The panel of jurors comprised of stalwarts from the impact and social entrepreneurship industry like Bindu Ananth, Chair of IFMR Trust and IFMR Holdings; Srikrishna Ramamoorthy, Partner, Unitus Seed Fund; CV Madhukar, Investment Partner, Omidyar Network; Varad Pande, Partner, Dalberg Global Development Advisors and Sanjay Jain, Chief Innovation Officer, CIIE. The jury had a deservably difficult time to shortlist 12 entries from the total 180+ entries that #BuildOnIndiaStack received.

Bindu Ananth, Chair of IFMR Trust and IFMR Holdings, said

IndiaStack has tremendous potential to encourage innovations for India’s mass market. This eve put the spotlight on a number of such applications & entrepreneurs and will help create more focus on mass market business models

Varad Pande, Partner at Dalberg who also was on the jury panel said

Today’s pitch presentations demonstrate the passion of our young innovators and the potential of technology to serve India’s 1 billion underserved. This competition is the start of a journey to support innovative tech-enabled solutions that “Build for Bharat”. We at Dalberg are excited to be part of that journey.

Jury panel with the winner EasyGov, Founder – Amit Shukla and Vineet Verma

IndiaStack is the largest application programming interface [API] in the world supported by an open API policy by the Government of India. The stack is a new technology paradigm that is scalable to handle massive data inflows, and is poised to enable entrepreneurs, citizens and governments to interact with each other transparently, creating an ecosystem to develop innovative ideas to serve the 1.1 billion people on the platform, specifically the BOP population.

Sanjay Jain, Chief Innovation Officer at CIIE and who has been associated with the IndiaStack initiative said

The strong finalists, and the diversity of entries shows that entrepreneurs believe that they can make a business which meet the needs of the underserved.  This sends a strong signal, which is further strengthened by the interest from the VC community in this event.  I am confident that this will lead to more entrepreneurs and investors looking at the country well beyond the top tier of the economy.

#BuildOnIndiaStack also created a platform for entreprenuers to interact with various partners of the eco-system.  Investment Partner at Omidyar Network, C V Madhukar said

Today’s event brought to the fore the entrepreneurial energy in India that is attempting to solve important public problems. As entrepreneurs think about using the India Stack, investors have an opportunity to invest in companies that protect the privacy of individuals, especially in light of today’s judgement by the Supreme Court making privacy a fundamental right.

The competition was open to all innovations that leverage the IndiaStack to unlock new business models and/or reach previously underserved, new customer segments across diverse sectors such as financial services, education, healthcare and others.

Some core focus areas for the competition also included digital lending and supporting activities, such as alternative credit scoring; sector specific digital services such as health insurance or education loans, skilling and certification, property registration agreements, patient-centric healthcare management; and SaaS platforms ‘As A Service’ that support the development of other India Stack based innovations such as Digi-locker or e-sign providers.

Srikrishna Ramamoorthy, Partner at Unitus Seed Fund said

Our priority at Unitus is to invest in startups that can disrupt the way financial services is delivered to the masses. This competition has facilitated that in a big way and we want ventures to keep building on India Stack.

Partners of this event were Bharat Innovations Fund, Omidyar Network, Unitus Seed Fund, CIIE [IIM-A]. Start-up India and LetsVenture were the outreach partners for this inititative.The event was also supported by AwsActivate, 91Springboard and Rise Mumbai.

At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.

Digital transformation in its simplest form means the use of technology to radically improve performance & reach of enterprises. But it does not merely stop at that. As technology becomes a permanent fixture in everyday life, the best organizations combine digital technologies with strong leadership to bring about real transformation.

Image Source – Digital Evolution

Business and IT leaders are eager to fully utilize key digital technologies such as analytics, mobility, social media, IoT, Machine Learning and smart embedded devices to vitalize their customer relationships, internal processes and value propositions hence, bringing the much needed digital evolution.

Even though the digital transformation is a long journey with the gradual evolution of the organization, there are a few key elements which are to be taken care off while beginning the transformation endeavor. Implementing advanced digital technologies, improving customer experiences, transforming internal processes, re-evaluating and designing improved business models and bringing to the fore your key value propositions are some of the key elements of a digital transformation exercise.

Digital Evolution is more of a business evolution than a technology initiative. It has created a rapidly changing business environment and has compelled companies to rethink nearly everything they do. Pro-actionary approach along with quick adaptability and flexibility is required for an organization to stay on the leading edge of the digital landscape.

This is a time of Digital Darwinism – an era where technology and society are evolving faster than businesses can naturally adapt. Therefore, as companies look at moving business platforms and technologies, corporate leaders face an endless list of initiatives to consider, prioritize, evaluate, validate and implement. The challenge is to ensure that their priorities are aligned wisely. Without any strategic direction, every single attempt to evolve digitally can end up disjointed and ineffective.

Mr. Ashok K laha [Image Source]

It’s no surprise that digital evolution is an ongoing wave of new technologies and capabilities that are coming at us at an unprecedented pace. The major one being the data revolution which has emerged as a new weapon in the industry in the recent years. It is being generated, combined, recreated and consumed at significant levels which are facilitating changes within the organization.

But the question to be asked is Are companies investing in the right technology for their Big Data needs in addition to the training of marketing and IT personnel?

Given the speed of evolution and scope of impact, an organization needs to fully understand the opportunities to be gained and lost, spot important trends and identify its competitors in order to evolve along with the world and its gadgets.

Cyber security is another major concern when we talk about digital evolution. The world currently deals with approximately 2.5 million cyber security threats per second. Most of the business leaders are reluctant to innovate due to cyber risks. However, these risks are worth dealing given the plethora of opportunities that digitization offers. Else, sitting on the sidelines and not responding to the market conditions and threats will become the fastest way to extinction.

With the new Modi Government at the helm, we as a country are making great strides in digital transformation. Reforms like demonetization, GST, and Digital India will act as stepping stones in helping the country’s businesses and economy to digitally enable and transform them.

Digitization is a gift to the organizations though it takes investment, agility and relentless focus to stay ahead. The road to digital evolution is far from easy but it carries great incentives for businesses and customers alike. The digital industry could be an important vehicle for change and it could provide the opportunity for India to dramatically expand its role and influence in the global economy enabling it to become a powerhouse of digital innovation.

About the Author

Mr. Asoke K. Laha is the Founder, President & CEO of Interra Information Technologies. Interra Information Technologies has been a leader in the Information Technology Industry since its founding in 1996. Headquartered in California, the company’s operations and sales network spans across multiple countries. You can learn more about them at www.interrait.com. You can also connect with Interra Information Technologies on Facebook, Twitter, Google+ and LinkedIn.

Bengaluru based start-up Liv.ai has launched Speech recognition technology in nine Indian languages to enable businesses to reach out to people who communicate in their regional language instead of English. As an alternative to typing, people can now use their voice to text chat on apps like Facebook and Whatsapp speaking in their own language.

Liv.ai has a simple vision to empower people to interact with their devices, businesses and government using their natural voice. Businesses can use it to create digital assistants in regional languages, transcribe audio/video files, setup voice based IVR and do intelligent speech analytics. Liv.ai APIs can be integrated to applications across devices including mobile phones, tablets, PCs, TVs, Speakers, Set-top Boxes & even Cars.

Liv.ai’s innovation enables people to benefit from progress in technology without the need to use English as a medium of communication and many a times without the need of people being even a literate. Necessity to write and speak in English continues to keep people away from using technology to its full potential. Liv.ai’s Artificial Intelligence [AI] breakthrough enables people to break their linguistic barriers and be heard in their own language.

Brainchild of three friends from IIT Kharagpur – Subodh Kumar, Dr Sanjeev Kumar and Kishore Mundra, the Liv.ai platform recognises voice in all major Indian languages namely Hindi, Punjabi, Kannada, Bengali, Tamil, Telugu, Gujarati and Marathi. Along with what they proudly call the best AI team in India, the co-founders have been working for more than three years in developing speech and language based applications for Indian languages. While global mobile phone brands and biggest Apps during the same period were expecting over a billion people to use their products in English only.

Liv.ai had predicted rightly, the advent of business automation, launch of voice commanded devices such as smart speakers and need for traditional uses such as transcribing will revolutionise the AI enabled technology landscape. In a recent report, McKinsey Global Institute stated that in the year 2016, companies invested between USD 26 billion to USD 39 billion on AI technologies and top two areas were robotics and speech recognition

Stressing on the basic need for local language speech recognition, Subodh Kumar, Co-Founder and CEO, Liv.ai said

People in India are not proficient in English, but the technology ecosystem has been built around English. We at liv.ai recognized that global solutions may not work here and thus we envisioned solution specific to India which in hindsight has proved to be a right decision.

Liv.ai has already been integrated with leading Indic keyboards allowing people to use their voice to send emails, messages or post on social networks. In addition multiple large businesses are integrating Liv.ai’s APIs to automate their customer care. The technology is well-designed to work amidst background noise without loss of data.

The team led by some of the brightest minds in Artificial intelligence in India promises to augment the technology space with newer products to bring voice recognition capability to a billion people in our country.

For more information, please have a look at the Demo of Liv.ai

ICRIER, one of India’s leading think tanks, along with Broadband India Forum have released findings of its study on ‘Estimating the Value of New Generation Internet based Application Services in India’.

Image Source – India Apps

As per the study, a 17% increase in the total internet traffic in India in 2015~16, contributed to an increase of Rs. 7 lakh crore in Gross Domestic Product [GDP], of which at least INR 1.4 lakh crores [US$ 20.4 billion] was due to Internet based app services.

This puts the Internet’s contribution to India’s GDP at about 5.6% in 2015~16. The contribution is estimated to grow to nearly 16% of the country’s GDP by 2020 or INR 36 lakh crores [USD 534 billion], of which apps will contribute about half.

The study was unveiled by Hon’ble Minister of Communications, Govt. of India, Shri Manoj Sinha in the presence of senior Government dignitaries from MeiTY, TRAI, Niti Aayog and champions of the broadband industry.

[L-R] Shri T.K. Arun, Senior Journalist; Shri T.V. Ramachandran, President, BIF; Smt. Aruna Sundararajan, Secretary DOT GOI; Shri Manoj Sinha, MOS (IC), Ministry of Communications and IT, GOI; Shri M.F. Farooqui, Chairman, BIF; Shri Anil Kaushal, Member, TRAI; Dr. Rajat Kathuria, Director and CE, ICRIER at the launch of a report by Broadband India Forum and ICRIER on ‘Estimating the Value of New Generation Internet based Application Services in India’

Dr. Rajat Kathuria, Director and Chief Executive, ICRIER said

With internet penetration and the start-up ecosystem achieving critical mass, we felt the time was right to study the micro level impact of the internet services and apps on the country and define interventions needed for long term growth. Interestingly, we found that the ecosystem’s contribution went beyond just economic into social areas such as mainstreaming the differently abled and enabling women safety among others.

The study, beyond econometric estimations, also captures in-depth case studies of 16 service/app companies capturing impact generation at a micro level in key sectors of travel, healthcare, education, entertainment, utilities, digital payments, social, navigation and Government services. Companies covered include Makemytrip, Practo, PayTM, Urbanclap, Netflix, Wynk, Byju’s, Truecaller, farMart and MP Mobile.

The case studies bring alive different aspects of impact created, such as potential for increased income and job creation, easy access to credible information and Government services, lowering costs for buyers & sellers, creating a platform for smaller businesses and individuals to market their products and services, popularizing the use of vernacular language and enabling women safety among others.

TV Ramachandran, President, Broadband India Forum said

Internet apps and services are disrupting traditional industries. Regulation, globally, is evolving to strike the right balance between protecting consumer/business interests and encouraging the ecosystem to innovate further. India needs to chart its own course from a policy/regulation perspective considering the significant higher impact on its economy. It needs to resist the temptation to follow global precedence or come up with defining laws without active stakeholder discussion.

The study also makes 10 recommendations on the demand and supply side to ensure long-term growth of the internet services and apps economy and its sustained contribution to India’s GDP.

About ICRIER

ICRIER is an autonomous, policy-oriented, not-for-profit, economic policy think tank. ICRIER’s main focus is to enhance the knowledge content of policy making by undertaking analytical research that is targeted at informing India’s policy makers and also at improving the interface with the global economy. It has been ranked amongst the top 3 Indian Think Tanks World Wide by the 2016 Global Think Tank Index Report, University of Pennsylvania. For more information, please visit ICRIER