DIGITALIZATION: A SCENARIO OF NEW NORMAL

Abstract

The digital economy consists of numerous economic activities that use digital technology as a core factor for economical and other financial activities. The digital technologies drive innovation and fuel job opportunities and economic growth as its contribution. The digital economy also pervades all aspects of society, influences the way people interact and bringing about broad sociological changes. The e-commerce transactions of Asia occupy 25% of the business to consumer market in the world, lead by the People’s Republic of China. A significant transformation of the technology is needed for business enterprises across all industries are to survive and thrive in the new normal scenario. Although digitalization positively affects the productivity across sectors, its impact on employment and limited resource also persist. The new business environment will be dominated by digital ecosystems that enable multiple producers and business-to-business (B2B) customers to connect. In order compete and sustain in the future, the manufacturers must digitize all their processes and the customers should be prepared to access and satisfy their requirements digitally. To examine the various aspects of digitalization and its impact in Indian economy are the objectives of the study.