The Power OF Digitalization ON Monetary Progress: An Experience

Abstract

Digitalization in its simplest form refers to the conversion of data into digital format that can be processed by the computer or any digital equipment. Digitalization is an innovative and necessary step taken by our government in order to make people of our country digitally literate for making their lives easier. Digitalization really helped everyone in various ways. During the time of pandemic, digitalization has introduced itself as a life saver as well as economy saver because it enabled people to do “Work from Home”. This concept of “Work from Home” ultimately contributed towards maintaining our economy from falling down even when the complete lockdown was imposed in the entire country during the pandemic phase. Digitalization plays a vital role in almost every dimension of our daily lives and simultaneously affecting our economy positively by accelerating the growth of our economy. We can say that our economy is gradually becoming the digital economy. Digital economy simply refers to the economy in which the financial or commercial activities takes place by using the digital computing technologies. In this paper, we are discussing more about economic growth along with digitalization including its meaning, characteristics, pros and cons and most importantly the impact of digitalization on economic growth. This study will be helpful in identifying and understanding the barriers or obstacles in execution of the plans that can be helpful in making people of our country more digitally literate and further the strategies that will work in favor of accomplishing the target of building a more digitally sound economy. Further our study will analyze how digitalization is affecting the economy of our country by accelerating its growth.