Chapter 7: Shaping Digital Economy

Introduction

• Millennials, those born between 1980 and 2000, have spent their entire lives surrounded by electronic devices.
• These millennials depend on digital tools for their daily activities, and because of this, they are ideal candidates to help India's Digitised Economy take shape.

The Success of the Indian Youth

• A phenomenal amount of Internet-era businesses are founded by aspirant individuals under the age of 35.
• The startup movement is largely being driven by the same generation, which is not only open to new ideas but also eager to work hard and take risks in order to succeed.
• With a total valuation of $274 billion, India now boasts 81 unicorn businesses.
• Moreover, 90 of the founding members of the 500 US unicorns were Indian citizens.
• Startups known as unicorns are valued at one billion US dollars, or around Rs 8,000 crore.
• When they started their first businesses, many technopreneurs around the world were in their 20s.
• Looking at the "Forbes 30 Under 30" list of 2022, which includes representation from 22 nations and territories, it is simple to see that India is experiencing a startup boom. With 61, India is at the top list

Leaders in Content Production

• Another crucial field where many young people can be seen playing key roles is content creation.
• There are at least 8 crore artists and knowledge workers in India, and they use platforms like YouTube, Instagram, and Facebook to express themselves, create high-quality material, and make money.
• Opportunities are available not only in the metropolitan and large cities but also in the Tier-2 cities such as Pune and Indore. The 8 crore creators in India are a diverse group of people such as video streamers, content creators, influencers, creators on OTT platforms, bloggers, and those who create physical products.

The Gig Jobs

• Gig economy is vital for the country since interest among youngsters between the age group of 16 to 18 in gig jobs has gone up by 750 percent, as revealed by a study.
• According to the N1TI Aayog, the gig economy employed an estimated 77 lakh (7.7 million) people in 2020–2021.
• By 2029–2030, it is expected that this gig labour will increase to 2.35 crore (23.5 million). Presently, medium-skilled jobs make up 47% of gig work, high-skilled jobs make up 22%, and low-skilled jobs make up 31%.
• Gig jobs are becoming more popular among young people because they are more willing to consider chances of all kinds.

Science Education

• A nation with a sizable young population might take pride in having its own domestic market for digital goods and services.
• Education is important for the development of the nation and the future, thus it is encouraging to note that more Indian students are becoming interested in scientific and engineering majors.
• Every year, around 15 lakh technology graduates are produced by engineering institutes.

Conclusion

• The country is depending on its youth to significantly contribute to the expansion of India's digital economy as PM Modi has dubbed the 2020s the "decade of technology" (the "Techade").
• The demographic dividend India needs to rank among the world's top economies will be ensured by a youthful population that is tech-savvy, tech-skilled, and tech-confident.