The Internet economy contributed up to $537.4 billion to India’s GDP in 2020, of which a minimum of $270.9 billion was contributed by apps. Apps were contributing 70% to the mobile traffic. A World Bank study finds that every 10% increase in broadband penetration boosts GDP growth by 1.38 % in developing countries.
Technological advancement helps to optimize supply of goods and services qualitatively and quantitively, which is essential for prosperity. The market sure has grown since digitization and technical advancements started to influence the production, which in turn impacted supply of commodities and services.
India moved toward a market economy and expanded in areas like information technology. What social reforms has the Indian government made over the last few decades? Women and dalits have gained more rights to education and employment.
Technology can save the time it takes to produce a good or deliver a service, contributing to the overall profits of a business. Technology can contribute to the efficiency of a business’s output rate, allowing for larger quantities of products to be moved or of services to be rendered.
2)How has internet transformed indian rural economy
The number of internet users in rural India increased 18 percent last year, faster than growth in urban areas and continuing a trend that started two years ago.
Internet users in urban India increased 5 percent in 2021. Rural India has 351 million users, or 37 percent of people there, according to a report by the Internet and Mobile Association of India (IAMAI) and data analytics company KANTAR. Around 762 million Indians have not adopted the internet yet–out of which 63 per cent live in rural areas.
‘Difficulty to understand the Internet’, is the primary deterrent along with lack of awareness, especially in rural India. Goa has the maximum internet penetration and Bihar the lowest among states, the report said.
The number of internet users will grow by over 200 million in the next two years and there will be 900 million of them by 2025, the report said. Internet growth in urban India seems to have hit a plateau, with 341 million users and 69 per cent penetration.
The report titled ‘Internet in India’ is based on a survey of 77,000 households across all states and Union Territories, excluding Lakshadweep.
As many as 346 million Indians are engaged in online transactions such as e-commerce and digital payments: that is more than the US population. Indian transactions jumped significantly during the coronavirus pandemic, as the report noted a record 51 per cent increase from 230 million transactions in 2019.
Innovation in India’s Rural Economy
Disruptive business models are stimulating inclusive growth in agriculture and rural finance
- Sectors that comprise India’s rural economy contribute to nearly half of the nation’s GDP and is growing steadily, supported by government and private sector improvements to the physical and digital infrastructure.
- The agricultural economy is on the cusp of massive disruption. Companies that address inefficiencies across the value chain will have explosive growth potential. As new generations of farmers take the reins, technology will play a greater role in the agriculture value chain.
- The sector also needs faster and better access to financing. Innovative business model and technology adoption is driving access to microfinance, agri, and consumer loans.
3)how does social media encouraged entrepreneurship
In addition to the fact that social media offers a platform where it allows business and entrepreneurs to communicate rapidly and economically with clients as well as it also allows them to build a database that can be used to generate business leads that may translate to enhanced the sales and results growth of the business.
Social media networks help you increase your contacts. Using the correct platform you can spread knowledge about your products and services. If needed you can also find investors and people who are interested to invest in your ideas and business. There can be no other better way than Social media to attract customers.
1. Find Areas Of Interest To Get Them Involved
Finding areas that resonate with young people can help them get involved, especially if it is something that involves peers, where they could see themselves in that position, and then develop a sense of fellow feeling about helping them. Also, planning some places where young people can get actively involved helps, so they see others in those roles and understand that they can do the same kinds of things. – Gloria Horsley, O
2. Help Them Embrace Their Passion For Social Good
The great thing about millennials is that they’re not only quite entrepreneurial, but they’re also socially responsible and interested in giving back. Helping them embrace their passion around social good — through things like education, mentorship, tech resources and pro bono services — will allow them to take the entrepreneurial leap and put their ideas into action! – Jeff Rosset, The Chicago Leadership Alliance
Forbes Nonprofit Council is an invitation-only organization for chief executives in successful nonprofit organizations.
3. Teaching Empathy Is Key
Teaching young people more about empathy is key to encouraging them to take more engaged social action, and deliver appropriate entrepreneurial solutions to social problems. By putting yourself in the shoes of your beneficiaries and learning how to become more empathetic, youths will develop more passion for their work and produce realistic solutions that listen to, and serve, their beneficiaries.
4. Youths Are Seeking Meaningful Opportunities
Young people are searching for meaningful opportunities in social entrepreneurship. The more responsibility, ownership, and impact involved in the role, the better. – For example, ENVenture is a social enterprise in Uganda that pairs recent graduates as Business Development Fellows that are in charge of setting up a clean energy business in a rural village with a host organization.
5. Show Others Pursuing Social Entrepreneurship
Seeing other young people successfully pursuing social entrepreneurship is the most important thing we can do to encourage more young people to pursue the space. Social entrepreneurship programs and awards, on-campus programs, online videos and podcasts are all helping young people realize that social entrepreneurship can be a meaningful and impactful career choice.
Education 