DIGITAL
ECONOMY A LEVELER OR A SOURCE OF INEQUALITY
Digital
economy refers to an economy that is based on digital computing technologies or on the internet. This is the age
of science, technology, and the internet, today the internet is the most common thing
that everyone even a child uses.
Earlier
there was a barter system where people exchange goods for goods, later it comes
to cash system and finally today we are working on a cashless economy. Today in In the 21st century everything is online including payments and
transactions but is it really worth or worse for us.
Digital the economy has helped us in many ways like it have reduced paperwork, resulting to
save papers ad trees. Earlier because of cash payments there was a lot of paperwork that may get sometimes wrong making big troubles but due to the digital system, it's easy to manage all these
things including transactions. It is also a great boon in making things transparent,
thus helping to reduce the corruption rate because the money goes directly from
consumer to seller, no other middle man thereby helping to develop a powerful connection between government and public. It makes us
free from carrying cash everywhere and taking tensions to secure it. It also helps
to lessen the rate of black money as nothing is secret.
Digital the economy also helps to increase the literature rate, as if all the things are done by
smart ways, people have to be smart with the time. It also helps the poor
farmers to sell their produce at the right rates as many times it happens that
the poor farmers don’t have an option to sell their produce to middlemen who take advantage of these peasants. Widows
and old citizens are also benefited from this type of economy as they get
their pensions without any problem like they get their accurate pensions that the
government has provided them without any condition to share their some percentage of
money with the middle officers.
Today we can
buy anything at any place by not worrying about cash and just paying online or
by using the money transactions app. We just need our credit or debit cards even we
can pay through mobile by having e-wallets.
In fact, in In many developed countries, this practice has become one of the biggest ways
to pay bills.
In India
too, to promote the digital economy our government have launched many campaigns like
the DIGITAL INDIA to ensure that government services are made available to citizens
electronically by improved online infrastructure and increasing connectivity in the field of technology.
Its motto is “power to empower”. The digital economy has given rise to a world
where innovation is more important than mass production.
The digital economy also refers to the convergence of computing and communication technologies
on the internet and other networks. As we know that it's easy for us to store
any type of data online or in computers. The human calculation might get wrong but
computers always give us the right results resulting in safer and better
transactions. The digital economy has helped to create an economic revolution.
A tremendous economic change is taking place in our economy.
Digital
India aims to enhance the process and delivery of different government services
through e-governance and payments gateways. The Digital India campaign is a great
initiative to integrated digital technology, thus increasing digital
transactions for a better future. To promote digital transactions our government
has also launched many apps like BHIM, Paytm, and other online banking software. They also give us cashback offers so
that more people can get convinced to use
this system.
However, in a developing country like India, it's quite difficult to convert all the
transactions from cash to cashless. The government have to provide time-to-time
information about new technologies and cyber attacks and the ways by which they
can save their transactions. In fact, cyber attacks are a problem faced by every developed
and developing nation also digital economy led's to loss of employment as the
more we depend on technologies, the less we depend on human resources. We can take the example of online banking. It
also needs high investment which can be
a problem for the poor or least developing countries.
Digital
economy can be a leveler as well as a source of inequality as it
totally depend on us how we use it. To make it a leveler the government have
to take many initiative lies they have to make digital transactions easy for all
the persons in a country from rich to poor and guiding them on a macro scale.