DIGITAL ECONOMY A LEVELER OR A SOURCE OF INEQUALITY.

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 21^st 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.