With the access to internet two decades ago, there has been a colossal shift in the way, people of the Indian subcontinent functioned. With liberalization in the early 1990s and the IT rush thereafter, it was but natural for people to want the fastest broadband in their homes and offices to keep up the demanding pace required by the new economic shift. Broadband made it easier to have access to information, entertainment, shopping, work, family, study courses, business opportunities, professional networks and so much more, with just a click of the mouse.
Impact of Internet on the Government & Internet
The Government and other public entities did not remain untouched by this momentous change. The way civic bodies functioned changed drastically, with more transparency and less dependence on manual labour. The Government recognized the inclusive policies for people living marginally or in far of areas and encouraged Internet Service Providers to widen their reach. This allowed various services to reach the people who until then lived far away from the fast pace of the cities. Additionally, this penetration allowed for the Government to take the mammoth step of demonetization and create a shift in the economic growth of the country.
A recent survey on internet penetration stated that, there is 10% increase in it leading GDP effect to be 1.08%, which clearly shows that increase in internet has direct impact on a country’s GDP. However the overall internet penetration in Indian subcontinent market is low compared to other developed countries and the Government is pushing the Internet Service Providers to enhance access to rural population.
Impact of Internet on the Economy
Access to Internet within the four walls of a home, opened up a can of opportunities, that till now were limited to a privileged few. As the opportunities for personal growth grew, so did the aspirations of business houses. They now had easier connectivity to a global network of suppliers, sellers, marketing gurus, technologically advanced groups. on one hand. While on the other, they no longer had to be dependent on stores in multiple locations. All they needed was a website or e-stores. As long as the people across the cities had a fastest broadband connection, the chances of their site being searched and surfed were high. According to a recent survey it was concluded that, even if internet access in Indian subcontinent increases by merely 1% also, there would be corresponding increase of 4.3% in exports.
For instance- businesses dealing with products that can be sold through electronic means like advertising, gaming, movies or music industry changed their business approach if their target customers had access to high speed broadband connection. Apart from that Internet made possible to do business with foreign markets which otherwise would not have been possible. Private companies have increased profits as it had helped them lower the cost and increase productivity. In many cases several Indian companies managed to change their business models.
High speed broadband has helped both the Indian government and businesses to widen their reach of services, thereby creating an everlasting impact on all. This impact gave rise to the next generation of professionals, away from Its, the Internet marketing industry. Telecommunication companies acting as broadband service providers have contributed majorly towards the economic growth. However, all industry verticals including education, business investments, energy, lifestyle, home furnishing, shipping, construction have all aided the growth as well as benefited from the Internet revolution.