The given article broadly analyze the digitization during this COVID era and how it has brought great digital Financial opportunities.
In the Moratorium time, we all are forced to work online, I observe at my Home my Mother and Father day by day are getting more curious to know more about online services. Earlier my parents have never tried learning or tried using digital services. since we all are stuck in this inevitable situation where we all have to know about the digital world and how this can contribute to the global economy. Being at home and carrying all the work digitally, we all have left with no choice.
This COVID 19 is a very challenging time for everyone Economically, Educationally and in The Health sector this is a global issue. Where we all need to maintain social distancing and need to take Safety Precautions while exposing outside, these are some of the challenges affecting the global economy.
Sectors like IT Industry and other Business sectors have shown us a ray of hope and has developed great Digital financial opportunities Since every sector forced to digitized, people are carrying their work from home, people are also getting chance to develop new start-ups, Digitally things have become much easier but there still a very good competitive world outside for that matter. From the educational sector to the health care sector things are being done online. We need to understand that every sector will move towards digitization and automation.
Even the courts are forced to allow digital hearings in the time of this pandemic which could not be possibly thought in the pre-COVID era.
Business Sector mainly those in the services sector like banking and other financial services, Education, Retail, Health care, Food, Grocery Delivery. All have embraced cloud and Mobility trends.
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Many online services like Amazon and Flipkart are getting a good opportunity and also a good competitive world, due to this the services are also provided by them are good, all the services and products are delivered taking all the safety Precautions. Now the customers are at so much ease.
If we talk about some important sectors they are education, Education is one of the crucial and important needs, The current crisis has opened new avenues for the education ecosystem. In the classroom things are well and more interactive that makes easy for a student to understand because there we are not just provided with content we actually interact and there is a good consumption of knowledge, To carry it well, online education at some extent working so well to provide the best.
So many webinars and good interactive courses are available but the private institution is working well to provide online education in my opinion because the colleges and other national school are not that productively working in enhancing E-Learning But the overall online mode of learning helped many Students and provided a Learning and a Competitive opportunity to every one SWAYAM App has been launched by the government of India through which free online courses can be pursued by anyone.
If we talk about the Banking Sector, All the Borrowers and Transferors are paying through online services, like PhonePe, Google Pay, Paytm, and through other online Mediums. Many banking sectors can carry their work online but sometimes the customers are not willing to share their details online, it does cause some problem, but overall this sector is coping well with a pandemic, the bank will have to further digitize end to end infrastructure operations and take automation initiatives across data center and cloud, workplace, cybersecurity, network and service management.
Aatmanirbhar Bharat Abhiyan App launched by the government, It is a technology-driven system process. On May 12, the Prime Minister, Mr. Narendra Modi, announced a special economic package of Rs 20 lakh crore (equivalent to 10% of India’s GDP) with the aim of making the country independent against the tough competition in the global supply chain and to help in empowering the poor, laborers, migrants who have been adversely affected by COVID. Following this announcement, The Finance Minister, Ms. Nirmala Sitharaman, through five press conferences, announced the detailed measures under the economic package. This note summarises the key measures proposed under the economic package
Reserve bank of India amended the Prevention of Money-laundering act to allow video KYC processes so The banking benefits should be provided to everyone.
Things are being made easily accessible, easy mode of transferring money, to giving education. The working is in the process.
“Technology is going to evolve as the backbone of E-commerce”.
It is a misconception that marginalized people are not able to get the benefit or they don’t know the online mode of working, but in my opinion, people are from everywhere know the using of online payment mode, I have seen the milk vendor to businessman all are accepting the mode of online payment. The tides are turning, Millions of people and institutions around the world are being forced to adapt, and as we all know digitization is perhaps the biggest aspect of adopting this crisis. The rise of the online payment system is extremely encouraging and the regulatory landscape is likely to be unconditionally supportive.
1st-year Law Student
Dharmashastra National Law University, Jabalpur, Madhya Pradesh