Thursday, April 15, 2021

Fast Spreading Digital Adaptation in Emerging Nations and the associated "Theory of Everything" in the trade and commerce world - An article by Vivek Dash

 

Fast Spreading Digital Adaptation in Emerging Nations and the theory of Everything 

 

* Emerging economies have been struggling with growth through the 2010's and still the feeling of pessimism clouds over the present decade whether the steadfast growth trend could be seen to be going strong or whether the trend would be gauged down as it is being seen that People have accrued high amounts of debt during the ongoing pandemic which has become a detrimental factor to growth in not only emerging countries but also countries which are developed like USA , Russia , China , Japan , Germany , France , UK , Finland as questions over Growth tapping and keeping the same pace steady even during a pandemic period is of paramount importance to all

 * The answer to all the woes shrouding the question of development even during such cloudier and gloomy economic conditions, looming large and widespread is the harnessing of the Digital Revolution and Digital Adaptation. As most of the emerging nations have started adopting cutting edge technology at a much lower and lower cost which has allowed the countries to fuel domestic demand and overcome traditional obstacles to growth .

 * According to Reports , the number of smartphone users across the globe has skyrocketed from 150 million to 4 billion worldwide which approximates the total number of such people with a Smartphone device as nearly equals to or over half of the entire world's population . This has enabled most of the residents of the emerging world to access vital consumer and professional services over a phone which is no less than a computer in its kind and is much advanced than the personal computers which were there just a decade back .

 * According to reports from BCG - Boston Consulting Group , since 2014 more than 10,000 tech firms have been launched in emerging markets with half of them outside China

 * As per current trends and reports , India is having almost equal number of technology players as France and Germany and the number of such companies are growing much faster year on year .

* As per some key metrices and data collected by popular editorials , the onslaught and adaptation of digital revolution is much more in emerging economies than that of developed nations and has been growing at a much higher rate year on year .

 * Another report collected from some major editorials state that among the top 30 nations by revenue from digital services as share of GDP more than top 30 nations by revenue from digital services as share of GDP , more than half of them are in the emerging world . In such a scenario, it has emerged that Indonesia is much more advanced that countries such as Sweden and Finland which are Europe's most tech savvy nations

 * India ranks 12th in terms of digital revenues as a share of the economy

 * Since 2017 , digital revenue has grown in emerging countries at an annual pace of 26% compared to 11% in the developed nations

 * Led by e-commerce, the pace of growth in India has been even faster with revenues growing nearly 33% on year over year

* The European Centre for Digital Competitiveness scores G20 nations by the pace of progress in the digital ecosystem and "mindset" and thus puts four emerging nations in the top 5 category - Saudi Arabia , Indonesia , China and Argentina

 * The pressing question that has emerged from all this competitive talk is how have the developing nations adopted to digital technologies faster than the developed nations ? The widely acknowledged answer to such a question has come in the form of a simple answer that is Habit and tenacity. When some are wearing off and losing out on sheen as a result of their comfort seeking, some others rise who have the tenacity to struggle and get more resources for themselves as prize and with analogy it can be only reduced a cyclic process of growth and decay , decay and growth which applies to everyone be it person , society , principles , economies and even countries and continents .. and as well as the planet too (too much philosophy in an nutshell .... )

* The digital divide and access to information and services is narrowing down which used to be the key parameters upon which the developed nations had been brought up and this is trickling down to developing and under-developed nations too .

 * In the last decade alone , the number of internet users have doubled in the G20 nations which is astounding as a decade back access to internet was a distant dream for so many . (I first lay my hands upon internet services in the year 2008 , and the first time I got to own a computer was in the aftermath of 2003 ) . From that to this has been years marked with a boom in technological development which has been significantly very high in the last two decades alone compared to what the last century or any of the centuries ever saw in the history of the world .

 * Robustness of the governments to improve productivity by moving more and more services over to online format in order to make them more transparent and less vulnerable to corruption , which is one of the biggest deterrents / obstacles / vulnerabilities to corruption , which is one of the biggest deterrents / obstacles of doing business in the emerging world , which thereby creates a greater sense of trust and cooperation which in turn facilitates higher economic growth .

 * According to reports , the signle most factor for such kind of marked development to occur , the cost of starting or opening up business is a major driving factor which deters entrepreneurs from taking their feet out to start a business , innovation or self-sustained effort ; but since the cost of such factors has been in the decline in emerging or developing countries coupled with their in government support, guidance, motivation and cooperation such prospective entrepreneurs get a guided push for starting up as they can start their businesses and tools on their own and affordably , which these days could be just monitored and controlled within the grasp of their palms over a smartphone with internet .

 

* But as economies start evolving and growing, chances may arise that the things which catapulted such growth coupled with the rise of globalisation and access to great quality products from around the globe through way-to-go retail apps would slowly and slowly come down again and perhaps this could be a smaller miniscule side-effect of indigenisation which is again a cyclic effect which takes into factor indigenisation and globalisation which would also go all the time (You see ... one has to always keep in mind the cyclic effect of all things to understand all concepts of science , arts , culture , trade , war and even peace ... which encompasses the all round "theory of everything" )

 

 

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