India's digital capital increased entrepreneurship, business income: World Bank
World Bank Highlights India's Digital Growth and Social Mobility
The World Bank has recognized India's growing digital capital as a key driver of entrepreneurship, business income, and social mobility, particularly benefiting small-scale vendors and economically lagging districts. Digital technologies like the internet, mobile phones, and social media are transforming India's socio-economic landscape.
These technologies provide students from disadvantaged backgrounds with access to educational materials, promoting talent development and social mobility. They also help individuals build digital footprints, which serve as digital capital, aiding in establishing financial credibility. This is achieved as data on payments, receipts, taxes, and loan repayments can be used by lenders to assess creditworthiness.
Nandan Nilekani, a leading tech entrepreneur, is credited for pioneering the Aadhaar system in 2009, which has enabled millions of Indians to accumulate digital capital and integrate into the formal economy.
The World Bank report also highlights India's significant progress in social mobility, especially in urban areas, where gains have been more pronounced among disadvantaged communities compared to rural areas. The IT revolution in India, with companies like Tata Consultancy Services (TCS) and Infosys, has played a crucial role in this transformation, showcasing India's IT potential and reinforcing its position as a global technology powerhouse.
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World Bank
The World Bank is an international organization that provides financial and technical assistance to countries around the world to help them improve their economies and reduce poverty.
Digital Growth
Digital growth refers to the increase in the use of digital technologies like the internet, smartphones, and computers, which help people and businesses to connect, work, and learn more efficiently.
Social Mobility
Social mobility is the ability for people to move up in social class or improve their economic status, often through better education, jobs, or income.
Digital Capital
Digital capital means the resources and technologies that help people and businesses to use digital tools effectively, like the internet and software, to improve their lives and work.
Aadhaar system
The Aadhaar system is a unique identification system in India that gives every citizen a special number, helping them access government services and benefits more easily.
Nandan Nilekani
Nandan Nilekani is an Indian entrepreneur and co-founder of Infosys, who played a key role in creating the Aadhaar system to help improve digital access in India.
IT revolution
The IT revolution in India refers to the rapid growth and development of the Information Technology industry, which has created many jobs and improved technology use in the country.
TCS and Infosys
TCS (Tata Consultancy Services) and Infosys are two of India's largest IT companies, known for providing technology services and solutions to businesses around the world.
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