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India Goes Digital India Goes Digital From local phenomenon to global inf luencer SKOLKOVO Institute for Emerging Market Studies (IEMS) 2021 Ruben VARDANYAN, Impact Investor and Venture Philanthropist «The world has never been as dynamic as it is today: technological disruptions, demographic shifts, economic turbulence, and political unrest bring challenges on an unprecedented scale. Twenty years ago nobody could have imagined that the combined GDP of the top seven emerging markets could exceed that of the G7 countries. These markets offer both a great opportunity and a major challenge for any business. By establishing IEMS we wanted to contribute our views and insights to the dialog of business with policy-makers and NGOs in all emerging markets. We believe that open multi-stakeholder dialog will eventually help businesses and politicians come up with better-informed decisions that make a positive impact and drive change for better.» Karl JOHANSSON, former Managing Partner, EY Russia & CIS, Chairman of the Analytical Credit Agency of Russia (ACRA) «Studying emerging markets from within – that is the idea behind bringing together the research teams in Moscow, Hong Kong, and Hyderabad into the international and interdisciplinary research network. These are the most effective means to deal with the dynamics and complexity of the changing nature of emerging markets. Assisting international businesses better understand emerging markets and operating businesses in emerging markets expand globally – those are the strategic aims of the research initiatives at IEMS.» FOUNDING PARTNERS RESEARCH PARTNERS Authors Dr Lydia Kulik Head of India Studies, SKOLKOVO Institute for Emerging Market Studies (IEMS) Research Fellow, Centre for Indian Studies, Institute of Oriental Studies, Russian Academy of Sciences Vladimir Korovkin Associate Professor of Business Practice, Senior Research Fellow, Moscow School of Management SKOLKOVO Supervision Alexey Kalinin Academic Director, SKOLKOVO Institute for Emerging Market Studies (IEMS) Contents 8 FOREwORD 12 Introduction 15 INDIA TODAY – A macroeconomIC overview 19 ON THE course OF reform 26 ZOOM-IN: NITI AAYOG 30 ZOOM-IN: AADHAAR 33 THE COVID-19 CRISIS – THE danger OR THE opportunity? 37 Digitisation THE INDIAN wAY 37 A private – public endeavour 39 ZOOM-IN: NANDAN NILEKANI 42 ZOOM-IN: MUKESH AMBANI AND THE JIO REVOLUTION 44 Digitisation for financial inclusion 50 ZOOM-IN: THE TRANSFORMATION OF THE STATE BANK OF INDIA 52 The new anti-colonialism 57 Entrepreneurship 63 ZOOM-IN: NATIONAL ASSOCIATION OF SOFTWARE AND SERVICE COMPANIES (NASSCOM) 65 ZOOM-IN: LEONID BOGUSLAVSKY, RTP GLOBAL 67 Education 74 ZOOM-IN: BYJU’S 75 How deep is the change? 80 CONCLUSION 82 SUPPLEmENT: RUSSIA’S perspective 87 ZOOM-IN: SISTEMA 90 ZOOM-IN: ZYFRA 93 REFERENCES Foreword Dear Colleagues, include: Dear friends! in India has certain distinctive features, that • What is the role of the government, alongside became subject to examination in this research we are pleased to present. The report also aims I am pleased to share a further piece of thought Indian and international businesses in Indian I am pleased to present a new report by the to analyse the impact of India’s digitisation on the leadership from our friends at the SKOLKOVO digitization? SKOLKOVO Institute for Emerging Market Studies global trends and developments. Institute for Emerging Market Studies (IEMS • How does digitization help address India’s most (IEMS) on India going Digital, which has become SKOLKOVO), which continues to explore the pressing needs and what new challenges can possible owing to the two partnerships that multifaceted nature of transformation of global be expected? SKOLKOVO Moscow School of Management As Moscow School of Management SKOLKOVO markets. • What will change and what will remain the same attributes very high importance to, these are: long- continues to build up its’ emerging markets in the traditional Indian society under pressure standing cooperation with EY, and our strategic expertise and becomes the platform for the partnership with the Indian School of Business. Russian and Indian entrepreneurs and business The precursor to this report by IEMS - Meet The from these rapidly changing conditions? leaders to communicate, learn about business New Indian Consumer - examined the evolving • Where is the opportunity zone in the new opportunities and test-run their business ideas, habits of Indian consumers; the heart of the Indian digital India that businesses should focus on if SKOLKOVO school has a special connection with this report will serve as an inspiration and help domestic market and the backbone of the Indian they are to succeed - both in the Indian market India and this country has always been high on better understanding of India not just as a market, economy. This new report - India Goes Digital and globally? SKOLKOVO research agenda. India is experiencing but as a valuable partner. It will also add to the - studies the phenomenon of the Indian digital a major transformation of business and society. portfolio of materials at SKOLKOVO India-oriented revolution, unfolding at pace in recent years and Its’ diversity, the rate of economic growth, India’s As we strive for a better working world, leading educational programmes, that the School plans transforming the country in many remarkable internationally recognised achievements in such business schools, such as SKOLKOVO Moscow to extend further. ways. With increased affordability and availability areas as information technology, the automotive School of Management have a special role to of high-speed internet, an enthusiasm to adopt industry, pharmaceuticals or creative sphere, play in discovering best practice and assisting disruptive technologies and an environment that the developing human capital – all this attracts Enjoy the reading and the thinking!. businesses, alongside governments, to become encourages innovation and entrepreneurship, entrepreneurs from all over the world who are better equipped to the fast changing environment, India’s business ecosystem is progressing fast eager to explore India’s experience, learn from where digital transformation is one of the deepest, Ruben Vardanyan and has the potential to influence the global India and work in India. and prevailing, features. economic outlook. Social Investor and Entrepreneur Founding Partner, moscow School of One of the recent and most large-scale changes Jay Nibbe management SKOLKOVO This report highlights some of the distinctive taking place in India is connected with its’ rapid characteristics of India’s digital transformation Global Vice Chair – markets digitisation. While digital sphere is developing Chairman of the Supervisory Board, Institute and answers certain big questions which help EY fast in many countries, with the pandemic crisis for Emerging market Studies (IEmS) to understand its’ elaborate landscape. These intensifying this development, the same process 8 India Goes Digital Foreword 9 Dear Friends! Dear Readers! We are happy to present to you this new report by The Indian School of Business and Moscow India is going through a rapid digital Digital technology has the potential to help India the Institute for Emerging Market Studies (IEMS) of School of Management SKOLKOVO share a long- transformation. It is establishing itself as a major overcome many of the challenges it faces. As the Moscow School of Management SKOLKOVO lasting historical connection, where Institutes factor in the global process of digitisation. The the world struggles with the unprecedented on digitisation in India, prepared in cooperation for Emerging Markets Studies of both schools, Government of India’s flagship programme threat posed by the COVID-19 pandemic, the with the Indian School of Business. inspired by EY, continue to play a special ‘Digital India’ aims at transforming India into a global digital transformation is being significantly role. Joint research is one of the key areas of digitally empowered society and knowledge- accelerated. India embraces the digital revolution cooperation where the two schools will maintain based economy by ensuring digital access, digital and becomes a perfect destination for foreign The phenomenon of India’s rapid digitisation and their focus, besides development of educational inclusion, digital empowerment, and bridging the direct investments in the digital services sector. the changes it brings to the Indian economy and programmes for the Russian and Indian, as well digital divide throughout the country. The Ministry society has been the subject of keen interest of as international, entrepreneurs. We shall look of Electronics and Information Technology (MeitY) the academia as well as policy makers across the This informative report, ‘India Goes Digital. From forward to continuing our efforts in building of India estimates that with the implementation globe. However this report focuses on the aspects local phenomenon to global influencer’, by the bridges between the business communities of of this programme, India can attain 1 trillion USD of India’s going digital, that received little coverage SKOLKOVO Institute for Emerging Market Studies Russia and India, and beyond. of economic value from the digital economy by earlier, such as the influence of digitisation (IEMS) showcases the various facets of digitisation 2025. on entrepreneurship in India, the potential of in India and highlights the immense digital digitasation in helping India achieve much- Rajendra Srivastava business potential
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