Anu Madgavkar, Partner at McKinsey Global Institute, presented findings from McKinsey's recent report, 'Digital India: Technology to Transform a Connected Nation' at an Asia House conference in on 11 September 2019.
The report by McKinsey Global Institute analysed 17 developed and emerging economies - and found that India came second only to Indonesia in terms of the speed of consumer digitisation – despite less than half the population having an internet subscription. According to the report, while digital growth in terms of consumers is pushing forward, a gap between digital leaders and more traditional companies is emerging.
Small and Medium Enterprises (SMEs) are well ahead of multinationals in adopting innovation, such as digital payments and the use of social media to engage with consumers. The report also suggests that newly digitising sectors such as energy, financial services and logistics could create up to US$150 billion of economic value by 2025 and up to 65 million jobs.
This Asia House conference, held in partnership with McKinsey & Company, examined the findings of their seminal report and assessed the outlook for India’s digital growth. The report’s findings were presented and discussed by Anu Madgavkar, including the role of governments in pushing the digital agenda and how businesses can pursue growth in the digital space. How digitisation will affect India’s role in global trade was also be explored.