India Needs New Skills For Digital Revolution

India is ripe for digital revolution. However, for this dream to become a reality, there need to be several structural changes in the economy of the nation. Perhaps one of the areas which need to be addressed is the field of skills. Even though the nation is ready for digital take-off, there still exists a huge skill gap in the country. The effects of this on the Asian giant’s economy are devastating. Reports indicate that if this issue is not corrected, the nation is at the risk of losing close to $2 trillion on a yearly basis.

Perhaps the nation has already begun feeling the heat. Currently, many international investors have given up their hopes of conducting business in the country since the government has not given clear guidelines on how to go about embracing digital technology. The government still employs punitive measures which are not attractive to the investors.

One of the areas which have a lot of prospects in the area of digital technology is the field of cryptocurrency. A majority of the nation’s huge population is willing to adopt this new technology. What is lacking is the goodwill from the nation’s banking sector regulator; the Reserve Bank of India. If the regulator gives the nod to the adoption of digital currency, then the country will open up several opportunities not only to the vast population, but also to international investors.

It is no doubt that India is ready for modern technologies such as Artificial Intelligence, blockchain and augmented/virtual reality (AR/VR). Already, the public has shown a lot of interest in these efficient technologies. What is lacking is the policy framework. With the right skills and goodwill from the government, then the nation will embrace a new era of massive adoption of these technologies. These skills go hand in hand with basic human abilities such as creativity, ethical judgment, and critical reasoning.

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