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RSTV: IN DEPTH- DATA: THE NEW GOLD


RSTV: IN DEPTH- DATA: THE NEW GOLD


Introduction:

            Prime Minister Modi, who addressed the grand ‘Howdy,Modi!’ event in Houston, described data as the “new oil” and the “new gold”. He also indicated that India was in a strong position to lead the world in the industry 4.0 revolution, that relies on big data analytics and digital technology to improve manufacturing. Making a strong pitch to potential investors in America, the Prime Minister also referred to the cheap cost of mobile data in India and referred to the increasing use of digital technology to set up businesses, facilitate economic transactions and interact with the government.

 

            A new India build on a strong foundation of data and digital technology. Data in India can drive growth, industrial revolution 4.0 and bring governance closer to those governed.

Making a strong pitch to potential investors in the United States, the Prime Minister also referred to the cheap cost of mobile data in India and referred to the increasing use of digital technology to set up businesses, facilitate economic transactions and interact with the government.

“Today it is said that data is the new oil. I will also add that data is the new gold. Industry 4.0 is focused on data. Now, please listen carefully, if there is one country in the world where data is cheapest, then that is India,” the Prime Minister said, adding, “Digital India is India’s new face to the world”.

“There was a time when filing tax returns was a headache. It would take months. But, on August 31, on only one day, nearly 50 lakh Indians filed their I-T returns online… that is nearly double Houston’s population,” the PM said, highlighting the use of digital technology by his government.

In March, a study by a United Kingdom-based price comparison website showed India provided mobile data at the lowest rates in the world. In INR terms, Indians paid Rs. 18 per GB of data against a global average of Rs. 600

 

 

What is Data?

  • Plain facts are data
  • Processed and organized in context, data becomes information.

Processed data:

  • Helps decide objectives, design tasks, recruit talent.
  • Complete tasks.

 

Industrial Revolution 4.0:

The Fourth Industrial Revolution (IR 4.0) is a term that describes present technological age. It is the fourth industrial era since the inception of the initial Industrial Revolution of the 18th century. The key elements of the fourth revolution are the fusion of technologies ranging from the physical, digital to biological spheres. Prime Minister gave an institutional shape to the expression by launching the Centre for Fourth Industrial Revolution in India.

Characteristics of IR 4.0:

  • It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
  • It brings together digital technology and the physical world to create a new range of products and services.
  • The possibilities of billions of people connected by mobile devices, with unprecedented processing power, storage capacity, and access to knowledge, are unlimited.
  • And these possibilities will be multiplied by emerging technology breakthroughs in fields such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing.
  • The revolution is evolving at an exponential rather than a linear pace and it is disrupting almost every industry in every country.

 

Digital India:

Digital India is a campaign launched by the Government of India in order to ensure the Government’s services are made available to citizens electronically by improved online infrastructure and by increasing Internet connectivity or by making the country digitally empowered in the field of technology. The initiative includes plans to connect rural areas with high-speed internet networks. Digital India consists of three core components: the development of secure and stable digital infrastructure, delivering government services digitally, and universal digital literacy.

Key Projects:

  • Digilockers
  • in
  • SBM Mobile app
  • eSign framework to enable citizens to digitally sign document online
  • Online registration system launched under eHospital application
  • DeitY platform for large scale digitization of records.
  • Deployment of Wi-Fi hotspots under BSNL.

Achievements:

  • Over 12,000 rural post office branches linked digitally.
  • Common services centres grew to reach 3.76 lakh.
  • Bharat Net has reached 1.29 lakh gram panchayats.
  • eKYC launched to open bank accounts.
  • Total number of digital payments transactions at Rs 332.34 cr.
  • Electronics manufacturing has doubled.

 

Digital Economy:

Digital economy is defined as an economy that focuses on digital technologies, i.e. it is based on digital and computing technologies. It essentially covers all business, economic, social, cultural etc. activities that are supported by the web and other digital communication technologies.

There are three main components of this economy, namely,

  • e-business
  • e-business infrastructure
  • e-commerce

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