Pandemic has pushed digital economy ahead

January 29, 2021 11:40 pm | Updated 11:40 pm IST - Hyderabad

“The pandemic has disrupted our lives on one hand, but on the other, it has caused a quiet revolution, and advanced the digital economy by a decade,” observed Venu Srinivasan, chairman of Sundaram Clayton Group.

Delivering the Foundation Day lecture of the ICFAI Foundation for Higher Education (IFHE) virtually on ‘Living in the World of Exponential Technology and Digitalisation’, he said the era of digital revolution has changed the way wealth was being created. Wealth creation that was in manufacturing, petrochemicals, mass manufacturing, engineering and industry moved to digital networks, software and information technology.

The innovation cycles have become shorter and innovations are reaching people at a much faster rate. He said some of the good examples of technology-driven exponential growth are UPI, Jan Dhan, Aadhaar and mobile, and Artificial Intelligence. An upside of this new era is that opportunities are infinite, he added.

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