Alvarez & Marsal expert: The future of digital and data in India is promising

On the back of a digital transformation boom which is sweeping through India, data-driven thinking is the hallmark of a promising future in the country, according to Dhruv Phophalia, a Managing Director in the Disputes and Investigations of Alvarez & Marsal India.

In a newly released YouTube video by the Indian team of Alvarez & Marsal, Phophalia highlights that there are four main reasons why data is touted to be a major disruptor for India in the coming years. First, he said, the user base of tech-savvy individuals has been growing at a rapid pace, and today India houses over 400 million internet users, of which 300 million regularly access the internet through their smartphones. The government is a second key driver: a variety of government initiatives, both at a country as well as the local level, have given a push to digital initiative through a forward-looking agenda and regulation, particularly in the field of payments, triggering a surge in the uptake of digital payment apps provided by the financial services sector.

Another change steered by the government that is making an impact is the introduction of more stringent data privacy and protection laws. In a recent landmark court ruling, the right to privacy was deemed a fundamental right of every individual in India, with the outcome being a spike in business activity in the area of digitisation now that organisations are more confident in assuming that consumers will feel safe enough to adopt such new developments. Lastly, businesses themselves are adopting new technologies for their internal operations at a pace that is faster than ever before, mainly thanks to lowering costs of new solutions and the opportunities opened up by cloud-based working.

The full viewpoint of Alvarez & Marsal’s Dhruv Phophalia can be seen in the below YouTube video:

https://www.youtube.com/watch?v=JOpFnKfQmWA