Brick and mortar businesses will be dead by 2023: Amitabh Kant
Advertisement
Advertisement
Kant, who was speaking at the
"India is the only country with a billion mobile phones and biometrics. In the last 6-7 months we have added almost 28 crore bank accounts. In the last 45 years we have given license to 19 banks but in the last nine months we have given licence to 23 payment banks, and many of them are telecom companies including Paytm and Airtel. The brick and mortar sector will go dead," he said.
As products and services move online and the world gets connected, traditional businesses will have to go digital, something that is already clearly visible in the retail industry.
"We are just close to $ 18-19 billion market in e-commerce and take it from me we will be a $300 billion market by 2023. E-commerce is at the very beginning of its radical revolution and as the Internet and smartphones grow, you will also see leapfrog in technology," he said.
Advertisement
"It will all be mobile, telephonic transaction. India will leap frog again. This is because today we are about 350 million using the Internet but 2020-23 there will be about 1 billion people in India using the Internet. Similarly, usage of the Internet will increase with more people on smartphones. A billion Indians with access to the Internet, biometric and using the smart phones we will radically alter the world," said Kant
“Even manufacturing world is getting digitised and the small and medium enterprises must understand that it is digitisation of manufacturing process which will lead to higher level of productivity," he further added.
“Across the world, whether you look at trends in Japan, US or Germany, everywhere is getting digitised. It is inevitable," he said.
Advertisement
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- BenQ Zowie XL2546X review – Monitor for the serious gamers
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market