Digital Prosperity for Asia Launches in India to Tap on The Unrealised Potential of The Digital Economy: Inviting India Digital Companies to Join
Bengaluru, Karnataka, India (NewsVoir) • Launched in India on 22 November 2022, the new coalition features 17 digital companies from across Asia. • DPA invites Indian and South Asian digital companies to join the coalition and work together with both the business and government communities to achieve India’s vision of creating up to USD 1 trillion in economic value from the digital economy by 2025.
• A New DPA-commissioned report analysing the digital economy in 11 Asia-Pacific (APAC) countries found that over three times the value of the US$586 billion attributed to the region’s digital economy today could have been captured.
• To remedy this, the DPA is inviting industries to work together on finding solutions to realise the full potential of India and the region’s digital economy. The Digital Prosperity for Asia Coalition (DPA) launched in September 2022. The coalition is the first pan-Asia Pacific (APAC) focused alliance, built by homegrown APAC companies for the prosperity of APAC economies. Currently, India has 825.3 million Internet subscribers, and 99% of urban India is online, which indicates the immense potential of the Indian market (urban + rural) in terms of growing its digital prosperity. The Digital Prosperity for Asia Coalition (DPA) India chapter, launched on 22 November 2022, is positioned to drive a huge wave of digital transformation in India by aligning with the Indian government’s core initiatives such as Digital India; Skill India; Make in India; and Startup India. ”The initiation of DPA’s India chapter will help provide support to India’s policymakers and the overall industry to maximize the utilization of digital technologies. This new approach will also play a key role in contributing to Prime Minister Modi’s vision of creating a US$5 trillion economy,” said Berges Y Malu, Senior Director of Public Policy at ShareChat. The DPA adopts a ‘Asia centric, local approach’ that aims to facilitate engagements and access to local governments, local partners, and local connections, while promoting the growth of home-grown digital brands in order to create local impact for good. “Alignment between India’s population and growing digital economy could cascade impact for the country manifold. The programme would rest on 3 pillars primarily: Backing Digital Products & Services for Social Impact; Regional support to enable digital talents and skills among the youth is in line with the government of India’s vision as well as industry requirements and third would be fostering innovation in the start-ups digital economy space,” said Aditya Batura, CEO of Codomo. Furthermore, the DPA will promote business-friendly digital policies as government allies to enable a conducive culture of innovation. Being part of the DPA’s India chapter will allow members exclusive access to Policy Advocacy Support and Insights; Exposure to VC’s and Investors; Assistance for Market Expansion; and the opportunity to shape Thought Leadership. As part of the inaugural launch, the DPA commissioned and released a report by strategic consultancy AlphaBeta entitled Prosperous APAC: Digital Economy Enablers. The report was developed to quantify the untapped economic potential of APAC’s digital and suggest approaches for governments and industry to fully capture the benefits of the digital economy. The report found that APAC’s digital economy has emerged stronger after the COVID-19 pandemic, and that the APAC-11’s total digital economy (representing 11 of APAC’s largest economies Australia, India, Indonesia, Japan, Malaysia, Pakistan, Philippines, Singapore, South Korea, Thailand, and Vietnam) is currently valued at US$586 billion. However, this is only 30% of the full potential of the digital economy today. Looking forward to 2030, the size of the prize grows further – and APAC economies could capture more than US$2.2 trillion for their digital economies. The report identifies a new approach: ‘Digital Prosperity’ as a key strategy for APAC economies to adopt in order to fully capture the US$2.2 trillion by 2030. The ‘Digital Prosperity’ approach combines the benefits of flexible regulations, widespread access to global digital technologies, and domestic capabilities and skills. The DPA seeks to promote this approach, and seeks like-minded partners in achieving shared prosperity across the region. The current 17 members of the DPA are Accredify, AppMedia, Codomo, CyberLitmus, Doctor2U, Founders Doc, Innovobloc, Kinobi, Madeit?dao, Opn, Peoples Health, People’s Inc., Ringkas, ShareChat, Slab, Quickwork, and 3D Makers. About Digital Prosperity for Asia (DPA) Digital Prosperity for Asia is an organization consisting of a growing group of innovative home-grown Asian digital companies promoting the democratization of access to digital technologies across all sectors. Its mission is to support national governments and policymakers in APAC to grow their digital economies and reap the benefit of digital technologies. The coalition is looking for more like-minded APAC companies in the digital space that recognise the importance of growing the digital economy for local value creation and for shared prosperity across Asia. Interested companies can get in touch with them via any of their digital touchpoints. Visit their website at www.digitalprosperity.asia, email them at secretariat@digitalprosperity.asia, or reach out to them via LinkedIn.
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