By Tanya Kanchan Soni 
We live in an era where everything has become electronic. As was said in the movie 3 Idiots “from pen’s tip to pants zip everything has become automated”, our love for automation cannot only be seen in small things but it has reached a much greater extent. Everything has become digitalized and automated and what has not, is in the process to become one. The backbone of this change from traditional to digitalized lies in Information Technology (IT).
From the world’s first programmable computer in 1946 now to world-class, technologically advanced computers, laptops, tablets, and other devices, the world has leaped by generations. Information Technology has helped the economy to grow by leaps and bounds. This sector deals with computer software, hardware, telecommunications, networks, and other physical devices and helps create, store, process, secure, and exchange data into digital form. The technology is now used by different people, companies, and institutions all over the world to ease their business and earn high revenue. IT sector has even made people shift from traditional shopping to e-commerce. This change in shopping has resulted in the expansion of markets, introduction of new and varied products to the people, creation of employment, and further expansion of technology in the form of digital stores and digital transactions.
After the expansion of IT, digitalization took pace. At present, almost every big firm, company, or institution uses and get benefits from Information Technology. But with advantages also come challenges. Digitization has increased the number of online frauds. Frauds like phishing, data theft, pagejacking have increased more than the advancement of technology. These not only affect our lives but the economy as well. What are the laws governing data protection and what are the related punishments? The field has a lot of questions.
The author believes that such a topic needs attention. Hence, the paper mentions a wide study of the and also points out the challenges and solutions for the same.
Keywords: Digitalisation, IT, Cyber Security, Economy, Technology, E-commerce, Transaction, Anti-trust.
During the past few years, the world has experienced a high rate of technological advancement. Everything is just a click away. From the economy which functioned traditionally till the 80s has now become advanced and almost digitized.
Recent years, starting from the late 80s and early 90s has witnessed the digital revolution much more quickly. Since the origin of the computer between1833-1871, the network of networks- Internet in 1983 and from the vast “History of Money” by King Alyattes in Lydia (Turkey) in 600B.C. to 1946, the invention of the 1st credit card by John Biggins, the Charg-It, and payments can now be done through handsets. We are perhaps just at the beginning of an evolutionary revolution whose ultimate trajectory remains unknown.
Digitalization has greatly affected the lives of people all around the world. From our daily needs to even information and communication, everything has been made digitized. From goods and grains, from coins and papers, from bank accounts to e-wallets, money has evolved through various steps from barter to token to cash polling and now to cashless transactions, payment technologies have grown at a dizzying pace.
With everything becoming much faster and easier, on-the-go things have come into fashion. This economy has given great importance to the IT sector. Shifting from hardware to software, technology has proved, it is indeed needed by people.
THE DIGITAL REVOLUTION- EMERGENCE AND GROWTH
History has noted some great revolutions in the past. From the French Revolution in 1789 to 1799, Haitian Revolution in 1791, to revolutions for Independence and the latest Egyptian Revolution in 2011. The majority of these revolutions came up for change in the form of government. But in the present era where we are surrounded by a whole lot of gadgets and gizmos, a new revolution has come up, that’s nothing but Digital Revolution.
After the invention of electricity by Benjamin Franklin, it took 50 years before it could have powered 80 percent of factories and households across the countries, but today’s digital revolution is nowhere in the competition, it grew more quickly than anyone could have ever expected.
1946 marked the beginning of the world’s first programmable computer, the Electronic Numerical Integrator and Computer (ENIAC), costing millions of dollars, capable to execute 5,000 operations per second. 25 years later, in 1971, Intel gave revolutionary processors performing 12 times ENIAC’s power. After which personal computers (PCs) with Pentium processors performing more than 400 million instructions per second (MIPS) were introduced. This does not stop here, a series of developments started taking place. 1st public HDTV broadcast was made for the 1990 World Cup, however, it did not become much popular. Similarly, www (the World Wide Web) became freely accessible to the public in 1991, which was initially available only to the universities and government. It becomes so accessible that by 1999 nearly every country had an internet connection. From 12.5 million cell phone subscribers and 2.8 million internet users in 1990, the number has reached to5.135 billion cell phone subscribers and 4 billion internet users around the world out of which 3.196 billion people use just social media.
Today, India’s digital economy estimates for about $413 billion and 15-16% of the total GDP of the country. It is expected that India will reach about $1 trillion of the digital economy by 2025 as 18-23% of the total GDP. People use digital transactions all over the world. Accordingly, India is the fastest-growing market.
Since the inception of the digital economy, different authors and committees have given varied definitions. It is difficult to state which definition is true or exact but in our understanding, it can be said as a collective term to perform all the economic transactions through the internet. It is also known as Web Economy or the Internet Economy. The economy is based on computing technologies and works through the World Wide Web and with the increase in internet and digital currencies, it is no alienated from traditional economies.
The term was first given by a Japanese professor and research economist in 1990 which was followed in the west and was coined in Don Tap Scott’s book The Digital Economy: Promise and Peril in the Age of Networked Intelligence in 1995.
The main components of this economy are:
- Digital Payments
- Cyber Security
|Lane 1999: Advancing the Digital Economy into the 21st Century (Assistant to the US President for Science and Technology)||“…the convergence of computing and communication technologies in the Internet and the resulting flow of information and technology that is stimulating all of electronic commerce and vast organisational changes.”||The main Focus involved issues like e-commerce and the digital economy such as privacy, innovation, standards, and the digital divide.|
|Economist Intelligence Unit 2010: Digital Economy Rankings 2010||“The quality of a country’s ICT infrastructure and the ability of its consumers, businesses and governments to use ICT to their benefit.”||Emphasized the foundations for a digital economy including that of connectivity, technology infrastructure, business environment, social and cultural environment, legal environment, government policy, and vision, etc.|
|OECD 2013: The Digital Economy||“The digital economy enables and executes the trade of goods and services through electronic commerce on the Internet”.||Focused on competition and regulation in digital markets, network effects, interoperability, and open vs. closed platforms.|
|OUP 2017: Digital Economy||“An economy which functions primarily by means of digital technology, especially electronic transactions made using the internet.”||Definition only.|
Advantages of digital economy
- Promotes the use of the internet and generates revenue: most of the business in this economy is performed over the internet. From the display of the products to placing the order, tracing it, and even the payment and delivery of the product has become online. With this, it can be said that when the transactions are digitized, monitoring sales and taxes become convenient. Each transaction gets recorded which binds the merchant to pay tax to the government. Thus, in turn, increasing the revenue of the country.
- Rise in e-commerce: since the development of the internet over the last few decades, all those businesses that have adapted and adopted this facility have flourished and have pushed e-commerce into overdrive. Buying, selling, placing the order, tracking, delivering, filing complaints have become much easier.
- Transparency: most of the transactions here happen online. Buying, selling, payments are performed online and are kept into accounts. This avoids the scope of the flow of black money into the market and avoids corruption, thus creating transparency. This was even seen during demonetization when the government emphasized the public to go for digital transactions.
- Empowerment to people: digital economy empowers the people and makes them well informed about the recent incentives of the government. This helps in easy online transactions and provides easy monetary facilities to the public, like the transfer of subsidies, tax refunds, etc. One of the most common examples of this is the LPG subsidy in India.
- Provides employment: digital economy is home to so many employed people in the world. With an increase in technology, it has given a wide range of employment opportunities to the public. Each step in this economy employs people. From lakhs of people buying to lakhs of people selling the product to lakhs in production, hence creating a chain of opportunities.
Disadvantages of digital economy
- Heavy investment: for smooth functioning in this economy there needs huge investment. This requires a strong infrastructure, proper functioning of the internet, mobile network, mobile data, telecommunication, etc. Thus requires huge capital. And in a developing country like India, this is a slow, tedious and costly process.
- Complexity: digital economy involves technological expertise. In India where a majority of the population lives below the poverty line, is uneducated and unemployed, cannot afford these costly and highly technical devices making it a complex issue difficult to be handled by everyone.
- Social Disconnect: though the internet provides social networking sites to connect people, it has majorly failed in developing real-world connections. In a digital economy, people connect to others only for the accomplishment of the purposes and the real physical bond disappears, thus creating loneliness and isolation.
- Privacy Concerns: business over the internet gives rise to privacy and anti-trust issues. Buying and selling involve payments of huge sums. According to Experian and the International Data Corp (IDC), the fraud risk in India is currently pegged at 8.1 points; second only to Indonesia (8.7 points) and significantly higher than the average 5.5 points in the Asia Pacific region. These involve different kinds of frauds like phishing/spoofing, data theft, chargeback fraud, etc.
Information Technology is a business field that deals with computer software, electronics, telecommunications networks, and other physical equipment and facilities for the production, storing, transmission, protection, and sharing of all types of electronic data, mostly in the context of business and business enterprises. It is called a branch of Information and Communication Technology (ICT) which is a framework that comprises all hardware, software, and peripheral devices managed by a small number of users.
The term “IT” was introduced by Harvard Business Review in 1958. IT is associated with a wide variety of products, and not merely electronic products like mobile phones, GPS units, Personal Computers, MP3 players, and digital cameras. It is home to employment for a large number of people. According to a survey of 2016-17, the IT sector accounts for about $160 billion in India and is expected to $350 billion in 2024-25.
With an increase in digitalization, a transformational shift has occurred in manufacturing, from hardware to software, particularly in the developing countries. The top five IT companies in 2018 are IBM, Microsoft, Oracle, Accenture, HP Enterprise. These industries have transformed our daily lives and the way business is done by introducing new technologies and innovations like IoT, big data artificial intelligence, blockchain, cloud services, etc.
Future of IT industry
With increasing digitalization, the world wants to move towards automation. Steps are being taken in the area of computer science, artificial intelligence, and robotics. Automation came to such limelight that it became a part of the 46th World Economic Forum, Davos in 2016. From the invention of 2G in 1991 to now moving towards 5G, the IT industry has made a digital revolution.
Now everything has become automated. From smartphones, smart cars, smart homes to even smart cities. Globally, businesses are heading towards Industry 4.0, having technologies like the Internet of Things, Robotics, Artificial Intelligence, Cloud Computing, Data Security at the forefront of its functioning. Almost every enterprise is ready to join the automation bandwagon.
Time for India
India’s IT & IT business rose to US$ 181 billion in 2018-19. Exports grew to US$ 137 billion in fiscal year 19 while domestic revenues (including hardware) plunged to US$ 44 billion. IT investment in India is forecast to rise by over 9% to hit US$ 87.1 billion in 2018.
Over the years, Indian has become a preferred destination of investment by foreign companies for its capabilities in the outsourcing of IT services. The country is home to large as well as small and medium enterprises out of which the SMEs contribute to over 30 percent of the country’s total exports and the larger MNCs have a presence in over 60 countries and account for about 70 percent of India’s total IT export revenue. Today, with newly appointed graduates from IITs, IIMs, IIITs, etc., the Indian IT industry has a long way to go.
In short, e-commerce is essentially a method of purchasing and selling goods by electronic means, such as smartphone apps and the Internet. Ecommerce refers to both internet shopping and electronic purchases. Ecommerce has grown exponentially in importance over the past decades and has replaced conventional approaches and shops in many respects. It is growing popularly in an emerging economy.
Types of e-commerce
Talking about commerce or e-commerce, the instant reaction of a layman is that it takes place between the retailer and the consumer. While the essence of the concept is correct, there are more complex considerations involved in categorizing it into 6 specific categories.
Business-to-Business (B2B): This form of e-commerce consists of all electronic purchases and transactions relating to goods and services. These are carried out between businesses that involve traditional wholesalers and goods trading with retailers.
Business-to-Consumer (B2C): This kind of e-commerce is related to the exchange of sales and interaction between businesses and the ultimate customers. It is primarily concerned with the e-commerce retail trade that takes place online. Since the launch of the Internet, B2C e-Commerce has grown to a significant degree.
Consumer-to-consumer (C2C): This consists of an electronic transaction of products and servicesbetween two consumers. These are primarily carried out by a third party that offers an online forum for these transactions. Places, where old things are transported and sold.
Consumer-to-Business (C2B): In this, there is a complete turnabout of the sale and acquisition process. This is critical for crowd-sourcing ventures. In this case, people produce and sell their products or services to businesses. Examples include plans for a corporate web or slogan, royalty-free images, interface features, and so on.
Business-to-Administration (B2A): This e-commerce deals with dealings between corporations and the public government in this form of e-commerce activity. It covers a range of programs, such as social care, budgetary initiatives, legal records, jobs, and so on.
Consumer-to-Administration (C2A): This model deals with electronic transactions that are carried between customers or individuals and authority for service. Examples are distance learning, file sharing, electronic tax reporting, and so forth.
Pros of e-Commerce
- No need for a physical store: for carrying out an e-commerce business the best thing is there is no need for a permanent location. Although we still have to pay for website hosting, it is typically cheaper than paying rent for the store.
- Inventory method: there is no need to maintain a large stock while dealing with e-commerce. The e-commerce company will sustain lower inventories and still not be faced with stock circumstances.
- Require less staff: E-commerce needs fewer workers when operations are streamlined. Human capital should be used for powerful high-level tasks.
- Reach to a big market: reach of e-commerce stores is much easier or wider as compared to a physical store.
- Sell 24/7: Tap, browse, purchase, regardless of time and place is one of the strongest benefits of e-commerce that the store is already open to new orders.
Cons of e-Commerce
- Personal touch: there is no or very minimum personal relationship and existence in e-commerce as it is in the case of usual business.
- The requirement of an internet access device: without the help of internet access devices like personal computers, the internet, network devices, etc e-commerce can be successful.
- Delay in receiving goods: Consumers are left empty-handed for some part of time even after purchasing as there exists no immediate delivery of goods and services purchased.
- Inability to Identify Scams: Fly-by-night e-commerce websites that look amazing but are up to no goodwill also take in clients. Scam artists also take orders and vanish.
E-Commerce in India
From US$ 38.5 billion as of 2017, the Indian e-commerce industry is projected to rise to US$ 200 billion by 2026. This rise in the market was caused by the expanded adoption of the internet and smartphones. The country’s ongoing digital transition is projected to lift India’s overall internet user base from 560.01 million as of September 2018 to 829 million by 2021. The Internet economy in India is projected to double from US$125 billion as of April 2017 to US$250 billion by 2020, primarily from US$125 billion by 2020.
Government initiatives for transforming India
Different projects have been announced by the Government of India, including Digital India, Make in India, Start-up India, Talent India, and the Innovation Fund. The introduction of such programs is likely to help the country’s e-commerce development. Any of the government’s main steps to boost India’s e-commerce market are as follows:
- The Indian Government has raised the cap of foreign direct investment (FDI) in the e-commerce marketplace model by up to 100% (in B2B models) to draw foreign players in the field of e-commerce.
- The Government of India’s heavy expenditure in carrying out the fiber network for 5G would further improve e-commerce in India.
- The Government of India published the Draft National e-Commerce Policy in February 2019, which supports FDI in the e-commerce marketplace model.
RETAIL AND TANGIBLE GOODS
With a change in technology, busy schedules, easy accessibility, and round the clock service, almost every individual finds e-commerce as an easy option for online shopping. 45 percent of those who shop in shops said they did so because it’s where they usually shop, a study tells us. Leading advertisers don’t give up on their in-store retail locations may be hard to beat. And for good reason: 61% of shoppers would like to purchase only those online from products that have a physical venue. Plus, there is also a rise in demand for local knowledge.
Making transaction secure
There’s a slight chance that hackers will snatch your payment details every time you make a transaction. They will use the accounts to order items, get cash, or pay themselves fraudulently if that happens. But by choosing the right payment option for each case, you can reduce the risk of illegal charges (and time-consuming cleaning efforts).
When you buy online, most people know that hackers can steal information. But the possibility is not limited to internet retail. In bricks and mortar shops, ID fraud does and does occur. Still, putting confidential details in the wrong hands online is exceptionally easy.
Making Virtual Purchases More “Real”
It can be difficult to imagine that most people brought something from a small supermarket a decade ago. The internet and e-commerce, though have dramatically changed the way individuals around the world study and shop for their needs. A new international analysis shows how consumers use the internet as their digital shopping alternative for daily goods in diverse markets.
Periscope by Mckinsey polled more than 2,500 consumers worldwide (including India) in March 2018 to see how consumers study and purchase online consumer packaged goods products. Like several other businesses that were once dominated by offline vendors, the latest report reveals the CGP sale is gradually occurring on the internet.
Major customers in different markets across the globe rely on the internet to buy. Mckinsey’s results reveal that at least 70% of respondents are involved in some form of online shipping operation in all of the markets surveyed by Periscope. Despite the impression that America is the most tech-savvy country, the great balance of multichannel shopping tastes followed by German and then US shoppers is demonstrated by French (40 percent) and UK (39 percent) customers.
THE EMERGENCE OF ANTI-TRUST ISSUE
With the spread of digitalization, consumers worry about protecting the privacy of their personal information, as well. As connections are increasing more and more in cyberspace, so is the threat of data protection. Antitrust agencies have started increasing and have now become a matter of great concern for large companies in terms of their digital content and services. A whole new set of these issues have started arising. From algorithm pricing, hacking, cracking, e-commerce fraud to even creating competitive effects in big data, artificial intelligence, and machine learning. These algorithms are now being used to track our actions and control it.
Hacking and Cracking
The process of attempting or successfully gaining any unauthorized intrusion into someone’s device or network is hacking. The person engaged in such activity is known as a hacker. This is generally a non-malicious activity. Whereas trying to steal, corrupt, or illegitimately view data and maliciously trying to gain something from it is cracking. These can be further classified as a Black hat, Whitehat, and Grey hat. Black hat is the kind of person who hacks the device purely to gain something maliciously. Grey hat are the people who cross between black hack and white hacking.
Online payments fraud
We usually hear and see in posters, newspapers, and in advertisements disclaimers that no bank or its employee asks for customer’s personal and sensitive data, OTP, or pin code. They even caution us to not disclose these data to strangers. This is because of the online frauds which have now become a reality of the internet age in which we live.
Different kinds of frauds
Online Phishing or Spoofing: It is a popular cybercrime in which a fraudulent attempt is made to gather personal information of the target/targets using deceptive e-mails, telephone, or text messages and maliciously posing as a legitimate institution to lure the individual into providing sensitive data such as username, password, banking, and credit card details, etc. Phishing accounted for 48 percent of all cyber-attacks, according to the RSA Quarterly Fraud Report for the period from January 1 to March 31, 2018. India, after the US and Russia, is therefore the third most targeted country for phishing attacks.
Data Theft: It is an act of stealing, secretly storing, or transmitting any information that is private, personal, or financial to an unknown victim, including passwords, software code or algorithms, patented process-oriented information, or technology to breach privacy or gain confidential information.
Pagejacking: It is the activity of stealing the content from one website and copying the same on another website to siphon the original site’s traffic. The term is a combination of Web page and hijacking, indicating the Web page has been hijacked. Here, hackers reroute the traffic from an e-commerce site by hijacking a part of it and directing the visitors to visit a different website. The unwanted sited may contain any malicious material or try to engage the customers and may ask for their sensitive information.
Chargeback Fraud or Friendly Fraud: It occurs when a customer makes an online purchase with their credit card and then asks for a chargeback from the issuing bank after receiving the purchased goods or services. As the claim gets approved, the buyer receives his money back. In this fraud, the merchant is responsible to check whether the transaction has been made complete or not and to take preventive measures to escape from such frauds.
Steps to prevent online fraud
Protect your password and keep it secret: Passwords are the most common way by which we keep our digital documents and information safe. They act as the first line of defence in matters of security. But they aren’t foolproof. With some effort, any determined hacker can pass through them. A password with seven characters may take only 0.29 milliseconds to crack, one with 12 characters can take up to two centuries. Thus, it is believed, longer the characters better are the password.
An ideal password should be of 14 characters. The shortest is 8 characters. It is even better to use a variety of characters, numbers, and letters that should contain no correlation with the person or his hobbies. Better to have different for different accounts, and should contain complex hints.
Keep a constant check on bank accounts: Digital payments create a high risk of putting our deposited money in danger. It is a lottery for any person if he gets access to someone’s bank account. In this century, where on-the-go transactions are frequent, it doesn’t come without its fair share of risk. To avoid such risks, general steps can be taken such as keeping a secured password with enough characters, not using any public data connection, keeping a check on the URLs, not responding to any suspicious email, avoiding the use of automatic logins, keeping an eye on the statements/ balance sheets, etc.
According to reports by The Economic Times, during the year 2015-16, 2016-17, 2017-18, the number of s cases of online frauds registered by the RBI (central bank of India) stood at 1,191, 1,372, and 2,059 respectively. Over 900 cases of fraud related to debit/credit card and internet banking were registered during April-September 2018.
Use cash: The simplest and the easiest way for any transaction is by way of cash. The easiest logic would be, if there involves no online transaction, there shall be no online fraud. Cash is the king!
Protect your computer: With rising cyber-crimes, it has become very necessary to protect our digital devices. Not only cell phones but computers, and laptops also play a very important part in our lives. Thus, it becomes very necessary to keep them out of the reach of fraudsters. For this, it is important to regularly check and update the device and the software. In addition to this, installing and enabling software programs like anti-virus, firewalls, anti-spam, anti-spyware, etc. can help combat malicious cyber activity and save us from digital fraud.
Never give information to unsolicited callers: With advancing technology, fraudsters have also become more advanced. They every day come with new and crafty ideas to fool people. They maliciously try to gain information from the victim acting as someone from any authorized agency and ending up befooling them. Some of the examples can be acting as someone from any bank or its branch, or any mobile network company, or any lottery agency, etc.
Use secured data and Wi-Fi connections: Nowadays it has become very common for public places like restaurants, theatres, coffee shops, saloons to name a few to offer Wi-Fi connections to the general public. This tempts a large number of internet loving mass and they easily get trapped into them. These public networks lack strong security protections making it easy for tech-savvy scammers to break into them and take advantage of unwary users. This increases the risk of identity theft who invades into your phone, tablet, laptop, etc., and get access to all the personal information.
Laws against online frauds in India
Reportedly, around 24% of Indians experience online frauds i.e. one in every four in India has directly experienced fraud while transacting online. At 70 percent, India stands fourth among APAC countries for erroneous data sharing, the findings showed. Concerning frauds, Indians are most tolerant towards telecommunication service providers (57 percent), followed by banks (54 percent) and retailers (46 percent). These cybercrimes are indeed on their way to grow drastically in the future. The laws provide a remedy against most of the prevalent cybercrimes and are mostly listed in the Information Technology Act,2000 which was amended through the Information Technology (Amendment) Act 2008. The amended Act with all the previous sections now also include cyber terrorism and data protection. With this, the Indian Penal Code (IPC) also provides sections to supplement the IT Act,2008. For instance, offences like identity theft including both theft and forgery, hacking, data theft, virus attack, illegal tempering under S.65 of IT Act,2008, forgery under S.464 of IPC, making of a false document under S.465 of IPC, etc.
The major sections of the IT Act, 2008 include offences under :
- Section65: Tampering with Computer Source Documents
- Section66: Computer Related Offences (Substituted vide ITAA 2008)
- Section66A: Punishment for sending offensive messages through communication service, etc. ( Introduced vide ITAA 2008)
- Section66B: Punishment for dishonestly receiving stolen computer resource or communication device
- Section66C: Punishment for identity theft.
- Section66D: Punishment for cheating by personation by using computer resource
- Section66E: Punishment for violation of privacy.
- Section66F: Punishment for cyber terrorism
- Section67: Punishment for publishing or transmitting obscene material in electronic form
- Section67A: Punishment for publishing or transmitting of material containing the sexually explicit act, etc. in electronic form.
- Section71: Penalty for misrepresentation
- Section72: Breach of confidentiality and privacy
- These sections to be read with Section43 of the Act.
Sections covering online fraud under IPC:
- Sec. 292 IPC: Obscenity
- Sec. 292A IPC: Printing etc. of grossly indecent or scurrilous matter or matter intended to blackmail
- Sec. 293 IPC: Sale, etc., of obscene objects to the young person
- Sec. 294 IPC: Obscene acts and songs
- Sec. 420 IPC: Bogus websites, cyber frauds
- Sec. 463 IPC: E-mail spoofing
- Sec. 464 IPC: Making a false document
- Sec. 468 IPC: Forgery for purpose of cheating
- Sec. 469 IPC: Forgery for purpose of harming reputation
- Sec. 499 IPC: Sending defamatory messages by e-mail
- Sec. 507 IPC: Criminal intimidation by an anonymous communication
This report has focused on the emergence of the digital economy – the promise it contains and some of the challenges it poses. Some of the challenges are technical, others involve the development of standards and still require significant capital investment.
The digital revolution is also challenging the respective roles of government initiatives and the private sector. In the 19th and for much of the 20th century, the government played a key role in helping build or actively regulate much of the country’s infrastructure. The private sector and government, working together, must address these problems in ways that make the internet a safe environment while not impeding its commercial development.
The good news is that the net economic growth anticipated by this digital revolution will likely create more jobs than those that are lost. Further, the jobs created are likely to be higher-skilled and higher-paying than those that will be displaced. However, it is clear that we will face great challenges in preparing the current workforce and future workers to fill full the new jobs that will be created. If we do not have a sufficient number of well-educated and trained people to fill these jobs then the good news can turn bad or even worse.
If these public policy issues can be resolved, and electronic commerce is allowed to flourish, the digital economy could accelerate world economic growth well in the next century to turn the times around.
 Student of B.A, L.L.B (Hons.), Hidayatullah National Law University, Raipur, Chhattisgarh
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