Digitalization and Economic Development: Impact on Global Business, Trade and Financial Systems with Special Reference to India

Author(s)	Mr. Uddhava Biswal
Country	India
Abstract	Digitalization has become a central force in transforming global commerce, trade, and financial systems. The integration of digital technologies such as e-commerce platforms, digital payments, financial technology(fintech), and data-driven business models has significantly enhanced economic efficiency and growth. This research paper examines the impact of digitalization on economic development from a commerce perspective, focusing on business expansion, financial inclusion, trade facilitation, and market efficiency. Special emphasis is given to Indian, which has emerged as a leading example of digital transformation through initiatives such as Digital India, Unified Payments Interface (UPI) and GST digitalization. The study is based on secondary data and highlights how digitalization to GDP growth, employment generation, and business innovation. The findings suggest that digitalization has significantly improved the functioning of modern economies, though challenges such as digital divide, cybersecurity risks, and skill gaps remain. The paper concludes that digitalization is essential for sustainable economic development, particularly in emerging economies like India.
Keywords	Digitalization, Digital Economy, Commerce, E-Commerce, Digital Payment, India, Economic Development
Field	Business Administration
Published In	Volume 8, Issue 3, May-June 2026
Published On	2026-06-02

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International Journal For Multidisciplinary Research