New Delhi, June 27 -- India's digital economy has transformed the way millions of small businesses operate over the past decade. Digital payments have become routine. GST has formalised business transactions. Cloud accounting software has replaced paper ledgers for many enterprises, while e-commerce platforms and WhatsApp Business have opened entirely new sales channels. What once required significant investment is now accessible to even the smallest businesses through affordable digital tools.

For years, success was measured by adoption. The more businesses that accepted digital payments, moved online or adopted cloud software, the stronger India's digital transformation story appeared, but that narrative is beginning to change.

The co...