American Journal of Business Management, Economics and Banking ISSN (E): 2832-8078 Volume 30, | November - 2024 P a g e | 1 www.americanjournal.org DEVELOPMENT OF DIGITAL ECONOMY IN UZBEKISTAN Senior Teacher T. S. Saidmuradova, Student M. Sh. Toshtemirova Tashkent Textile and Light Industry Institute A B S T R A C T K E Y W O R D S This article presents the concept of digital economy, definitions of digital economy, development of digital economy, number of internet users, implementation of digital economy program, main indicators and criteria of digital economy. Digital economy, development of digital economy, main indicators of digital economy, criteria of digital economy, electronic business, electronic commerce. Introduction Currently, the digital economy and a number of effective technologies related to it, e-commerce and e- business are rapidly entering our lives. Therefore, in order to accelerate the development of the state and society, several decisions and decrees were adopted by the leadership of our republic. Decision No. PQ-4699 of the President of the Republic of Uzbekistan dated April 28, 2020 "On measures for the widespread introduction of digital economy and electronic government" and the Decree of the President of the Republic of Uzbekistan dated February 19, 2018 "On measures to further develop the field of information technologies and communications" Decree No. 5349 is one of them. The main factor of digital transformations in the activities of market entities is the development of digital culture. At the current stage of social and economic reform of the society, the environment is causing specific features of the institutional structure of the society, and on this basis, it is necessary to form new concepts and approaches. Literature analysis on the topic The concept of digital economy has been given a number of definitions. For example, V. Ivanov, Doctor of Economics, Corresponding Member of the Russian Academy of Sciences, defined that "Digital economy is a virtual environment that complements our reality." Professor of Tomsk State University, R. According to Meshcheryakov, there are two approaches to the term "digital economy". M.L. Kalujskiy defined the digital economy as the economic activity of the Internet, as well as its forms, methods, means, and the communication environment of its implementation. R.H. Ayupov and G.R.Voltabaeva's textbook "Fundamentals of Digital Economy" provides insights into the components and elements of the digital economy, the development of e-commerce and the development of the e-commerce market, and digital technologies. American Journal of Business Management, Economics and Banking Volume 30 November - 2024 P a g e | 2 www.americanjournal.org Research methodology The activities of the digital economy were closely studied and a database was compiled. Based on the collected data, methods such as observation and comparison of economic analysis, systematic approach and logical approach were used effectively. Analysis results If we assume that the development of the digital economy conditionally began in 1990, then we can note that it has the following stages: 1990-2005: The emergence of the digital economy, we can see that this period consists of four parts - the dotcom era, the development of new e-services markets, the emergence of e-business and e- commerce. 2005-2010: The period of growth of the digital economy - during this period, electronic services were launched and new types of electronic products were created. 2010-2015: A period of maturation of the digital economy, in which online opportunities emerged and digital technologies began to gradually penetrate traditional businesses. 2015-2020: The penetration of digital technologies into unexpected areas and the transformation of traditional business models and the emergence of several new e-business models. 2020-2030: Implementation of systematic transformation of digital technologies, i.e., implementation of digitization based on a systematic approach, raising them to a qualitatively new level based on cryptosystems. In the digital economy, information in digital form is the main element of production in all socio- economic spheres, and it increases the country's global competitiveness, improves the quality of life of citizens, creates new jobs, enables economic growth and ensures national independence. The consistent implementation of the digital economy program in life allows you to achieve the following: - Completely eliminates the legal obstacles that prevent the creation of new technologies by creating a new legal framework; - Creation and development of digital economy infrastructure, including networks, data processing centers, technical and software development in accordance with modern requirements; - Ensures comprehensive development and renewal of the educational system; - Creates a thorough basis for the development of various companies, firms, state enterprises and business in the country; - It leads to the formation of organizations operating in the field of digital economy, etc. This digital economy development program should serve to realize the following goals: - Creating an ecosystem of digital economy in the Republic of Uzbekistan; - Creation of institutions and infrastructure of the country's digital economy system; - Implementation of all necessary measures for the organization of information society covering all branches of the Republic; - Increasing the competitiveness of the republic on a global scale and global markets. Based on the above, we can show the following as examples of the main indicators of the digital economy of our country: - Emergence of digital products and electronic services; - Achieving a change in the nature of various organizations and enterprises and, therefore, digitizing their activities; American Journal of Business Management, Economics and Banking Volume 30 November - 2024 P a g e | 3 www.americanjournal.org - Creating digital platforms that serve as the basis of the digital economy; - Changing the nature of competition to adapt to the digital economy; - Adapting the nature of consumers to digital economy processes; - Emergence of new progressive models and mechanisms of production; - Formation and development of new types of business models; - The transformation of the business models of traditional companies under the influence of the above- mentioned 4.0 Industry technologies. It should also be said that the number of Internet users has exceeded four billion. The number of mobile phones has increased more than the number of people. Competition between companies and their nature is also fundamentally changing. The capitalization of the company directly depends on the number of its Internet users, the number of subscribers and the participants of the interested communities. The capitalization of companies in the field of e- business depends on the number of users and the increase in their number. This causes the companies to receive a large amount of income from sales. Thus, the digital economy is a new economic environment that creates new and huge opportunities for business. Summary The universality of the impact of growing information flows on the development of the economy and society allows us to talk about them as the leading resource of economic growth of modern society. We can distinguish four criteria of the analysis of the digital economy, which are considered by different researchers to one degree or another: - criteria related to the field of employment; - spatial criterion; - technological criterion; - economic criteria. In this, although researchers often prefer one or another definition that fits their imagination, there may be criteria that complement each other. However, most definitions are based on the belief that quantitative changes in the field of data processing will lead to qualitatively new socio- economic relations. References 1. Resolution PQ-4699 of the President of the/ Republic of Uzbekistan dated April 28, 2020 "On measures for the widespread introduction of the digital economy and electronic government". 2. R.H.Ayupov, G.R.Boltaboeva. Basics of digital economy.- T.: TMI, 2020, 575 p. 3. S.S. Gulyamov, R.H. Ayupov. Basics of digital economy and e-commerce. Study guide. -T.: "Economy-Finance" publishing house, 2020, 510 p. 4. S.S. Gulyamov, R.H. Ayupov, G.R. Baltabaeva. Blockchain technologies in the digital economy. Study guide. - T.: "Economics-finance", 2019, - 380 p.