‘DPIs to help India achieve $1 trillion digital economy by 2030’

Updated - February 21, 2024 09:08 pm IST

Published - February 21, 2024 09:07 pm IST - MUMBAI

Digital Public Infrastructures (DPIs) are likely to propel India towards a $1 trillion digital economy by 2030, helping it to become a $8 trillion economy, Nasscom-Arthur D. Little said in a report “Digital Public Infrastructure of India - Accelerating India’s Digital Inclusion.”

“By 2030, DPIs will significantly enhance citizens’ efficiency and promote social as well as financial inclusion,” the entities said in the report.

According to the report, mature DPIs such as Aadhaar, UPI, and FASTag which have witnessed exponential adoption by 2022 would in the next 7-8 years offer an opportunity for further scalability, reaching even the most remote segments of the population.

“India’s massive economic transformation has been powered by DPIs that have facilitated the development of necessary government services & platforms and these in turn have powered market innovations in both public and private sectors, and enabled creation of inclusive ecosystem,” Nasscom-Arthur D. Little said.

Brajesh Singh, President, Arthur D. Little India, said, “India leads globally in developing DPIs, driving societal transformation through inclusive digital adoption and substantial contributions to the Indian economy.”

“Our analysis indicates that mature DPIs have generated a value of $31.8 billion, equivalent to 0.9% of India’s GDP. By 2030, this economic value is projected to increase to approximately 2.9%-4.2% of GDP, considering both direct and indirect impacts,” he added.

“DPIs hold vast potential in revolutionising the entire Indian economy and the world and paints a hopeful picture of an interconnected, open, inclusive world with infinite possibilities, empowering each and everyone across the globe,” he further said.

According to Nasscom-Arthur D. Little India is currently the global leader in developing DPIs, using it to implement widespread adoption of digital payments, data-sharing infrastructures, bolstering domestic businesses and spurred entrepreneurship in the country.

This has been due to the relentless support by the government and enabled by the IT intellectual capital and start-up ecosystem, a combination which has made DPI a success.

Existing digital entities would evolve to deliver superior user experience, utilizing new age tech of AI, Web 3 and others. Aadhaar is expected to continue to be a major contributor as use cases expand to broader range of services, the entities said.

The foundation of this digital revolution has been strengthened by the DPIs or India Stack, enhancing the ability of the country to use digital technologies at a population scale to change the society. DPIs form the cornerstone to shape this “tech-ade” and ultimately drive the “India@47” growth path, they added in the report.

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