On February 1, 2024, Finance Minister Smt. Nirmala Sitharaman stated that digital public infrastructure (DPI) has played a key role in the formalisation of the economy.
As part of her Interim Budget speech, the FM emphasised the significance of Digital Public Infrastructure as a new 'factor of production' in the 21st century in the economy's formalisation.
Alongside land, labor, capital, and entrepreneurship, DPI has emerged as an additional element in the 'factor of production’. Refer to this article that talks about What is a factor of production and why DPI is being called as a "factor of production in the 21st century"?
According to an August, 2023 article that cited the Minister of State for Electronics and Information Technology, Shri Rajeev Chandrasekhar, India's DPI has facilitated the distribution of 400 billion USD or approximately 29 trillion INR to recipients in the past five years.
Read: Here's how India's Digital Public Infrastructure is going global
During the G20 Summit in New Delhi in September 2023, digital public infrastructure (DPI) featured prominently in discussions. The summit concluded with the adoption of the Delhi Declaration, which highlighted the importance of embracing DPI to overcome the disparities in digital access and to accelerate progress.
India's DPI, encompassing technological frameworks such as Aadhaar and UPI, has garnered international recognition. Many countries are adopting this model to enhance their public services and administrative operations.
To put it simply, a strong digital public infrastructure (DPI) comprises separate components, such as digital identification, a payments system, and a layer for exchanging data. This infrastructure has the potential to propel economic transformation and support growth that benefits everyone.
India's digital public infrastructure (DPI), commonly known as the India Stack, has proven to be a pivotal factor in driving innovation and competition. It has played a crucial role in expanding markets, reducing financial inclusion gaps, boosting government revenue, and enhancing its spending efficiency.
In fact, in September 2023, the World Bank commended India for its effective use of a Digital Public Infrastructure (DPI) to enhance financial access and government services.
Subsequently, in the Global South during the Virtual G20 Leaders' Summit on 22nd November 2023, Prime Minister Shri Narendra Modi announced the launch of two India-led initiatives: the Global Digital Public Infrastructure Repository (GDIPR) and a Social Impact Fund to fast-track DPI implementation. Currently, the GDPIR features 54 DPIs from 16 countries, according to the November release.
Protean eGov Technologies has forever championed the power of Digital Public Infrastructure (DPI) to drive social and financial inclusion. Protean stands ready to collaborate with the government, leveraging its expertise to develop robust and accessible DPI solutions that empower every citizen.
