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In an exclusive interview at his official residence in the capital, Prime Minister Narendra Modi highlighted the transformative power of India’s digital public infrastructure (DPI) models, particularly exemplified by the Unified Payments Interface (UPI). PM Modi emphasized that India has emerged as a global leader in the fintech ecosystem, with many nations expressing interest in adopting India Stack solutions to empower their populations.
Reflecting on the inception of the ‘Digital India‘ movement, PM Modi recalled facing skepticism from opposition parties who questioned the motives behind it. However, he reiterated that the 21st century is driven by technology, particularly artificial intelligence (AI), and the scope of digital infrastructure far exceeds mere service provider interests.
The success of UPI and QR-code-based payments has showcased the transformative potential of DPIs such as UPI, Aadhaar, and DigiLocker in improving millions of lives. Notably, in the fiscal year 2024, the UPI platform processed a staggering 13,115 crore transactions, totaling nearly Rs 200 lakh crore in value, marking a substantial increase from the previous fiscal year.
PM Modi underscored the pivotal role of UPI in the fintech landscape, noting its significance in garnering global attention and adoption. He emphasized that India’s fintech ecosystem, ranked third globally, is on track to reach an annual revenue of approximately $70 billion by fiscal year 2030, showcasing the sector’s robust growth trajectory.
The Unified Countries General Get together (UNGA) President, Dennis Francis, as of late complimented India’s computerized upset as an impetus for social change and progress. India’s DPI model has achieved remarkable milestones, with over 80 per cent financial inclusion achieved within seven years, accounting for over 60 per cent of global digital transactions.
Recognizing the transformative potential of DPI, the G20 summit held in New Delhi last year emphasized its significance. Subsequently, India spearheaded efforts to establish a global repository for DPIs, housing over 55 DPIs from 16 countries. Moreover, India has pledged $200 million to a social impact fund aimed at accelerating DPI adoption worldwide, particularly in developing nations.
In conclusion, India’s journey with digital public infrastructure stands as a testament to its commitment to leveraging technology for inclusive growth and global progress. The strides made in fintech and digital innovation serve as inspiration for nations worldwide, highlighting the immense potential of DPIs in shaping the future of governance and society.
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