The digital infrastructure in India is poised to transform global markets over the next decade due to several key factors: –

1. Rapid Digital Adoption

A significant increase in digital adoption in India, with initiatives such as the Digital India program and the National Optical Fibre Network (NOFN) project. The efforts expanded internet access, especially in rural areas, leading to a more connected and digitally literate population.

2. Digital Public Infrastructure (DPI)

Aadhaar, UPI, and ONDC are some of India’s DPI platforms, revolutionizing sectors such as finance, healthcare, and education. The platform enabled seamless digital transactions, improving access to services, and fostering innovation.

3. Financial Inclusion

The digital payment infrastructure growth has been facilitated over 160 billion transactions annually, with a value of over Rs. 2400 trillion. It significantly improved financial inclusion, bringing millions of unbanked individuals into the formal financial system.

4. Global Impact

The global recognition of India’s DPI model as a blueprint for digital transformation. The World Bank and other international organizations have described India’s success in addressing digital divides in other developing countries.

5. Economic Growth

One of the major drivers of economic growth in the digital sector is creating jobs and fostering innovation. The IT services sector in India has grown at twice the rate of the global economy, contributing significantly to the country’s GDP.

6. Sustainable Development Goals (SDGs)

       India’s digital infrastructure is aligned with the United Nation’s SDGs, aiming for the reduction of poverty, improving healthcare, and promoting sustainable development. The success of India’s digital initiatives inspires similar efforts in other countries, contributing to global progress.

7. Technological Advancements

        India is at the forefront of technological advancements including AI, IoT, and blockchain. The technologies are integrated in various sectors such as enhancing efficiency and productivity.

8. Policy Support

The Indian government also implemented policies for supporting digital infrastructure development, such as the Production Linked Incentive (PLI) Scheme for telecom and networking products. The policies are encouraging domestic manufacturing and innovation.

   9. Private Sector Participation

In India, the private sector actively participated in the digital transformation, with companies such as NPCI, UIDAI, and ONDC leading the way. The collaboration between the public and private sectors accelerated the pace of digitalization.

10. Global Connectivity

The digital infrastructure improved global connectivity by enabling businesses to engage with international markets to be more effective. It opened up new opportunities for trade and investment, benefiting both India and its global partners.

The digital infrastructure in India is not only transforming its economy but also setting a precedent for other countries to follow. In the next decade, India’s digital advancements are going to make a significant impact on global markets, drive economic growth, and foster innovation worldwide.

Sources:- clearis, cnbctv18, business standard, yourstory, worldbank, pwc, macquarie