According to Nasscom-Arthur D. Little report, Digital Public Infrastructures to propel India towards $1 trillion digital economy by 2030

2024-05-07 01:22:52 News & Society

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Bengaluru, February 21, 2024: Digital Public Infrastructures (DPIs) are poised to propel India towards a $1 trillion digital economy by 2030, helping the country to become a $8 trillion economy, according a Nasscom-Arthur D. Little report titled, "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 report said. Mature DPIs such as Aadhaar, UPI, and FASTag have witnessed exponential adoption by 2022, 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.

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."

"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 every one across the globe," he added.

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 will 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 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.

About Arthur D. Little

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