India's digital infrastructure has become a defining feature of the country, with many nations looking to India as a model for digital transformation. External Affairs Minister S Jaishankar highlighted India's achievements in digital infrastructure, stating that Indians make 10-12 billion cashless payments every month, while the US makes only 4 billion cashless payments in an entire year. This statistic demonstrates the widespread adoption of digital payments in India and the country's position as a global leader in this area [f22170aa].
India's digital economy has been rapidly growing, with the government's Digital India mission playing a crucial role in driving this transformation. The availability of digital platforms and services has revolutionized the delivery of public services and enabled the formalization of the economy. The India Stack, a unique digital platform, has had a significant impact on sectors such as agriculture, transportation, healthcare, and education. Financial institutions have been strong adopters of the India Stack, driving financial inclusion. Indian enterprises have embraced digital business models, with CEOs driving the digital strategy in many companies. The Indian consumer has also enthusiastically adopted digital, with a large connected population and widespread usage of digital platforms. The digital economy is expected to contribute 20% of India's GDP by 2026 [bd5e253e].
India's digital infrastructure and the growth of cashless payments have significant implications for the country's economy. The adoption of digital payments has the potential to drive financial inclusion, reduce the informal economy, and increase transparency in financial transactions. It also has the potential to boost economic growth by increasing efficiency and productivity. The widespread use of digital payments in India is a testament to the country's progress in building a robust digital infrastructure. With India already ranking as the third largest digitalized country in the world, the growth of cashless payments further solidifies India's position as a global leader in digital transformation [f22170aa].
India's digital infrastructure and the growth of cashless payments have caught the attention of the international community. External Affairs Minister S Jaishankar mentioned that India's digital infrastructure has become the country's identity in the world, and many countries look to India as a model for digital transformation. He emphasized that India is one of the top five economies in the world and will play a significant role in global economic development. India's structural soundness and its achievements in digital infrastructure position it for continued growth and influence in the global economy [f22170aa].
The growth of cashless payments in India is a testament to the country's digital transformation and the success of initiatives such as the Digital India mission. The adoption of digital payments has not only facilitated convenience and efficiency but has also contributed to the formalization of the economy. As India continues to invest in its digital infrastructure and promote digital literacy, the growth of cashless payments is expected to accelerate further, driving economic growth and financial inclusion [f22170aa].
Finance Minister Nirmala Sitharaman will present the Economic Survey of India for 2023-24 on July 22. The survey will highlight India's digital achievements and the key components of its digital infrastructure, including Aadhaar, DigiLocker, and the Unified Payment Interface (UPI). The government aims to establish a US$1 trillion digital economy by 2027-28, supported by the Digital India program launched in 2015. The survey will also showcase the increase in rural internet subscriptions by 200% from 2015 to 2021, demonstrating the progress in digital connectivity across the country. India's digital achievements have gained unanimous support for its digital public infrastructure framework during its G20 presidency, further solidifying India's position as a global leader in digital transformation [0bde2738].