India’s digital public infrastructure goes beyond financial inclusion during G20

World Bank, ahead of scheduled G20 Summit has made a big claim about India’s financial impact on the economy.

The international financial institution in a while making an official statement, praised India, stating what the country has achieved in just six years would have otherwise taken about five decades. It said India’s Digital Public Infrastructure has had a transformative impact, extending far beyond just financial inclusion.

The applaud further adds that India has developed some of the finest digital public platforms and infrastructure which could change lives the world over. UPI, Jan Dhan, Aadhar, ONDC, and CoWin are some of them.

The document that was prepared by the World Bank ahead of the mega G20 Summit in New Delhi, has highlighted the key points taken by the Modi government and the pivotal role of government policy and regulation in shaping the Digital Public Infrastructure (DPI) landscape.

World Bank said JAM (Jan Dhan, Aadhar, Mobile) trinity – a combination of bank accounts for all, Aadhaar, and mobile connectivity — has propelled financial inclusion rate from 25 per cent in 2008 to over 80 per cent of adults in past six years, a journey which according to it shortened by up to 47 years — thanks to DPIs.

The document further talks about all the financial inclusion and banking which has benefited people. The World Bank further noted how India leveraged technology to directly transfer benefits to the citizens, besides using UPI for retail payments.

It is to be noted here that India has ensured that the benefits of UPI are not limited to India only, but other countries, too, benefit from it. India, so far has partnered with Sri Lanka, France, UAE, and Singapore on emerging fintech and payment solutions. In addition to this, India is also going to provide hands on UPI during their visit to India at G20 Summit.