India Marches Towards $5 Trillion Economy

Feature and Cover India Marches Towards $5 Trillion Economy

Homegrown solutions and products built on top of the digital public infrastructure (DPI) by young entrepreneurs will pave the path towards India becoming a $5 trillion economy, industry experts said on Sunday.

With successful mass adoption and larger economic impact, DPIs are impacting approximately 1.3 billion citizens, covering 97 per cent of India’s population.

The matured DPIs enabled a value creation of $31.8 billion, equivalent to 0.9 per cent of India’s GDP in 2022, according to a Nasscom-led study that came out last month.

“Digital technology is creating an enabler for the larger ecosystem in India, whether it is in healthcare or agriculture. What is most exciting for me is in the space of education,” Mayank Kumar, Co-founder and MD of edtech platform upGrad, told IANS.

“A robust digital infrastructure has been laid across the country. Multiple companies and entrepreneurs can now build strong solutions on top of that which will pave the path towards India being a $5 trillion and a $10 trillion economy in the coming future,” Kumar added.

India Marches Towards $5 Trillion Economy

India’s interoperable and open-source DPIs are now being adopted or considered by over 30 countries to enhance social and financial inclusion.

According to experts, DPI provides a close-up approach to fostering digital inclusion and contributing to economic growth at scale.

“Think of ‘India stack’ as a bridge between the physical infrastructure such as broadband and an array of digital services that’s contributing to digital adoption at scale – ranging from identity (Aadhaar) to payments to health care, among others,” Prabhu Ram, Head, Industry Intelligence Group at market intelligence firm CMR, told IANS. (IANS)

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