“From the groundbreaking Aadhaar digital identity to the success of the Unified Payments Interface (UPI), the JAM trinity, and Co-WIN for the COVID-19 vaccination program, India’s journey in building digital public infrastructure has been a game-changer for the country. Achieving 80% financial inclusion in just 6 years, a feat projected to take 47 years as per World Bank estimates, showcases our innovation capabilities. Today, several countries around the world are looking to India’s Digital Public Infrastructure (DPI) to help them digitize their government services.
Therefore, a continued commitment to digital infrastructure in the upcoming Budget will not only sustain but propel India’s growth in diverse sectors. The expansion of digital infrastructure is not just pivotal for the financial sector but is a catalyst for widespread access to services across sectors, reducing the cost of delivery. Enhancing financial resource allocation to the Open Network for Digital Commerce (ONDC) will widen digital market access to SMEs around the country. Another key initiative, the Open Credit Enablement Network (OCEN), will drive credit availability for the smallest borrowers.
Startups in general, and fintechs in particular, have had a rough year thanks to the funding winter. Budget proposals must recognise this new reality and provide more support for Indian start-ups in all ways possible”.
