UPI and Aadhaar: Engines of India’s $8 Trillion Economy by 2030

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A recent report led by Nasscom indicates that Digital Public Infrastructures (DPIs) like UPI and Aadhaar are paving the way for India’s digital transformation, aiming for an $8 trillion economy by 2030 and achieving a $1 trillion digital economy milestone. These DPIs have already impacted around 1.3 billion citizens, covering 97% of India’s population, and contributed significantly to the country’s GDP.

The matured DPIs have generated a value of $31.8 billion, equivalent to 0.9% of India’s GDP in 2022, with Aadhaar facilitating $15.2 billion in economic value by curbing leakages in Direct Benefits Transfer and UPI replacing cash transactions, contributing $16.2 billion. This digital shift not only enhances efficiency but also aligns with UN SDG goals, providing citizen-centric solutions and promoting social and financial inclusion.

Moreover, DPI adoption has led to substantial paper savings and reduction in carbon emissions, with logistics and transportation sectors witnessing a reduction of 3.2 million tonnes of carbon emissions in 2022. With over 30 countries considering or adopting India’s interoperable and open-source DPIs, the nation emerges as a global leader in digital innovation.

Looking ahead, the report emphasizes the need for continued policy support and regulatory clarity from government agencies to realize the full potential of DPIs by 2030. It calls for proactive measures to drive adoption, foster innovation through partnerships, and integrate emerging technologies like AI and Web3 into existing DPIs. Additionally, it encourages startups and SMEs to capitalize on digital infrastructure and experiment with new-age technologies, while urging corporates and Big Tech to anticipate future digital demands and invest in necessary infrastructure and innovation.

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