World Bank lauds India's digital infra impact: 'Five-decade journey in 6 years'

Posted under: MSME
Date: 2023-09-08
World Bank lauds India's digital infra impact: 'Five-decade journey in 6 years'

The World Bank praises India's Digital Public Infrastructures (DPIs). India has made remarkable progress in financial inclusion with the help of Jan Dhan Yojana (JAM) Trinity – PMJDY, Aadhaar, and mobile numbers. Within six years, India increased its economic inclusion rate from 25% to over 80% of adults. The report acknowledges the role of a legal framework, national policies promoting account ownership, and Aadhaar in this achievement. India's Digital Public Infrastructure (DPI) has transformed the public and private sectors. Non-Banking Financial Companies (NBFCs) report significant benefits, including increased SME lending conversions and lower depreciation and fraud detection costs. The report highlights the success of India's Unified Payments Interface (UPI), with 9.41B transactions worth ₹14.89T in May 2023 alone. UPI transactions for FY 2022-23 were nearly 50% of India's GDP.

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