India able to share DPI ecosystem with world south: DEA Secretary

New Delhi: India is able to share technical capabilities and information associated to its Digital Public Infrastructure (DPI) ecosystem for monetary inclusion efforts of the Global South, Ajay Seth, secretary, Department of Economic Affairs (DEA) mentioned on Friday.

Speaking on the International Conference on Digital Public Infrastructure, Seth mentioned that India has used ecosystems round DPI, which is an interoperable, scalable, open, and inclusive system, digitally empowering, to supply society large providers by private and non-private gamers.

“We developed a solution approach for delivering the best in the class services for the last mile and even the remotest parts of the country,” Seth mentioned including that the nation’s achievements are well-known in numbers.

The world’s largest monetary inclusion mission, the Pradhan Mantri Jan-Dhan Yojana (PMJDY), crossed the five hundred million mark final month, 9 years after it was launched with over ₹2 trillion value of deposits. Over 55.5% of financial institution accounts belong to girls, and 67% come from rural and semi-urban areas.

“The average balance in these accounts is over ₹4,000. Our digital payment system, UPI, crossed 10 billion transactions in the month of August alone,” Seth mentioned. “Today, greater than 5.5 crore Jan Dhan (Pradhan Mantri Jan Dhan Yojana) accounts are receiving direct profit transfers and authorities schemes have already made financial savings of over $27 billion.”

He said that DPI approaches are capable of solving societal problems at a scale even under crisis.

“DPIs facilitate innovation, and are efficient for each private and non-private sector, particularly for SMEs of rising international locations in addition to developed economies,” Seth said.

“In the backdrop of challenges, the necessity of the hour is to determine easy, scalable, examined and sustainable options that may remodel our societies and economies by eradicating poverty and guaranteeing common healthcare and schooling,” he added.

Meanwhile, chief financial advisor, V. Anantha Nageswaran, current on the occasion, mentioned that important areas the place international locations can collaborate for monetary inclusion and progress by the DPI strategy embrace information sharing, capability constructing, and cross border linkages to assist remittances.

“Our first step should be to encourage and foster knowledge sharing on the design, development and operations of DPIs,” Nageswaran mentioned. “These collaborations will result in refinements of DPIs in international locations which have already applied them.”

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Updated: 22 Sep 2023, 07:22 PM IST