Unlock the Secrets to Business Growth with India’s Cutting-Edge Digital Transformation & Marketing Techniques
In this article, we find the challenges businesses will face if they are not using the digital India ecosystem and India’s digital transformation. Besides, businesses get benefits and opportunities if they walk through with it. Major points from Nandan Nilekani’s speech are highlighted below, so you can jump through them with a click. Besides, you can watch the enter speech attached to this blog or the original source of Business Today’s YouTube channel.
India’s Digital Transformation: Connecting the Dots
In the next 30 minutes or so, I will talk about India’s digital transformation and try to connect all the dots because everybody knows lots is happening, but how do you connect the dots, and how do you make sense of it? So that’s what I plan to do, and that’s the scope of this presentation.
Now, one thing we know is that for those old enough, remember in 1991, we had a balance of payments crisis. Gold had to be sent to London and all that stuff, and today we have a very healthy surplus, over 500 billion dollars of reserves, even though in a challenging environment where global interest rates are going up, FIs are withdrawing money. It’s part of the fact that India has a solid balance sheet on the Forex front, which we’ve achieved in the last several years.
From Unbanked to Most Banked: Accelerating Financial Inclusion
But we also went from being among the world’s most unbanked countries to the most banked countries, and several hundred million people have had bank accounts open under the Pradhan Mantri Jan Dhan Yojana (PMJDY) program. And what would usually have taken 46 or 47 years has happened in nine years. In other words, something accelerated the pace of financial inclusion in India in the last decade so that we could leapfrog regarding bank accounts and other financial things.
Mobile Phones and Data Revolution: Transforming Connectivity
And then we saw what happened on mobile phones. In 2016-17, as you know, we had a new entrant into the market, Jio. There’s a dramatic drop in the pricing of data consumption because Jio came out with two important insights. One is that voice demand is inelastic, meaning people will only speak for six hours if I make voice free. But if I make data affordable, people will watch YouTube all the time or TikTok. So, on this realization, India’s data consumption in 2016-17 went from half a gig a month to half a gig a day. So, there was a 30x increase in data consumption in one year, which also led to massive smartphone growth. So, both these things happened together, the rise of smartphones and, of course, the lowering cost of data. And even today, the cost of data in India is among the cheapest in the world.
UPI and Digital Payments: Revolutionizing Financial Transactions
And then we had, at the same time, around the same time, we had the launch of UPI. UPI was a payment system designed by the National Payments Corporation of India (NPCI), where I’m an advisor. This idea was conceived in 2013 and launched in May 2016. In October 2016, UPI did 100,000 transactions; on November 8, 2016, we had an important event called demonetization, and then digital payments became the most important thing. And then, the BHIM application was launched, and we had many new entrants into payments like PhonePe, Paytm, and Google Pay. And today, this platform does 7.3 billion transactions a month, the volume of transactions in both October and November. It’s the world’s most extensive digital payment system designed to be interoperable and very popular. About 260 million Indians use this payment platform, and it’s very, very ubiquitous.
Digital Infrastructure For Growth & Innovation in the Digital Economy
And then, of course, we saw that with a slow start, India delivered 2.15 billion vaccines in just two years. And this again was not only the fact that we had great vaccine manufacturing companies like Serum Institute and Bharat Biotech, but also because of the tech infrastructure behind that, with the CoWIN application that the ministry launched, which kept track of all the vaccinations. You could get your first dose in one city and your second dose in another city. Your booster dose in a third city, and everybody got a digital vaccination certificate that they could store on their phone or the cloud. And that became very easy to manage this whole process of vaccinating a billion people.
And then, on the education side, the DIKSHA platform, which the government launched, took off during the pandemic. And today, we have, you know, 59 billion learning minutes that have been used across the country. And every Indian textbook, which a state government prints, is now QR coded. You may not be aware of this, but every textbook has about 20 QR codes per textbook attached to different topics, and there are 600 million textbooks.
That means there are 12 billion digitally addressable QR codes today in Indian textbooks. Therefore, you can have content you can link and point to any material you want. And the government has now launched a platform called NDR, which is essentially opening it up so that you can have market innovation on top of the infrastructure regarding these QR codes. So, education is again another area where there has been a dramatic change.
Opportunities and Threats of Digital Transformation in Business
So, what does all this tell us? That in many different ways, India is making irreversible, non-linear changes. When we say non-linear change, nothing happens for years, and then suddenly, something happens, and it just takes over. And we keep seeing that in area and area. And therefore, when we sit here and we talk about the future and our strategies and our plans and our ambitions, it’s essential to know what kind of non-linear changes have happened, what impact they have had, and what the non-linear changes are likely to happen and what is the impact they could have.
And each of these changes contributes to the following change, and we have a phenomenon called combinatorial innovation, where all these changes now start interacting with each other, creating new market opportunities and threats. Because they’re going to have threats, they’re going to commoditize some layer of the stack, or they’re going to make it so easy for everyone to participate. And therefore, you have to think of this both as opportunities and threats.
Digital Public Goods: Enabling Inclusive and Equitable Growth
And all this has been enabled by a series of technology building blocks, and we call these technology building blocks digital public goods. In other words, these are essentially enabled or provided by the government and enabled so that everybody can use it. They’re universal in nature, low cost, open architecture, and so on.
And when you think about it, the original Internet and GPS were the first examples of digital public goods because these were platforms built by the government. In that case, the US government. And only 20 years after they were built, they were opened up for private innovation. So, this is nothing but extending that same philosophy that the government or government partners should enable some fundamental digital rails of public goods on which you can innovate. And that’s the whole philosophy.
Transition to an Online Cashless Economy: Opportunities and Challenges
Now, what is this doing fundamentally? You are going through a massive upgrade. Consider it a massive upgrade, like when you upgrade from DOS to Windows. And India is going from an offline cash, informal, low-productivity economy to an online cashless, formal, high-productive economy. Now, this is not going to happen after one year or two years. It may take ten years or 15 years. But the fundamental building blocks are in place, the fundamental momentum is in place, and we need to think about how to leverage and take advantage of this massive transition, which is one of a kind and happens only once in the history of a country.
And the important thing is that the model, which is based on digital public goods, is inclusive. It’s not about only the avocado economy, the five million guys who can afford avocados. It’s for 1.4 billion people. It’s democratic, open access, and creating the fundamental rails for a billion people to improve their lives.
India’s Unique Approach to Digital Infrastructure Revenue
How we think about this is that digital infrastructure in India is different from digital infrastructure in the Western markets. And the reason for this is very simple. How do you make money from digital infrastructure in the Western world? You made money from advertising. This shows that 800 dollars per person is the per capita revenue the advertising industry makes from digital advertising. And in India, it’s nothing. And therefore, we have a situation where you cannot make money in India from advertising in the digital world. The total revenue of India in digital advertising may be three to four billion dollars. It’s mainly with Google, Facebook, and whoever has the IPL franchise. So, that’s the way it works here.
India’s Unique Digital Economy: Built on Digital Transactions and Microtransactions.
But in the West, gigantic firms have been created purely on digital advertising. So, Google and Facebook together have about 300 billion dollars in revenue. And therefore, the whole model was that because the original internet did not have a method of making payments, there was no way to make payments because there was no payment system on the Internet. And therefore, the way to make money was to have advertising. The way to get advertising money was to get your attention. And therefore, you have this so-called attention economy where technology is being used to keep you gripped so that you spend more time watching a video or looking at some infuriating email or WhatsApp forwards. But that’s, unfortunately, the way the internet has developed.
In India, we cannot build an internet on advertising. India’s internet is built on digital transactions. That’s why the UPI has become so strategic. It would help if you had a very high volume, low-cost payment system to enable transactions at scale.
In India and the world, we need a different payment system, microtransactions, which we have now. These digital public goods I discussed have not been built for a day. They have been built layer by layer over the last 15 years. And each layer the idea is that you cannot build everything at one time, so you build each layer, and then that layer becomes used, and then you build layers. But all these layers have been thought to be interoperable in nature, so they all plug each other and create that combinatorial innovation.
Aadhaar and KYC: Empowering Digital Identity
The layers include the ID, the payments, and the data layers, and I’ll talk a little more about that now. The ID layer was the other project which I did. I joined the government in July 2009 and was given one sheet of paper with my mandate to give every Indian a unique ID. There was no digital word in that mandate, but she said, ‘What the hell if you’re going to do an ID system in the 21st century? We should do it digitally.’ And therefore, we got a digital ID system with about 1.3 billion people on it, which is very heavily used. The daily number of authentications on Aadhaar today is 80 million a day. In other words, 80 million people are using Aadhaar to verify themselves, either with the OTP, an iris authentication, a face authentication, or a fingerprint authentication. And so, it’s ubiquitous.
But not only does it do authentication, but it also does something called KYC, or know your customer. And over the years, Aadhaar was made acceptable as a way to open a bank account, get a mobile connection, buy an insurance policy, buy a mutual fund, and buy a pension. And so, we have KYC, which enables everyone to get those services very quickly. An excellent example of using KYC was Reliance Jio because Reliance Jio essentially wanted to give 100 million people a free mobile connection in six months, but every mobile connection required you to do a KYC. And if they had done it the old-fashioned way of paper-based KYC, it would not have happened. But they happened to use the Aadhaar eKYC so that they could do authentication and KYC within two minutes. And they could build a platform to give one million SIM cards daily. And hence, they could do 100 million SIM cards in six months. So, Aadhaar KYC played a crucial role in the massive expansion of Jio. And other people are using it. All the banks, the payment banks, all the new banks, all of them use Aadhaar KYC. Zerodha built a huge discount brokerage company in the country using Aadhaar KYC. So fundamentally, it not only reduced time and improved productivity, but it also reduced the barrier for newcomers to take on income bets. And what’s important about all these technologies is that they also reduce barriers for newcomers. And therefore, we have to think through the architecture of the firms we want to build to understand the new competitive threats that are coming.
And then, of course, I talked about UPI, 7.3 billion transactions, and this is something which everybody uses. It’s ubiquitous. And it’s not just in the world of cards. The card population was only the top 20-30 million people in the country. In UPI we have 260 million people using UPI already. And now, several things are happening in the UPI world. For example, UPI 1-2-3 will enable UPI on feature phones, which will be voice-enabled in your own language. So, you can give payment instructions in Hindi or Malayalam on your feature phone, dramatically expanding people’s use of payments.
Revolutionizing Digital Payments: UPI’s Latest Innovations
UPI Light, which just got launched, allows you to have an offline UPI. So, you don’t have to hit the banking server for small-value transactions up to a few hundred rupees. You can do a local transaction. That will take much of the load off the primary payment system by offloading small-value transactions. And there are many, many other innovations happening in the UPI world. So, in the UPI world, NPCI has made a public statement that their goal is to go from 7.3 billion transactions a month to 1 billion a day. So, the goal, the stated public goal, is 30 billion UPI transactions a month. And they’re also taking it global. So, today, you can do UPI acceptance in Dubai. You can go to a Lulu shop in Dubai and pay using UPI. You’re going to have cross-border remittances.
Now, with UPI, India and Singapore are shortly going to launch a real-time payment cross-border system where an Indian migrant working on an oil rig in Singapore can send money in real-time at a much lower transaction fee to his bank account in India and his spouse or his family can access that anywhere in the country using the network we have. So, it’s dramatic stuff happening there, and an excellent example of the impact of this is the difference in acceptance points. Merchant acceptance is where a merchant takes a particular payment system. Before UPI came along, the only way to do merchant acceptance was through a POS machine. It took India 60 years to get to about five to six million POS machines because each POS machine had a hardware investment, you know, there’s a right the bank has to check it out, etc. Essentially, UPI unbundled the QR code and came up with the QR code to make payments so a merchant does not have to buy any hardware. They have to stick to a QR code, and they can start receiving payments. And the UPI QR code infrastructure is interoperable, which means anybody can put in a QR code. Any consumer app can pay for that QR code. So, if a merchant has a Google Pay QR code, you can pay at that merchant using a PhonePe or WhatsApp app. And this interoperability and unbundling of QR codes created a new class of entrepreneurs who put thousands of feet on the street to blanket the country with QR codes. So, India took 60 years to get to six million POS machines; in three years, it’s getting to 60 million QR codes. So, you can see the dramatic step function change that this technology has done and made payments ubiquitous at merchant locations.
DigiLocker: A Secure Way to Store Your Documents Digitally
And then, of course, there is the DigiLocker platform, which is all built on top of this. DigiLocker is an example of an Indian government cloud where you can store all your documents securely. Today, 134 million Indians use the DigiLocker on their phones, and they use it to store their Aadhaar card, their driver’s license, and their vehicle registration when they buy that XUV 700 or whatever. And also, they use it to store the vaccination certificates. So, when you get a vaccination certificate, you can choose to keep it locally on your phone, you can choose to store it in your DigiLocker, and you can use it, or you can print it out and show it to somebody. And only a few countries have this infrastructure. So fundamentally, today, the only thing you need in your pocket is your phone because you can use your phone to make payments with UPI, and you can use DigiLocker to store your documents. When the cop drives you for driving late at night, you can show your driver’s license on your phone. You can show your ID on the phone when you go to the airport. So, everything is on the phone, and this is happening at a scale of, you know, 100 million, 200 million people. So, this DigiLocker makes transactions paperless.
FastTag and GST: Streamlining Payments and Logistics
And then, of course, as somebody in the moving and automotive businesses, we have seen how fast-tag and GST have cut waiting times at interoperability rates at borders. There’s enough data now to show a dramatic reduction in the time that vehicles take when they pay with a fast tag compared to the old model of fishing around in their pocket for some loose change. Again, the system I designed in 2010, Fast-tag, is now used across the country and does millions of transactions. And that, along with GST, has made a big difference. So, you can see the volumes here.
Last year, FastTag did 2.4 billion transactions. And now, as you all know, in the Rajesh will know that every car has to go out with the fast tag. So, the fast tag is there on every car and every truck which is manufactured. So, it’s become ubiquitous as a paperless way of making payments. And the other benefit of FastTag has been that it had essentially cleaned up the revenue generation of highways because, you know, in the whole model when you took cash.
You didn’t know how much of the cash reached the, you know, how much cash was being siphoned off. But now, all payments are digital. And therefore, road projects have become more finance-worthy because now you can predict the cash flow or because it will be real money coming from digital transactions. And that, in turn, allows the government to monetize their assets, sell their existing roads to, you know, pension funds or whoever, and then recycle that capital in building new roads. So, I’m trying to find the full link. It’s there. You put in technology. You improve efficiency, make projects roadworthy, monetize that, create liquidity, and put the capital back. So, all this is happening there, and it has also made our government spending more efficient. India has transferred 310 billion dollars into people’s bank accounts in the last ten years. And particularly during the pandemic, hundreds or hundreds of millions of people got money as emergency money because of their lost jobs that went back to the villages. And they’ve been about a billion transactions since we started.
India’s Digital Taxation System: A Game-Changer for the Economy
India started this project. The other big thing is what’s happening in taxation. India is among the few places where both indirect and direct taxes are digital-first. So, in GST, every 13.7 million companies are registered. They file and pay electronically. They can go to any bank and make the payment. Now, under 10 2.0, you can pay anywhere. On the income tax side, the entire income tax system is digital. 71.4 million taxpayers are filing income tax returns and paying digitally. And because of this, India’s tax-to-GDP ratio is going up and will go up even further. So today, if we have GDP growth of 6-7%, inflation of 7%, and nominal GDP growth of 14-15%, our tax collection is going up at 30-40%. In other words, tax collection is two times GDP growth. And even if it drops to 1.5 times GDP growth, what will happen in the next ten years is that India’s tax-to-GDP ratio will keep going up. It’s already at 11.7%, the highest in 20 years. And the government will, therefore, have more money to spend on public projects, infrastructure, reduce deficits, and all that good stuff. So you’re seeing a secular trend where India’s tax-to-GDP ratio will increase in the next decade.
Transforming India’s Capital Markets through Digital Technology
And then the capital markets have been transformed. Today, anybody can apply for an IPO on their phone using the UPI ASBA feature. In the LIC IPO, more than 50% of the applications came through UPI. And that’s also the reason for building the SIP market, the systematic investment plan. Millions and millions of people are using this. It’s growing every day. And fundamentally, because of SIP, which brings in billions of dollars annually, India has been protected from rapid outflows. The thing with these FIIs is, as soon as they’re interested, it goes up, they all vanish, they all take the money and run away. And India historically has been vulnerable to capital flight. But that is no longer true because domestic investors have held the thing going. And the domestic investors have held it going because they use SIPs, and that’s a big part. And SIP is possible because of NACH, which has a recurring mandate, and now increasingly UPI, which has a mandate called AutoPay, which allows you to set up. So the modern principle, all this stuff is connected, and fundamentally, our markets are in much better shape. And all this is formalizing the economy. People who are outside the system are coming into the system. Companies that are outside the system are coming into the system. And everybody is getting used to digital technology. So, this is the only country in the world where anybody has built population-scale digital public infrastructure.
PhonePe, which lights up the consumption of digital payments across the country. And as you can see, it’s all over the place. It could be less in some parts of the country. Still, fundamentally, it is not just an urban phenomenon or a rich people’s phenomenon. It’s a universal national phenomenon. And this is based on the philosophy of creating public goods that are interoperable, competitive, open, and accessible. Anybody can compete and so on. It’s not about creating a walled garden, a winner-take-all thing.
India’s IT Service Industry: A Booming Hub for Global Technology Development
And then, of course, this has been made possible by India’s IT service industry. My friend Gurnani is over here. Tech Mahindra, Infosys, Wipro, TCS. India’s IT industry took 30 years to reach $100 billion. It took ten years to go from $100 to $200 billion. It will go from $200 to $300 billion in three years. So, this industry’s step changes and acceleration as India becomes the de facto centre of global technology development.
The number of people employed in the industry, which is about 5 million, will double to 10 million. All of them will buy those vehicles you make, and it will create massive economic demand because every job in the IT industry creates, you know, four or five jobs in other sectors. And along with that, so this is also a massive foreign exchange benefit for the country, along with which is our inward remittance, also by our human capital. And as you saw in today’s paper, India’s remittance was $86 billion so far last year. This year, it’s going to be $100 billion. And fundamental shifts are happening. In the old days, people from Kerala went to the Gulf. In the new world, it’s people from UP going to Finland. So, the whole game has changed. So, over the next ten years, there will be a dramatic increase in inward remittances from around the world by Indians who have gone to work. And the combination of inward remittances and IT allows you to create a $500 billion balance sheet on the foreign exchange front.
Startup Ecosystem: Driving Innovation and Entrepreneurship
And then, of course, there’s a whole startup ecosystem. India had 1,000 startups in 2016. Last year, it had 90,000 startups, 90x in seven years. It’s crazy, and massive funding is happening. And you’re going to see a lot of activity here. And of course, many of them may not succeed, but even if 10% succeed, they will change the country. So, there’s a massive startup ecosystem, and they’re leveraging the talent in the IT group. They’re leveraging the foreign exchange; they’re leveraging the digital infrastructure which we have. And now we have a young, connected country that consumes content digitally.
A great example is IPL rights. When IPL started, they were only television rights; there were no digital rights. And then, slowly, digital rights started. In the last IPL auction, digital rights got more money than television rights. And that shows how India has shifted in 10 years as a digitally consuming country. And that’s very obvious. In 2016, not very far back, guys huddled in some TV shop and watched cricket. They don’t need to do that because they can get it on their device. There’s a shift in four years, a kind of technology change happening. And startups have captured the imagination of young people. In 2012, an IIT topper said, “I want to be a scientist.” Now he says, “I want to be Elon Musk.” So that’s a significant change in the mindset of people. And also, there’s a startup alumni ecosystem. Myntra alumni found 113 startups. Flipkart alumni found 318 startups. Just two companies. As this takes off, more companies will beget more companies, like nuclear fission. And ultimately, there will be many, many more entrepreneurs in society. And, of course, that is having an impact on incumbents. Yulu is making electric scooters for Ether, for Hero Electric because they have to compete with Ether. Tata launched Tata New because they wanted to compete with Nykaa, Jupiter, and Open are so-called Neo-Banks. SBI and Kotak. So, fundamentally, this startup energy is also making incumbents say we need to do better than them. And therefore, you’re creating. This is the first time you’ve seen this level of innovative energy in the system that we have now. So, this will continue to transform India.
Super Credit Cycle: Disrupting the Credit Landscape
In what areas will we see it? I talked about what happened, what will happen. The big three, which have implications for you, are credit, e-commerce, and logistics. All three are going to get disrupted over the next decade. First of all, we are going to enter into a super credit cycle. Indians have always had a huge unmet demand for credit. Still, now supply is increasing because of the financialization of savings. So, fewer people are keeping their money in real estate and gold. More people are keeping their money in financial services. You can see that with the rise of family offices and all that good stuff. Now, the combination of digital public goods and startups is solving the three big challenges of credit: whom to give it to, how to make sure it’s reliable, and that you get your money back. And thirdly, how do you intercept the cash flow so that he cannot pay you? These are fundamental issues. All three are going to change. And just like UPI transformed payments, credit is going to get transformed in the coming ten years.
The volume will go up, the velocity will go up, the veracity, the accuracy will go up, and the variety of trade will go up. Retail, consumer, everything will happen. And I always think that small-ticket loans are exploding. And information collateral, which is your digital footprint, will replace asset collateral. So in the old days, when you gave a loan, you said, “Give me a balance sheet. What assets do you have?” In the new world, you look at your digital flow, how many invoices you paid, and how much business you got digitally. All that will give you the data to decide whether you’re a reasonable credit risk or not. So information collateral is replacing asset collateral.
Logistics Transformation: Digitizing and Optimizing Supply Chains
And then, of course, the whole logistics chain is being transformed. There’s massive private sector interest in reforming the logistics chain. You’re looking at last-mile three-wheeler electric for delivery. All that is going to be massive.
All that is going to be massive. That is accompanied by huge investment on the public side. So suddenly, there’s both public investment and private investment. Just look at Bangalore airport. Bangalore Airport handles 35 million passengers a year. The new terminal, Terminal 2, launched recently, will add 20 million. That’s 55 million. And in the next seven years, they will add one more terminal. They’ll go to 80 million a year. Eighty million a year is Heathrow. Can you imagine Bangalore will pass Heathrow in seven years? So this is what is happening. The kind of change which is happening is staggering. So the combination of private investment, innovation, and public investment will transform logistics. And again, logistics will go from offline, informal to online and formal, and all data-driven. So everything will be able to track everything, and there are enough people I see who are doing that. And that is a picture generated by an AI called DALL·E to show what’s happening out there. It’s an Indian truck driver looking at his phone.
E-commerce Expansion: Unleashing the Power of Online Commerce
And then, of course, DPGS, GST, eBay Bill, and fast tag are all creating a single physical market and the innovations you’re all driving. And then the third big thing is going to be the e-commerce expansion. And here again, just like I talked about digital public goods opening it up, we are essentially the thing called ONDC, which will open up e-commerce and allow everyone to participate. And fundamentally, e-commerce is going to be far more inclusive, and it’ll bring millions of small retailers into commerce. So what ONDC is doing is converting all commerce into e-commerce. So payments are already digitized, and inventory will get digitized so any supplier can declare their catalogue on ONDC, and anybody can order from that catalogue. Discovery gets digitized because I can order from any app. I can use a PhonePe app. I can use your app and order something. And logistics will be a service, so I’ll get one of your companies to deliver it to me. So the unbundling of e-commerce, which is again a unique Indian phenomenon, will ultimately turn things upside down in the world of commerce.
The Road to a $10 Trillion Economy: Technology-led Growth and Collaboration
And then, today, in the world of commerce, there are very strong linkages between wholesalers, retailers, and distributors because they give credit. So a wholesaler is as much a lender as a supplier of things. And therefore, the bonds are very tight. But once we unbundle credit and everybody in the value chain can access affordable credit from formal systems, it no longer depends on credit from the wholesaler. And so the whole supply chain is going to get untangled in the years to come.
So we saw in the digital world that Google Plus, Facebook ads, Stripe, and Amazon Web Services all enabled you to start a digital company because you just had to use a credit card, and you’re good to go. India will see credit, ONDC, UPI, and logistics, providing a complete stack for selling physical products. Because what I can sell can be put on my ONDC, anyone can order it, and some logistics guy can deliver it, and I can get paid for it. So fundamentally, the way we think about products, about brands, all that is going to change in the coming years.
So what I explain to you is that we have an exponential change, which happens. Still, it happens gradually, and then suddenly, something happens. And we saw that with identity, IT services, smartphones, etc. But this is all a domino effect. Each one is affecting the next, and all this stuff is now interacting and leading to our $10 trillion economy. So fundamentally, India is creating a new model of growth, which is technology-led, collaborative, equitable, and democratization. And you’ll see some fantastic stuff in the coming ten years, and you guys will make it happen. Thank you very much.
Conclusion
In conclusion, India’s digital transformation has come a long way in a short period of time. The country has successfully leveraged digital technology to enable financial inclusion, streamline payments and logistics, and revolutionize the economy. However, with digital transformation comes both opportunities and threats that must be carefully considered. By continuing to invest in digital public goods and fostering innovation and entrepreneurship, India has the potential to become a global leader in the digital economy and achieve its ambitious goal of becoming a $10 trillion economy.
