India on Track to Achieve $5 Trillion Economy

Entrepreneurs harnessing India’s digital public infrastructure (DPI) hold the key to propelling the nation into a $5 trillion economy, experts emphasized on Sunday.

DPIs, reaching a staggering 1.3 billion citizens, nearly encompassing the entire population, are driving economic growth through widespread adoption.

A recent study led by Nasscom revealed that matured DPIs have generated a value of $31.8 billion, equivalent to 0.9% of India’s GDP in 2022.

“Digital technology serves as a catalyst for India’s broader ecosystem, spanning healthcare, agriculture, and notably, education,” remarked Mayank Kumar, Co-founder and MD of edtech platform upGrad.

Kumar expressed optimism about India’s economic trajectory, citing the robust digital infrastructure laid nationwide. He believes that leveraging this infrastructure will pave the way for India to achieve both $5 trillion and $10 trillion economies in the future.

India’s interoperable and open-source DPIs are gaining global attention, with over 30 countries exploring their adoption to enhance social and financial inclusion.

Experts highlight DPI’s role in promoting digital inclusion and fueling economic growth on a large scale.

“India stack serves as a vital link between physical infrastructure like broadband and a spectrum of digital services, enabling widespread digital adoption – from identity verification (Aadhaar) to payments and healthcare,” explained Prabhu Ram, Head of Industry Intelligence Group at market intelligence firm CMR.