Seminar shares DPI advantages with representatives from 100+ countries
The International Monetary Fund (IMF) presented a comprehensive overview of India’s remarkable journey in developing the “India Stack” as a world-class Digital Public Infrastructure which has not only transformed the digital landscape in India but also offers powerful lessons for digital transformation worldwide.
The IMF’s Paper “Stacking up the Benefits: Lessons from India’s Digital Journey” particularly commended India’s Direct Benefit Transfer mechanism for effectively reaching over 87% of poor households during the COVID-19 pandemic, highlighting India’s ability to deliver essential services through digital means.
The World Bank also presented the G20 Policy Recommendations for Advancing Financial Inclusion & Productivity Gains through Digital Public Infrastructure at the Seminar.
These recommendations were recently endorsed by the G20 Leaders’ Summit in New Delhi. These recommendations provide actionable insights and customizable strategies for countries to optimize the potential of DPIs in achieving financial inclusion and fostering economic growth.
The presentations were made to representatives from over 100 countries across Asia, Africa, and the Middle East joining virtually and in in-person, Finance Ministry said on 22 Sept 2023.
The Department of Economic Affairs, Ministry of Finance, in collaboration with the International Monetary Fund (IMF) Asia and Pacific Department (APD), with support from the IMF South Asia Regional Training and Technical Assistance Centre (SARTTAC) hosted the seminar in Delhi, serving as a platform for fostering peer learning, sharing global best practices, and promoting collaboration to harness the potential of Digital Public Infrastructure in advancing financial inclusion and productivity.
The seminar also witnessed discussions between industry experts, Nithin Kamath, Chief Executive Officer, Zerodha and Dr. Pramod Varma, Chief Technology Officer, EkStep Foundation. Their insights shed light on the path to innovation, competition, and financial inclusion through the adoption of DPIs.
The International Seminar on Digital Public Infrastructure showcased India’s leadership in the field of digital public infrastructure and its commitment to fostering inclusive economic growth.
The event served as a platform for international collaboration and knowledge sharing, furthering the global agenda of harnessing DPIs for sustainable development, said the Ministry. Fiinews.com
