The India Stack is widening access to financial services in an economy where retail transactions are heavily cash-based…reports Asian Lite News
Prime Minister Narendra Modi’s digital vision and all the programmes that have been launched around that vision are creating amazing digital public goods, which are the greatest contributions to the world, Microsoft Chairman and CEO Satya Nadella said on Thursday.
Nadella, who met Modi in the New Delhi on Wednesday, described his meeting as an “insightful” one, especially around the India Stack.
India Stack is a set of open APIs and digital public goods that aim to unlock the economic primitives of identity, data, and payments at population scale.
“I had an opportunity to have a conversation with PM Modi about this at length. The magic of India Stack is unlike anything that I have seen anywhere in the world, which is perhaps the greatest contribution that India can make to the world,” Nadella told the gathering here during Microsoft’s ‘Future Ready Technology Summit’.
The India Stack is widening access to financial services in an economy where retail transactions are heavily cash-based.
Payments through the UPI interface touched a record high of Rs 12.82 lakh crore in December 2022, registering 782 crore transactions.
The work in the field of digital public goods is amazing and it is “inspiring to see the deep focus on sustainable and inclusive economic growth led by digital transformation” in the country, he added.
After meeting PM Modi, Nadella tweeted that “we’re looking forward to helping India realise the Digital India vision and be a light for the world”.
Nadella was in the country on a four-day visit, and also met External Affairs Minister S. Jaishankar in the capital on Wednesday.
Cloud-based services will be foundational to scaling India’s digital journey and Microsoft is innovating across the board to support the country’s ecosystem of developers, startups, and companies across the industry. Microsoft has operated in India for more than 32 years now.
While interacting with top business leaders at the Microsoft Future Ready Leadership Summit, Nadella reinforced the digital imperative for every organization and how the Microsoft Cloud can foster innovation, create broad economic progress, and accelerate the growth of businesses in India.
Nadella also highlighted how organizations big and small, across India are transforming with the power of Microsoft’s tech stack and solutions.