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July 16, 2024
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G20 Presidency Drives Global Digital Public Infrastructure Agenda

In Part 3 of the report, a forward-looking perspective is presented, outlining a strategic blueprint for elevating DPI across various sectors, as well as on a global scale through a range of its policy recommendations…reports Asian Lite News

The final report of India’s G20 Task Force on Digital Public Infrastructure aimed at strengthening the foundations of DPI worldwide, especially the Global South, was released here on Monday 

The work of this Task Force had led to the acceptance of the definition and framework of the Digital Public Infrastructure (DPI) during India’s G20 Presidency and will be taken forward for implementation during the Brazilian and South African Presidencies.

The report will play a key role in defining the future course of the DPI approach and actions for implementation around the globe, particularly in the Global South, according to a Finance Ministry statement.

The task force was led by the co-Chairs —  Amitabh Kant, G20 Sherpa of India and Nandan Nilekani, co-founder and chairman of Infosys and the Founding Chairman of UIDAI (Aadhaar).

The complete report is available on the website of the Department of Economic Affairs, Ministry of Finance.

On the occasion of releasing the report, Amitabh Kant said: “India did an incredible pole vault in Digital Public Infrastructure. We achieved in 9 years what would have taken 50 years without DPI. Today in India, UPI is used at all levels from street vendors to large shopping malls, with the highest percentage of digital transactions globally, accounting for nearly 46 per cent share. All these proved to be building blocks for India to steer through the COVID-19 pandemic, be it transfer $4.5 billion into the bank accounts of 160 million beneficiaries or facilitate distribution of 2.5 million vaccinations in two years with digital vaccine certificates on mobiles. We are far advanced in terms of digitisation and I am confident, this report will be the guiding North Star for the world to follow.”

Co-Chair of the Task Force Nandan Nilekani said: “Governments and businesses around the world are increasingly realising that if they really want to achieve SDGs (sustainable development goals) and social goals like inclusive growth, it has to have underlying DPI to make that happen. DPI has the power to dramatically improve the lives of citizens and transform governance.”

India’s G20 Presidency provided a significant opportunity to set and drive the global policy discourse on key economic and developmental agenda. India’s digital public infrastructure (DPI) – digital identity, fast payment system along with consent-based data sharing – has demonstrated how 1.4 billion individuals can access socio-economically important services in the fields of finance, health, education, e-Governance, taxation, skills etc.

India’s achievements in the field of DPI and also could gather unanimous support from all G20 members on DPI-related reports and deliverables under both Finance Track and Sherpa Tracks, the Finance Ministry added.

The report encompasses three essential parts that collectively unravel the approach for global DPI advancement and adoption. In Part 1, the DPI Approach emerges as a transformative paradigm that effectively addresses global challenges through innovative technological solutions.

In Part 2 of the report delves into how India has steered its DPI agenda, especially during its G20 Presidency in 2023 under its various working groups. 

In Part 3 of the report, a forward-looking perspective is presented, outlining a strategic blueprint for elevating DPI across various sectors, as well as on a global scale through a range of its policy recommendations.

The report also highlights the need to identify an existing body of global standards with the scope of multinational presence, to foster and harness the DPI ecosystem across various regions and countries, especially Global South countries.

‘India Needs Robust Sovereign Credit Rating Agencies’

As India embarks on its journey to become ‘Viksit Bharat’ by 2047, it’s important that we have appropriate credit ratings and call out global agencies for biases and lack of transparency for not objectively assessing India’s strong economic fundamentals, G20 Sherpa and former NITI Aayog CEO, Amitabh Kant, said on Saturday. 

Addressing the CareEdge Ratings ‘Conversations 2024’ conference in Pune, he said the notion that developing countries offer more risky investments is not solely based on objective financial metrics but is significantly influenced by subjective assessment.

Kant stressed the need for promoting home-grown credit ratings agencies, saying that appropriate sovereign credit ratings are actually a very critical issue that impacts not only India but also the entire emerging economies.

Hailing India’s high growth rate of around 8.2 per cent, he stressed that future growth will come from cutting-edge areas.

According to Najib Shah, Chairman, CareEdge, the world is moving away from domination by a single superpower, a single currency and moving towards a more balanced and complex system that’s emerging and evolving.

“Such an environment also has implications for the financial situation. Destructive competition between the US and China has ushered in a new era of competing geopolitics and economies. The role of the credit rating agency will be important here for acting in a transparent, competitive, professional manner,” Shah told the gathering.

At the event, Gulshan Malik, Deputy Managing Director, State Bank of India (SBI) said the banking sector in India is adequately capitalised as well as ready to fund the next phase of growth which is very critical.

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