Nandan Nilekani: Instruments like Aadhaar, digilocker, and the UPI would benefit in the transformation of the Indian economy

Nandan Nilekani, chairman and co-founder of Infosys, mentioned few facts about Indian Economy.  He said, that India will change from an informal, low-productivity, to a formal, high-productivity mega economy. He gave credit for this transition to digital public infrastructure like unified payments interface (UPI), Aadhaar, and digilocker.

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Indian Economy is transitioning

Nilekani made this remarks about Indian economy, in G20 Summit. Nilekani stated that fundamentally, India is transitioning from a informal, low productivity,  to a  formal, high productivity economy.  According to him, this trend would continue over the next 20 years.

He stated that the development of fresh strategies for resolving societal issues was a result of the digital public infrastructure (DPI). In essence, he continued, this strengthens the nation's capacity to reshape society at a large scale through the application of digital technology.

Cutting Edge Example of Inclusive Progress

Nilekani, who was also UIDAI's founding chairman, claimed that India's digital public infrastructure is a cutting-edge example of inclusive progress. We believe that this model is special, collaborative, equal, and built on the idea that everyone in the nation should have access to opportunity, regardless of where they live, he said.

According to him, India's DPI is getting respect internationally and the model could be adopted by 50 nations in the next five years. He claimed that today, everyone—including Bill Gates and the IMF—recognized India's distinctive contribution to the world's digital public infrastructure.

Trinity of Jan Dhan Yojana, KYC, and Aadhar

The trinity of Aadhar, KYC (Know Your Customer), and Jan-Dhan Yojana, in Nilekani's opinion, has pushed financial inclusion in the nation. With Aadhar, the process got started. Everyone was intended to receive a digital identity, and as of today, 1.3 billion Indians do.

It offers online ID authentication using face, iris, fingerprint, and OTP data. Every day, that system processes 80 million transactions, he claimed.

1 billion Aadhar card milestone

The year 2016 marked a turning point when we passed the 1 billion Aadhar card milestone. The new payment system UPI was introduced in April 2016. According to him, the RBI decided to introduce an account aggregator system the same year Jio was introduced.

UPI served as 'Game-changer'

He claimed that UPI, introduced in 2016, has become the largest payment platform in the world. UPI enabling an astounding 9.96 billion transactions each month. The system, which has 350 million users, enables digital payments through QR codes at almost 50 million businesses nationwide.

He continued by saying that moving forward, digital public infrastructure would aid in climate adaptation and mitigation.

DPI is a method that has many applications for the difficulties we face, he continued, from managing the electric vehicle charging station grid to providing one-on-one money transfers to those affected by climate change.

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