Digital Public Infrastructure can add up to 100 bps to GDP growth: Chief Economic Advisor

The Economic Survey 2022-23 released on Tuesday went big on outlining the role of digital public goods (DPGs) which are being applauded globally.

In the coming months, platforms such as Open Network for Digital Commerce (ONDC), Open Credit Enablement Network (OCEN) will open avenues for e-commerce market access and credit availability for smaller businesses and strengthen the expected economic growth in the medium term, the survey said.

The use of such DPI has enhanced the quality of life for citizens to ensure the reach of social sector schemes to intended beneficiaries, especially during the pandemic, Nageswaran said in his report.

The platforms will democratise digital payments, enable interoperability, and bring down transaction costs. This could potentially transform how businesses and consumers interact at present.

“Finally, the growth and evolution of India’s public digital infrastructure is a story not just of numbers and milestones but also of thoughtful regulatory and innovation architecture that have enabled it to retain its public good character with enough incentives for the private sector to innovate and invest. The untapped potential is huge, and the country needs to continue to innovate. With digital technology and infrastructure, one has to keep running to hold onto one’s place,” the Survey said. How India has created and harnessed its DPI is capturing the attention of many nations globally, the Economic Survey added.

The bouquet of digital public infrastructure products like e-RUPI, E-Way Bill, and TReDS for MSMEs have ensured real value for money to consumers while reducing the compliance burden for producers, the Economic Survey added.