India Emerges as Global Leader in Digital Public Infrastructure

New Delhi, Aug 29 (KNN) In a significant shift from its traditional role as a "rule-taker," India is now poised to become a key player in shaping global standards for digital financial technologies and Digital Public Infrastructure (DPI).

This development marks a pivotal moment in India's technological evolution and its growing influence on the world stage.

Dammu Ravi, Secretary of Economic Relations at the Ministry of External Affairs, highlighted India's ambition to collaborate with international financial institutions like the World Bank and the International Monetary Fund.

The goal is to establish standards for cutting-edge technologies including digital payments, blockchain, and cybersecurity.

"For decades, India has followed rules set by the global community, primarily Western nations," Ravi stated at the Global Fintech Fest in Mumbai. "However, in the realm of fintech solutions and DPI, India is uniquely positioned to lead the rule-making process, given that many of these technologies originate here."

This shift is largely attributed to India's burgeoning youth population, a culture of innovation, and the government's recognition of the country's potential to spearhead global technological advancements.

The Indian government is actively promoting initiatives to harness this potential and establish India as a frontrunner in the digital economy.

Moreover, India is extending its expertise to assist other developing nations in building their own Digital Public Infrastructure.

This move not only solidifies India's position as a technological leader but also strengthens its diplomatic ties within the Global South.

Interestingly, the impact of India's digital solutions extends beyond developing economies. Ravi noted that even developed nations are showing interest in India's low-cost, efficient digital solutions.

This has led to the establishment of bilateral mechanisms with countries such as Singapore, the United Kingdom, the United Arab Emirates, and several European nations.

As India continues to innovate and expand its digital capabilities, it is clear that the country is no longer content with being a passive adopter of global standards.

Instead, it is actively shaping the future of global digital infrastructure, promising a more inclusive and diverse approach to technological advancement on the world stage.

This transformation underscores India's growing economic and technological clout, signalling a new era where emerging economies play a crucial role in defining global digital standards and practices.

(KNN Bureau)