India Introduces Digital Public Infrastructure to Boost MSME Growth

New Delhi, May 3 (KNN) India has taken a proactive approach to accelerating growth in its crucial Micro, Small and Medium Enterprises (MSME) sector through the development of a robust Digital Public Infrastructure (DPI) - the digital networks providing citizens access to services like Aadhaar, UPI, and FASTag.

A recent report by NASSCOM projected that DPI could help propel India to an USD 8 trillion economy by 2030, with its contribution to GDP rising from 0.9 per cent in 2022 to between 2.9-4.2 per cent by the end of this decade.

With over 6.30 crore MSME enterprises, the sector is a vibrant engine fostering entrepreneurship and employment opportunities at relatively lower capital costs, second only to agriculture.

In April 2024, India's Permanent Mission to the UN and IT Ministry, along with iSPIRT, hosted the first-ever United Nations International Conference on DPI in New York. The event highlighted India's pioneering Citizen Stack initiative integrating technology into citizen services.

"It's a proud moment - a public good built on private infrastructure to boost the MSME credit ecosystem in India," said Jocata CEO Prashant Muddu, expressing hope that its model could be replicated globally to drive inclusive growth.

Case studies demonstrated how Citizen Stack modules are aiding digital public infrastructure adoption in countries like Ethiopia and the Philippines. Officials underscored public-private partnerships' role in fostering such innovation.

(KNN Bureau)