Date: November 26, 2024
Public digital infrastructure helped micro level players grow in India: FM Sitharaman
India’s Public Digital Infrastructure Boosts Micro-Level Growth
India’s decision to invest in spreading digital infrastructure through public funding, rather than relying on private players, has significantly benefited micro-level businesses and individual users, Union Finance Minister Nirmala Sitharaman said on Saturday. Speaking at JAIN University in Bengaluru, she emphasized how this approach has fostered inclusive growth and empowered smaller enterprises.
A Publicly Funded Digital Revolution
Sitharaman highlighted that unlike many other nations that rely on private platforms to build digital networks, India chose to develop its infrastructure using public money. This decision allowed the country to offer banking and other digital services without imposing user fees, enabling even the smallest businesses to access broader markets.
“This public infrastructure gave significant benefits to very small users, even micro-level users, without them having to bear any additional costs,” she noted.
Empowering Small Businesses and Rural Communities
The Finance Minister pointed out how India’s digital infrastructure has enabled small businesses to grow and expand their reach beyond local markets. As an example, she mentioned a visit to Nagaland, where NGOs have leveraged the digital revolution to receive orders from international markets, including the US, during Christmas.
Open Network for Digital Commerce (ONDC)
Sitharaman also discussed the government’s introduction of the Open Network for Digital Commerce (ONDC). This initiative aims to create an open and inclusive digital commerce ecosystem, benefiting both smaller businesses and large e-commerce players alike.
Digital and Financial Inclusion
India’s push for digital inclusion has resulted in significant advancements in financial inclusion. Citizens across the country, even in remote areas, are now equipped with simple tools and technologies to access digital services on their phones.
“People are not waiting for someone to educate them. The infrastructure is in a simple language, easily accessible on their phones. This inclusion will only grow further,” Sitharaman said.
Future of Digital Infrastructure
While celebrating the success of India’s digital infrastructure, Sitharaman underscored the importance of continuous technological upgrades to meet future demands. She affirmed the government’s commitment to supporting and enhancing the digital ecosystem to ensure sustained growth and inclusion.