India’s digital growth transformative: World Bank
New Delhi, September 8
A World Bank report has termed India’s Digital Public Infrastructure (DPI) as having a ‘transformative impact’ and ‘extending’ far beyond inclusive finance.
In the report titled ‘G20 Global Partnership for Financial Inclusion’, the World Bank highlighted measures taken by India in the past decade or so — the term of Prime Minister Narendra Modi and the role of government policy and regulation in shaping the DPI landscape.
Financial inclusion rises to over 80%
- The report highlighted measures taken by India in the past decade or so and the role of government policy and regulation in shaping the Digital Public Infrastructure landscape
- Jan Dhan Yojana, Aadhaar and Mobile Number linking has propelled financial inclusion rate from 25% in 2008 to over 80% of adults in the past six years
The World Bank report says India achieved in six years what would have taken decades. Jan Dhan Yojana, Aadhaar and Mobile Number (JAM) linking has propelled financial inclusion rate from 25% in 2008 to over 80% of adults in the past six years.
The report says, “While DPIs’ role in leapfrogging is undoubtable, ecosystem and policies build on the availability of DPIs were critical. These included interventions to create a more enabling legal and regulatory framework, national policies to expand account ownership, and leveraging Aadhaar for identity verification.”
