G-20 Amitabh Kant, India’s sherpa in the group, said on Thursday that the global future will not be driven by big technology companies but by locally developed ‘Digital Public Infrastructure’ (DPI) platforms. Addressing the ‘We Made in India’ event, Kant said that India will transfer the locally developed DPI to the rest of the world and many countries have already expressed their consent for this. DPI includes services like digital identification through Aadhaar, real-time payments through UPI and account aggregator.
There was a demonstration in the G-20 conference
DPI platforms were showcased to the world during India’s chairmanship of the G-20 summit last year. Kant said that during the G-20 conference, the entire world had accepted the definition and framework given in the context of DPI. India has made considerable progress through its strategies in creating digital public infrastructure. “Our belief is that the future will not be driven by big technologies, it will be driven by DPI,” he said.
India’s DPI will go around the world
Generally, big global companies like Apple, Google, Amazon and Meta are counted as big technology companies. Kant said that India’s DPI will be transferred across the world and this will create a lot of opportunities for the country’s entrepreneurs which need to be taken advantage of. “DPI will become synonymous with the rest of the world,” he said. Along with this, former CEO of NITI Aayog, Kant said that DPI will be a major part of India’s growth story in the period till the year 2047.
Invest in the country’s startup movement
Urging insurance companies and pension funds to invest in the country’s ‘startup movement’, he said that Silicon Valley, the bastion of big technology companies, was built on the bets placed by patient investors. Kant said that currently, domestic startup companies are getting more than three-fourth of their funding from international sources and only one-fourth of their funding is from domestic sources.
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