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India Showcases DPI Benefits at Finance Ministry Meet

Utkarsh Classes 23-09-2023
India Showcases DPI Benefits at Finance Ministry Meet Summit and Conference 4 min read

The Department of Economic Affairs, Ministry of Finance, Government of India organised an international seminar on ‘Digital Public Infrastructure: Supporting Financial Inclusion and Productivity’ in New Delhi on 22 September 2023.

The Department of Economic Affairs organised this international symposium in collaboration with the Asia and Pacific Department (APD) of the International Monetary Fund (IMF) and with the support of the IMF's South Asia Regional Training and Technical Assistance Center (SARTTAC).

Who attended the conference?

  • This hybrid program was ateended by the Secretary (Economic Affairs), Ministry of Finance, Government of India; Chief Economic Advisor, Government of India; Senior experts from the IMF and the World Bank joined in person and representatives from more than 100 countries in Asia, Africa and the Middle East joined virtually.

Importance of the conference:

  • The seminar served as a platform to promote peer learning, share global best practices and foster collaboration to harness the potential of digital public infrastructure in enhancing financial inclusion and productivity.

International Monetary Fund (IMF) contribution to the conference:

  • The International Monetary Fund (IMF) helped develop the ‘India Stack’ as a world-class digital public infrastructure. It has not only changed the digital landscape in India but also provides powerful lessons for driving digital transformation in the world.

World Bank's contribution to the conference:

  • The World Bank presented G20 policy recommendations for enhancing financial inclusion and productivity through digital public infrastructure at this seminar.

  • These recommendations were recently approved at the G20 Leaders' Summit in New Delhi.
  • These recommendations provide actionable insights and adaptable strategies for all countries to optimise the potential of IPRs in achieving financial inclusion and promoting economic growth.
  • India's leadership in the field of Digital Public Infrastructure (DPI) and its commitment in promoting inclusive economic growth was showcased at this international symposium.

Digital Public Infrastructure (DPI):

  • The DPI initiative is also known as India Stack.

  • It is a collection of technologies developed through collaboration between digital platforms like Aadhaar, Digital Locker, DigiYatra, UPI and various bodies, including governments, regulators, the private sector, volunteers, startups and academic institutions.
  • It aims to provide citizens with a seamless and efficient way of accessing government services and promote inclusive growth.

 

FAQ

Ans. - Organized an international symposium on ‘Digital Public Infrastructure: Helpful in enhancing financial inclusion and productivity’.

Ans. - International Monetary Fund (IMF) and World Bank
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