In order to promote financial inclusion and grow the digital economy, the World Bank and the Ministry of Electronics & Information Technology (Meity) are creating a state-level Digital Public Infrastructure (DPI) adoption index.
In response to questions from Business Standard, the World Bank stated that planning was underway for the project.
“The state-level DPI index will help analyse gaps to strengthen the digital economy, support financial inclusion, and increase public-private innovation,” it stated. Consulting businesses are asked to apply to be a part of this program by the bank.
According to an anonymous official, the index would rank states according to how widely DPIs had been adopted. “Encouraging states to use DPIs more is the primary goal. The Center will utilize it to find the holes in the existing systems,” he stated.
Meity did not reply to questions from Business Standard until right before publication.
This month, the World Bank stated in its advertisement that “the work will be done under the aegis and guidance of the Ministry of Electronics & Information Technology.”
The bank withheld information regarding the project’s methods. “The proposed project is under preparation, and we will be happy to share the details once finalised,” it read.
Built on open standards and specifications, the DPI is a collection of digital technologies that are shared and interoperable. India’s Digital Payments Index, commonly referred to as India Stack, has garnered widespread recognition for enhancing financial inclusivity and augmenting economic formalization. A number of foreign nations have also shown interest in India’s DPI.
It includes real-time payments via the UPI platform, digital identification via Aadhaar, and additional services like account aggregator. It was shown to the globe last year when India presided over the G20.
According to Amitabh Kant, India’s G20 sherpa, DPI would “become synonymous with the rest of the world” earlier this month.
The Center inked memorandums of understanding (MoUs) with eight nations last year to provide them with free and open-source access to India Stack and DPI. These included Papua New Guinea, Mauritius, Barbados, Antigua, Suriname, Armenia, and Trinidad and Tobago.
Co-founder of Infosys Nandan Nilekani declared in August at the B20 Summit in New Delhi that the Centre would lead a global coalition that would introduce India’s DPI model to 50 countries over the course of the following five years. The World Bank and the International Monetary Fund (IMF) were part of this collaboration.
According to Prakash Kumar, CEO of the Wadhwani Center for Government Digital Transformation, India’s DPIs have made it possible for millions of people to receive benefits directly from the government and have brought in 500 million people into the banking system.
“This success has sparked interest from over 40 nations expressing interest in adopting aspects of India’s DPI, positioning India as a global leader in digital innovation,” he stated.
