India to use G20 presidency to promote domestic digital services industry

SHARE:

India intends to use its G20 presidency this year to promote the domestic digital services industry and is in discussions with other nations to export ideas like its payments system internationally, according to authorities.

According to the Financial Times, Amitabh Kant, India’s G20 emissary, said that India, which styles itself as a leader for the developing world, would make “special presentations” about its digital infrastructure at gatherings of finance ministers, IT ministers and other meetings this year.

Officials claim that as part of this digital diplomacy push, the Reserve Bank of India and National Payments Corporation of India, a state-backed firm that manages UPI, approached other countries about making their payment systems “interoperable” with the technology.

According to officials, the Reserve Bank of India and National Payments Corporation of India, a state-backed company that runs UPI, had approached other nations about making their payments systems “interoperable” with the technology, as a part of this digital diplomacy campaign.

These initiatives aim to ease cross-border transactions for Indians living abroad, which will strengthen the domestic economy by facilitating trade with the sizable Indian diaspora.

But according to Dilip Asbe, CEO of NPCI, India also wants to licence its technologies to underdeveloped nations in Asia and Africa for domestic usage.

The interruption brought on by the coronavirus pandemic, according to Asbe, has emphasised the significance of “effective and self-sufficient domestic digital payment infrastructure.”

Countries like Singapore, the United Arab Emirates and Nepal have already started adopting elements of India’s payments infrastructure.

An official also said that India was also approaching about other countries like, the US, UK, Australia, Canada, Hong Kong, Saudi Arabia, Qatar and Oman, which have large Indian diasporas.

India assumed G20 Presidency on 1 December 2022, from Indonesia.

An significant part of Prime Minister Narendra Modi’s soft-power strategy is to use the office’s prominence to advance the India Stack as New Delhi works to represent itself as a democratic, business-friendly alternative to China.

“Most innovations come from the developed part of the world — they have emerged from Google, Facebook, Microsoft, they have emerged from Tencent and Alibaba,” Kant said, arguing that India’s digital infrastructure was an inclusive template and could serve as an alternative.

“This innovation has come from an emerging market and this has ensured that there is a public platform,” he added, calling it “a way of transforming the lives of citizens”.

“It’s not about making money,” Kant said.

The India Stack is made up of layers that establish digital identification as well as levels that offer data and financial services. This includes programmes like UPI, which was introduced in 2016, as well as Aadhaar, the nation’s 13-year-old digital ID system that is connected to a person’s fingerprints.

Since the networks are “interoperable,” both for-profit businesses and government agencies can rely on them to provide everything from bank loans to online courses. India managed Covid-19 immunisations and certificates using this infrastructure.

But Satish Meena, an independent tech analyst, said the adoption of such interlinked networks was “not organic”.

“It goes from top to bottom,” he said. “The government and regulator has to push the product to the public.”

He added that India’s scale could make this an attractive option overseas. “Earlier, you had small pilots. But now these are big enough projects across the population — income, education and age group — that it can work.”

Initiatives like Aadhaar have caused controversy because, according to privacy activists, they provide companies and agencies unnecessarily broad data collection rights. Although India does not currently have a data protection law, a revised one was recently submitted that would limit how businesses can utilise personal data.

At a time when a third of the world’s economy is expected to experience a recession, Russia’s war on Ukraine is still going strong, and states are battling a global debt crisis, the leaders of the G20 countries will gather in New Delhi in September.

With inputs from agencies

Read all the Latest News, Trending NewsCricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

Also Read

[TRENDING]_$type=ticker$count=9$cols=4$cate=0$color=#0096a9$sp=3500

[RECENT]_$type=list$author=hide$comment=hide$va=0

Name

'Badhaai Do' movie,1,'The Kerala Story',2,'Zeeshan Maggie Point',1,"kerala story",1,@preganest,1,accident,2,Actor Salman Khan,1,Actress Priyanka Chopra,1,Air India,1,Arjun Tendulkar,1,Arshia Goswami,1,Article,4,Barbed wire,1,Bhopal,3,Bike Rider Agastya Chauhan,1,bodyguard missbehave,1,Box Office Collection,1,Boxing Champion Mary Kom,1,Bundelkhand,1,Business,23,Chhatarpur,1,CM Shivraj Singh Chouhan,5,codecanyon,3,Comedian,1,Congress MLA Omkar Singh Markam,1,Controversial Movie,1,converting to Islam,1,couples goal,1,creativity,1,Crime news,1,Deadlifts 60 kg,1,Deendayal Antyodaya Rasoi Kendras,1,Delhi airport,1,Delhi metro,1,Development Scheme,1,Dhirendra Shastri,1,Disastrous Plastic Surgeries,1,District hospitals,1,Diwali a National Holiday,1,Donatella Versace,1,DPR,3,Dubai woman,1,Education / Employment,2,Eid Party,1,Eight-Year-Old,1,Elections 2024,2,Entertainment,14,Environment,1,Fashion,1,Female Engineer Uber Driver,1,Film 'Kisi Ka Bhai Kisi Ki Jaan',1,Filmfare Awards 2023,1,first water metro,1,Food,2,Government,1,Hakuto-R,1,health sector,1,IIFA 2023,1,IIT Indore,1,India,1,India news,4387,Indian Muslim,1,Indian news,1,Indore,3,Indore court,1,instragram,1,IPL,1,IPL 2023,2,Kanya Vivah-Nikah Yojana,1,Katrina Kaif,1,Kochi,1,Latest news,1,Lifestyle,6,Lifstyle,1,loss of cat,1,Lucknow,1,Maa Kali',1,Madhya Pradesh,20,Mahakal lok,1,Mahakaleshwar temple,1,main,19,Man naked and garlanded with shoes,1,Mantralya,1,Men wearing skirt,1,Menstrual Hygiene Day 2023,1,Mexican Giant Turtle,1,MIT,1,mobile phone,1,modular kitchens,1,Moon,1,MP Weather Update,1,Mumbai,2,Munawwar Farooqui,1,National,162,National Paper Airplane Day 2023,1,Navlakha,1,News,1,Nick Jonas,1,Northeastern University,1,Nothing Phone (1),1,Pennsylvania,1,pet parrots,1,plants mango saplings,1,PM Narendra Modi,3,politics,1,PTI – The Siasat Daily,3,Rachit Agarwal,1,Rashid rover,1,Realme Narzo N53,1,record-breaking century,1,renewable energy sector,1,Royal deaths,1,Rs 70 lakh,1,Russia Ukraine ongoing conflict,1,Sagar,1,salman khan,1,Sanatan Dharma,1,Sara Tendulkar,1,Sardar Vallabhbhai Patel Park,1,Shah Rukh Khan,1,Shah Rukh Khan's Airport Video goes viral,1,Shalini's Unconventional Divorce Photoshoot,1,Shubam Gill,1,Shubham Gill,1,Six-month-old Infant Dies,1,Social Dynamics,1,social media,1,South Actresses,1,South Africa,1,South Indian Comedian,1,Spending husband's money,1,Sports,16,Summer Season,1,Tarek Fatah,1,Tech,3,Temples,1,Trending,1,tweet,1,Ujjain,1,Ukraine Defence Ministry,1,University of Glasgow,1,US-Canada Border,1,US-India Visa,1,Vicky Kaushal,1,video viral,2,viral video,3,Virat Kohli and Gautam Gambhir,2,Water crisis,1,WiFi,1,Wildlife,1,Wired Food Combinations,1,World News,2100,youtuber,1,
ltr
item
India to use G20 presidency to promote domestic digital services industry
India to use G20 presidency to promote domestic digital services industry
ASE News
https://www.asenews.page/2023/01/india-to-use-g20-presidency-to-promote.html
https://www.asenews.page/
https://www.asenews.page/
https://www.asenews.page/2023/01/india-to-use-g20-presidency-to-promote.html
true
8343353446356446311
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content