India is at the forefront of the digital revolution, the report said. The country has embraced not just financial technology (FinTech) by speeding up digital payments but has also celebrated India Stack comprising biometric identification, the Unified Payments Interface (UPI), mobile connectivity, digital lockers and consent-based data sharing.
The digital revolution is galvanising banking infrastructure and public finance management systems covering both direct benefit transfers and tax collections, the report said. Vibrant e-markets are springing up and expanding their reach. “It is estimated that the digital economy currently accounts for a tenth of India’s GDP; going by growth rates observed over the past decade, it is poised to constitute a fifth of GDP by 2026,” the report said.