Indian stack experience can help the country to become one of the largest digital markets in the world. Elaborate (200 Words)
Refer - Business Line
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· The Minister of Commerce and Industry recently highlighted that India is poised to become one of the largest digital markets in the world on the back of an unprecedented 87 per cent fintech adoption rate as against the global average of 64 per cent.
· The ever-improving India Stack the world’s only public digital platform, that enables digital services and commerce puts us in front of the race.
· The absence of legacy systems options that require behaviour change amongst both vendors and customers who resist change has allowed India to leapfrog to mobile payment systems in banking.
· The elements of the country’s public digital platform that form the India Stack are unique. Consisting of Aadhaar biometrics, United Payment Interface (UPI), e-Sign and e-KYC, and Aadhaar Enabled Payment Systems (AEPS) it is the only public platform that we know of in the world that combines all these elements.
· Mid-size and start-up companies in India can scale up through India’s public digital platforms and compete with the ‘Reliance’s’ of the world.
· For example, it can be used in combining healthcare needs with insurance dissemination in a seamless way ambulance services with insights from e-KYC can take patients to the right hospital emergency room and admissions can be manage in minutes.
3 years
Please review
Mam/sir
IAS Parliament 3 years
Good attempt. Keep Writing.
Cibi Siddharth 3 years
kindly review and provide suggestions sir
IAS Parliament 3 years
Good answer. Keep Writing.
Manish 3 years
Please review
IAS Parliament 3 years
Try to provide a comprehensive conclusion. Keep Writing.
K. V. A 3 years
Kindly review
IAS Parliament 3 years
Try to include about Aadhar enabled payment system, Bharat bill payment system. Keep Writing.
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