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This year report is centered around the theme "India's Digital Revolution.”
Key Findings of the report
- Digital economy: In the last decade, global digital economy grew 2.5 times faster than physical economy to account for 15% of global GDP.
- Digital economy currently accounts for a tenth of India’s GDP and is poised to constitute a fifth of GDP by 2026.
- Growth factors: Internet penetration, low data cost, highest mobile data consumption, large startup ecosystem etc.
- Globally, India ranks first in biometric-based identification (Aadhaar) and real-time payments volume.
- Digital Public Infrastructure (DPI): DPI is going global through Modular Open Source Identity Platform (MOSIP) programme; interlinkage and broadening of UPI with other nations’ fast payment systems like Singapore’s PayNow, etc.
- Social Welfare: Bridging economic inequalities via Direct Benefit Transfer.
- By harnessing DPI, India has lifted 415 million people from poverty between 2005-2021 (UNDP, 2023).
Challenges to Digitalization
- Consumer Vulnerability: In 2022-23, 47% of RBI ombudsman complaints were about digital payments.
- Cyber Security: In India, average cost of data breaches stands at US$ 2.18 million in 2023, a 28 per cent increase since 2020.
- Use of Dark Pattern: Misleading design tactics in digital interfaces that manipulate users into unintended actions.
Suggestions from the Report
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