G20 Sherpa Amitabh Kant lauds India's digital transformation journey in 9 years

New Delhi [India], June 2 : The former NITI Aayog CEO and G20 Sherpa and Amitabh Kant outlined the remarkable strides India has made in digital transformation over the past nine years in a recent post on X.
He posted on X, "India's Digital Transformation Story of Past 9 years * 100 crore ( 1 Billion ) Mobile Phone Users. 96% reduction in data cost - Data cost amongst lowest globally. 144 crore(1.4 Bn people )of India now have unique digital identity (Aadhar) From being the world's most unbanked country, today we have 68 crore (680 million) Unique Bank Accounts: similar to providing two bank accounts to every citizen of the USA 52 crore (520 Million+) PM-JDY accounts opened during 2015-17. Every 2nd Bank A/C in the world during that period was opened in India. INR 199 lakh crore (USD 2.4 trillion) worth of UPI Transactions were carried out in FY 24. India contributes 46% of the share in real-time Digital Payments globally..."
https://x.com/amitabhk87/status/1796762466850078959 t=XeW2o4uTI4CvMyZQw_ayXA&s=08
India now boasts 1 billion mobile phone users, a significant milestone reflecting widespread connectivity. This is complemented by 96 per cent reduction in data costs, positioning India among the countries with the lowest data costs worldwide.
Such affordability has fueled greater access and usage of digital services across the country.
Aadhar, India's unique digital identity program, now encompasses 1.4 billion people, ensuring that nearly the entire population has a secure and verified digital identity.
This widespread adoption has been instrumental in various sectors, particularly in banking. From being one of the world's most unbanked countries, India now has 680 million unique bank accounts, which is comparable to providing two bank accounts for every citizen of the USA.
Notably, over 520 million PM-JDY accounts were opened between 2015 and 2017, accounting for half of the world's new bank accounts during that period.
India's Unified Payments Interface (UPI) has also seen exponential growth, with transactions worth INR 199 lakh crore (USD 2.4 trillion) conducted in the fiscal year 2024.
This growth has enabled India to contribute 46 per cent of the global share in real-time digital payments, solidifying its position as a leader in digital finance.
In the realm of healthcare, India's Pradhan Mantri Jan Arogya Yojana (PM-JAY) provides the world's largest cashless and paperless health insurance, covering 500 million beneficiaries.
This coverage is equivalent to every EU citizen having health insurance, showcasing the program's vast scale and impact.
Direct Benefit Transfers (DBTs) have also been a game-changer, with Rs 35 lakh crore (USD 420 billion) disbursed directly to beneficiaries.
This system has streamlined the distribution of subsidies and financial aid, reducing leakage and ensuring timely support to those in need.
The convenience of digital services in India is further highlighted by the ability of citizens to open bank accounts, make payments, access credit, conduct stock transactions, and purchase insurance policies in less than a minute using their mobile phones.
Such efficiency underscores the profound integration of digital technology into everyday life.
Moreover, India has laid 3.9 million kilometers of optical fibre cable, equivalent to the combined road lengths of France, Canada, and Brazil.
This extensive network forms the backbone of India's digital infrastructure, supporting high-speed internet and digital services across the country.
According to the Bank for International Settlements (BIS), India has achieved in nine years what would have taken 47 years under traditional progress metrics.
This rapid transformation is a testament to India's innovative approaches and commitment to leveraging technology for inclusive growth.