Kautilya

Most of India’s $1.1 Trillion Growth in Next 11-Year can Come From Yet to be Invented Digital Businesses: Report

In the next 11 months, yet to be invested, ancillary digital asset-related business can be a significant component for India’s US$ 1.1 trillion growth story. The market capitalization of the digital asset market was around US$ 1.5 billion in 2013. According to the report released by US India Strategic and Partnership Forum (USISPF) and crossTower, the market capitalization of the digital asset market is approximately US$ 3 trillion today. The report claims that most of India’s total economic growth in the coming 11 months may be from ancillary digital asset businesses, which are yet to see investments.

India’s Payments Transaction Volumes Grew 53% in 12 Months

UPI payments had grown by 100% year-over-year in terms of value, reaching Rs. 7.7 lakh crore (US$ 102.3 billion) in October 2021. As per Mr. Rajeev Chandrashekhar, Minister of State for Electronics and Information Technology, digital payments had grown from 3,134 crore in FY2019 to 4,683 crore till mid-November 2021.

Aadhaar Looking to Go Global

Unique Identification Authority of India (UIDAI) is exploring opportunities to take Aadhar global by collaborating with foreign countries and international organisations, as per a top official. This is part of building digital identity systems across the globe and UIDAI is working with the World Bank and United Nations to take it to other countries.