Open digital platforms can unlock economic value of over $700 billion by 2030: Nasscom
Creating such digital platforms and ecosystems around them can drive $500 billion in new value and drive additional savings of $200 billion, a Nasscom report – The Platformisation Play – showed.
Besides monetary gains, the benefits of public platforms in areas such as healthcare can lead to increased life expectancy of 1-3 years, keep 15-25 million students in school, and resolve 2-6 million cases that are pending in courts for over three years.
“India has set itself an ambitious goal of becoming a $5 trillion economy by the year 2025. Public digital platforms can play a critical role in achieving this goal by building new solutions for service delivery, at population scale and lower cost,” it said.
The success of digital platforms for public good such as Aadhaar, Unified Payments Interface (UPI), Goods and Services Tax Network (GSTN) and the CoWIN portal for Covid-19 vaccinations has drawn attention from countries looking to India for help to replicate this, said Nandan Nilekani, co-founder and chairman at Infosys and chief architect of the Aadhaar unique identity database.
The global adoption of platforms such as BHIM and UPI presents a big opportunity for India, the report said.
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“There’s tremendous interest especially after the (Covid-19) pandemic,” Nilekani said of India’s digital platform play.
“A lot of governments are approaching India to see what they can learn. Of course, everything they do must be population scale, it must be efficient, low cost and high volume, and make small transactions possible,” he added.
Countries need to balance digital public goods and private innovation. This can happen only if data is secure, but open to structured Application Programming Interfaces upon which individuals and organisations can build apps, he said.
Digital platforms will offer Indian entrepreneurs an elevated platform to start, from where they would be able to service the entire country at once, solving problems of reach for a population of over 1.3 billion, said Ajay Prakash Sawhney, secretary, Ministry of Electronics and Information Technology (MeitY).
“When you start at India scale and succeed at it, you don’t even have another 10x left to grow. Just about 6X of growth and you will be global scale,” Sawhney said. “This will happen in every domain and every sector where we apply the magic of a national public digital platform.”
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