India eyes to unlock MSME potential, pivots to digital public infra to catalyze growth
Aadhaar, UPI, and Fastag. A Nasscom report in February 2024 had stated that DPI could help India become an $8-trillion economy by 2030. The economic value added by DPI could increase to between 2.9% and 4.2% of GDP by 2030, from 0.9% in 2022, it said.
Currently, India's MSME sector has more than 6.30 crore enterprises, emerging as a highly vibrant and dynamic sector of the economy, fostering entrepreneurship and generating self-employment opportunities at comparatively lower capital cost, next only to agriculture. In April 2024, the Permanent Mission of India and the IT Ministry, in collaboration with iSPIRT hosted the United Nations' First International Conference on DPI, featuring India's pioneering Citizen Stack initiative which shows the country's successful integration of technology into citizen services. Indian technology startup ‘Jocata’ was the only venture presented at the inaugural conference.
The company joined hands with SIDBI to create India's first and only Monthly Index on MSME economic activity called ‘Jocara Sumpoorn’ that garnered praises at the UN conference. It uses digitally accessible sales data from GST. Speaking at the UN conference on DPI, Jocata CEO Prashant Muddu said described its monthly index as a ‘public good built on private infrastructure to promote the MSME credit ecosystem in India'.
“Its a proud moment for us. We believe that every country can identify their pillars of digital infrastructure and align its Sumpoorn journey on similar principles. Ideas may start small, but a good foundation led by technology will have a significant societal impact bridging borders and fostering inclusive growth," Muddu said.
Read more on livemint.com
