Small business going global, thanks to India stack: Finance Minister Nirmala Sitharaman
Nirmala Sitharaman said on Saturday that India’s use of public money to create digital infrastructure—instead of relying on private players to do so, like in many other countries- —has helped even small businesses grow, innovate and reach markets overseas.
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The government has created digital public infrastructure (also referred to as the India Stack) and allowed it for the purposes of banking, payments, health, marketing and education, thus creating an ecosystem that has not just helped make governance more inclusive but allowed young minds to innovate with limited resources, she said.
The minister was addressing students at JAIN (deemed-tobe) university in Bengaluru.
“This public infrastructure gave the benefit to very, very minor users, micro level users, also without having to pay for it,” she said.
“So, small businesses which wanted to grow, which wanted to access markets beyond their village, are today reaching not just a neighbouring district or not just a state’s capital but are accessing global markets.” The minister shared how, during one of her visits to Nagaland, she was pleasantly surprised to find that a small non-government organisation has got orders from the US to supply Christmas gift items. Technology must, however, be continuously updated so that its transformative changes for the common good don’t falter, she added.
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