India On Track To Become $5 Trillion Economy Amid Strong Financial Inclusion: DFS Secretary

(MENAFN- IANS) New Delhi, Dec 6 (IANS) India is steadily moving towards becoming a $5 trillion economy, driven by strong fundamentals, infrastructure‐led growth and resilient supply chains, M. Nagaraju, Secretary, Department of Financial Services, has said.

The last decade has been transformative, and initiatives like Jan Dhan and DPI have expanded financial inclusion from 21 percent in 2008 to over 80 percent today, Nagaraju said here at a conference on AI and digital public infrastructure (DPI), according to an official statement.

He was speaking at the event organised by the National Institute for Smart Government (NISG), Ministry of Electronics and Information Technology and Tripura's Directorate of IT, in which EY was the Knowledge Partner.

S. Krishnan, Secretary, MeitY said that government, private sector, civil society and academia should collaborate for optimal working of India's technology ecosystem.

Bhuvnesh Kumar, CEO, UIDAI and CEO, NISG highlighted how NISG's model brings together the speed of government decision-making with the efficiency of private-sector procurement and oversight.

According to Mahaveer Singhvi, Joint Secretary, NEST Division, Ministry of External Affairs, the IndiaAI Mission aims to create compute capacity, datasets, foundational models, innovation centres and frameworks that reflect India's realities and priorities.

A NISG‐EY report released at the event highlighted a strong consensus on technology's role in India's progress and how the convergence of AI and India's DPI stack will accelerate economic empowerment, improve governance, and deliver citizen-centric services at scale.

Shankar Maruwada, Co-founder and CEO, EkStep Foundation remarked that DPI 1.0 helped address India's welfare needs. DPI 2.0, supported by AI, will help meet the aspirations of 1.5 billion Indians. This decade offers the opportunity to evolve digital public infrastructure into digital public intelligence, he added.

The conference brought together policymakers, technologists and industry leaders to deliberate on artificial intelligence and DPI strengthening governance and public service delivery to achieve the vision of a developed India by 2047.

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