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Digital Financial Inclusion (DFI) is the next big challenge, aiming to reach financially excluded citizens with formal financial services.
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DFI involves cost-effective digital means, enabled by digital public infrastructure (DPI) like UPI, Aadhaar, and e-KYC.
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Digital credit can drive sustainable and inclusive growth, with a potential 2.2% rise in average economic growth.
The Economic Survey highlights Digital Financial Inclusion (DFI) as the next big challenge, focusing on reaching financially excluded citizens with formal financial services. DFI involves arranging cost-effective digital means to provide a range of financial services suited to their needs.
The growth of digital solutions has been facilitated by digital public infrastructure (DPI) set up by the government, including platforms like UPI, Aadhaar, and e-KYC. The COVID-19 pandemic accelerated the shift towards digital payments, and DPIs were ready to handle the increased load.
DFI has enabled millions of people to accept payments, settle invoices, and transfer funds using mobile phones. The India Stack platform provides a digital identity to every Indian, facilitating easy and cost-free digital transactions. This is expected to bring more Indians into the digital credit ecosystem, driving sustainable and inclusive growth.
