India's Ascendance in Fin-Tech and Digital Public Infrastructure

India has transitioned from a rule-taker to a significant rule-maker in the fin-tech solutions and Digital Public Infrastructure (DPI) arena. With homegrown technologies, India aims to collaborate with global institutions like the World Bank and IMF to set standards in digital payments, blockchain, and cybersecurity while aiding the global south.

India, historically a 'rule-taker,' is now poised to become a significant rule-maker in the spheres of fin-tech solutions and Digital Public Infrastructure (DPI), said a senior diplomat on Wednesday.

Dammu Ravi, Secretary (Economic Relations) at the Ministry of External Affairs, expressed India's intent to collaborate with global institutions such as the World Bank and the International Monetary Fund to establish standards for digital payments, blockchain technologies, and cyber securities.

Ravi also emphasized India's efforts to support countries in the global south with DPI development, underlining that the nation's youth, innovation, and creative energy are catalysts for this change, and the government is keen to be at the forefront.

He noted that cost-effective solutions developed in India could benefit not just the global south but also developed nations, citing collaborations with countries like Singapore, the UK, the UAE, and various European nations.

(With inputs from agencies.)