In a little over a decade India has built a collection of public-facing digital platforms that have transformed life for its citizens
, or “teacher to the world”. But what pedagogical gift, beyond its prime minister’s charisma and sage-like appearance, does a rapidly growing and ambitious India have for other countries?
For the relatively affluent, such innovations are extremely convenient. For millions of others they have been transformative. Vendors of everything from coconuts to jewellery now accept digital payment. This has made their working-lives easier, more profitable and less vulnerable to coercion and theft. The hundreds of millions in India’s welfare system receive “direct benefit transfers” straight to their Aadhaar-linked bank accounts, an arrangement that has slashed losses to corruption.
The digital ecosystem behind these developments is vast and complex. Its members include government agencies, regulators, tech firms, quasi-public corporations, foundations,s and universities, all of which are building different elements of the digital edifice. Aadhaar is run by the government;is managed by a public-private venture, the National Payments Corporation of India .
Some hope that influence might one day extend to an Indian alternative to the Western-run global financial plumbing, which includes themessaging system upon which thousands of banks rely for cross-border transfers and clearing systems in New York. America’s weaponisation of this system after Russia’s invasion of Ukraine last year, which included sanctioning most Russian banks, spooked governments from Brasília to Beijing.
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