Driving Global Growth with DPI: Insights from Special Guest Mr. Chanchal Sarkar

23 Dec 2024

In a compelling session, Mr. Chanchal Sarkar, Advisor at India’s Ministry of Finance, outlined the critical role of emerging economies and digital public infrastructure (DPI) in shaping global growth and financial inclusion over the next few decades. With a clear vision for scalable innovation and international collaboration, Sarkar positioned India as a leader in driving transformative change in the financial ecosystem.

Key Themes from the Session

  1. Emerging Economies as Growth Engines
    Sarkar highlighted that two-thirds of global growth will originate from emerging countries over the next 20–30 years. He underscored the importance of innovative technologies and collaborative ecosystems for inclusive and sustainable development.
  2. The Role of DPI in Financial Inclusion
    India’s DPI journey has set a global benchmark, accelerating account penetration from 25% to 80% in just eight years—progress that traditionally would have taken decades. Initiatives like Aadhaar, UPI, and low-cost account openings have fostered resilience and inclusion, empowering millions while driving economic growth.
  3. Global Recognition and Collaboration
    Sarkar noted the global endorsement of DPI through platforms like G20, which recognise India’s model as a replicable success. Initiatives such as India Tech Global and the G20 Digital Public Repository portal have been pivotal in sharing best practices and promoting DPI adoption worldwide.
  4. Scalable Solutions for the Unbanked
    With 1.6 billion people outside the formal financial sector, Sarkar called for innovative, scalable solutions to empower the unbanked. India’s leadership in real-time payments—accounting for nearly half of global transactions in 2023—demonstrates the potential of DPI to bridge financial gaps.
  5. Future of Digital Public Intelligence
    Sarkar emphasised evolving from digital public infrastructure to digital public intelligence by integrating advancements in AI. He proposed a dedicated digital task force in India to guide this evolution and ensure that DPI remains at the forefront of global financial innovation.

Conclusion

Through DPI initiatives and a commitment to international cooperation, India is shaping a roadmap for inclusive growth and technological advancement. Sarkar’s insights reaffirm the transformative power of DPI in empowering individuals, fostering innovation, and driving global economic progress.

Watch the full session here.