India Becomes the Largest Digital Laboratory Globally, According to NITI Aayog CEO BVR Subrahmanyam

India is emerging as a significant player in the digital world, according to BVR Subrahmanyam, CEO of NITI Aayog. Speaking at the Indian School of Business, he highlighted India's vast digital infrastructure, which allows for large-scale experimentation. He predicted that by 2047, India could become a USD 30 trillion economy, surpassing both the US and China.

Subrahmanyam noted that despite the opening of numerous educational institutions over the past decade, only 29% of eligible students are enrolling in universities. He emphasised the need to double the number of colleges and universities to achieve a 50% enrollment rate. "The country needs 2,500 universities. It may look like a lot of universities are not up to the mark or whatever, but the fact is, you need those numbers," he stated.

Digital Public Infrastructure and Financial Connectivity

India's approach to digital public infrastructure has been transformative. Unlike many countries that rely on private routes, India has opted for a public approach. This has resulted in a digital identity for its 140 crore population and bank accounts for 120 crore people. Subrahmanyam pointed out that this connectivity has spurred continuous innovation.

The Unified Payments Interface (UPI) is one such innovation, facilitating nearly half of all global financial transactions. With around 10 billion transactions monthly, India leads in transaction volume, though not necessarily in value. "That has led to innovations one after another," he remarked.

Infrastructure and Poverty Alleviation

Over the past decade, India has seen significant infrastructure improvements. Every village is expected to have drinking water by next year. Electricity now reaches every home, and roads connect all villages. Housing projects are progressing rapidly. Subrahmanyam mentioned that these developments have helped 25 crore people escape acute poverty.

He also highlighted advancements in transportation, including highways and railways like the Vande Bharat trains. These changes contribute to India's transformation into a modern economy.

Climate Change Leadership and Technological Innovation

Subrahmanyam believes India can lead in climate change solutions as technologies are still evolving. Unlike developed western economies that need re-engineering for green futures, India can develop climate-friendly mobility and power systems from scratch.

The government is focusing on missions related to artificial intelligence and semiconductors to maintain technological leadership. "India is going to be a powerful nation in terms of its innovative capabilities," he said.

NITI Aayog's Vision for Future Growth

NITI Aayog is crafting visions for India's future economic growth and urban planning while transforming agriculture into sectors like horticulture and aquaculture. The organisation aims to capture technological trends for national benefit.

Subrahmanyam stressed that India should set global standards in frontier technologies since everyone is starting anew in this field. "I think NITI would lead that drive," he concluded.