Jaipur, Nov 13 || The average number of daily e-transactions to access public services in India has increased by 56 per cent in 2024 compared to the previous year while there has been a transfer pf Rs 6.9 lakh crore through the digitally-powered Direct Benefit Transfers (DBT) under 314 schemes, benefiting 176 crore beneficiaries in the financial year 2023-24, RBI deputy Governor Michael Patra said on Wednesday.
Addressing the conference on ‘Digital Technology, Productivity and Economic Growth in India’, Patra said over the years, these DBTs have resulted in estimated cumulative cost savings of Rs 3.5 lakh crore up to March 2023.
The RBI deputy governor further stated that India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure (DPI), a vibrant information technology (IT) sector and a burgeoning youth population, including one of the largest AI talent bases.
Forecasts suggest that generative AI will contribute $359-438 billion to India’s GDP by 2029-30. Indian firms' integration of AI into production processes has increased from 8 per cent in 2023 to 25 per cent in 2024. India has also committed Rs. 1.25 trillion towards its semiconductor industry development, he added.
India is at the forefront of the digital revolution. Financial technology (FinTech) is speeding up digital payments. The India Stack is expanding financial inclusion, galvanising banking infrastructure and public finance management systems covering both direct benefit transfers and tax collections. Vibrant e-markets are springing up and expanding their reach, Patra explained.