During the G20 Digital Economy Working Group Ministers Meet in Bengaluru, Union Minister Ashwini Vaishnaw emphasised on the pressing need for collaborative efforts in digital security due to the interconnectedness of the global landscape. He conveyed this message .
Vaishnaw, who oversees the portfolios of Railways, Electronics, and IT, outlined three key priorities identified by the Indian presidency for the digital economy Working Group, aiming to foster technology democratisation.
“Global interconnectedness creates shared security risks. Therefore the need to collaborate on digital security has become more urgent,” the Minister, who holds Railways, Electronics and IT portfolios, said.
He appreciated the dedicated efforts of the G20’s digital economy working group, which has been actively facilitating discussions to align member nations.
The Union Minister explained, “The three priority areas selected by the Indian presidency for the digital economy Working Group are digital public infrastructure (DPI), security in the digital economy and digital skilling.”
Vaishnaw emphasised the role of digital public infrastructure in democratising technology, using India’s UPI (Unified Payments Interface) as an example of successful public-private partnership. He highlighted UPI’s growth, including over 70 banks, 50 million businesses, and 335 million users joining the platform, resulting in significant transaction volumes.
Vaishnaw also told the audience that several such solutions have emerged in multiple sectors including healthcare, digital document verification, education and insurance.
“The next frontier will be digital credit, where well established banks and financial institutions would compete for a loan of ticket size as small as one USD and a tenure of as small as two days. That is the kind of solution we are looking at so that the people at the bottom of the pyramid, can get the same level of financial services that the rich and prosperous people get,” the minister explained.
Another priority, according to Vaishnaw is the significance of trust in technology adoption and the need to prioritise security in the digital economy. He acknowledged the growing frequency of digital transactions and stressed the importance of awareness campaigns and education to promote security.
The priority area, Vaishnaw said was to further the creation of a future-ready workforce. In this regard, investing in talent was critical.
