India to witness ‘significant economic activity’ in next ten years, say Nandan Nilekani

Nandan Nilekani: Veteran of the technology sector Nandan Nilekani claimed on Tuesday that the open network for digital commerce (ONDC), record aggregation system, and Central Government initiatives like GST, FAStag, and e-way bills will all contribute to “significant economic activity” in India over the next ten years.

While speaking at the 7th edition of the Global Technology Summit organised by Carnegie India, the Infosys Technologies cofounder and non-executive chairman said, “…there are three big things coming today, which will over the next decade have more of an impact (on India). I believe in the next 10 years India is going to see significant economic activity which is broad based, inclusive and democratised.”

All participants in the e-commerce ecosystem will assist online purchases of goods and services at competitive prices as part of the government’s ONDC protocol pilot, which aims to lower costs for both consumers and sellers.

Nilekani added that the revolution taking place in the logistics industry as a result of government measures like GST, Fastag, and the e-way bill is the first, followed by ONDC and the account aggregator framework. The veteran of the tech sector predicted that the ONDC will start soon.

Millions of small retailers will be able to join as small sellers on the platform thanks to ONDC, which is thought to be a “major game-changing technology,” which will enable the disintegration of the commerce industry and the expansion of their enterprises’ accessibility.

Second is the account aggregator network, which, at its core, is the notion that data should eventually be used by those who produce it. As a result, individuals and small businesses can use the data to access a variety of services, such as credit, and so on.

The data empowerment architecture in India also runs a business through this record aggregation system. Consent manager is a special installation that it possesses.

“A consent manager on your behalf gets your data from different providers and provides it further for different benefits. For example, a small business can use his consent manager get his GST details, get bank statement from the bank, get tax status from the income tax system and give it in a secure manner to lender who can then take a decision to give credit. All this is fundamentally going to democratise lending and other financial services,” the Chairman noted.

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