Country's digital infrastructure will revive the economy: Nandan Nilekani

Addressing FICCI members at the National Executive Committee Meeting on ‘Digital India and its Impact on Economy and Industry’ here on Monday, Nilekani said that "the country has witnessed dramatic transformation through Aadhaar-based e-KYC and online payments, adding that India’s digital data architecture will set the tone for business revival. Once data becomes the basis for decision-making in many sectors, you will see a big change. World over, data is becoming central to people and government. Data empowerment architecture in India will benefit all segments of the economy”.

Nilekani said that Aadhaar e-KYC has been revolutionary in making life simpler for people and India now has the infrastructure to deal with direct benefits transfers (DBT) in any segment, adding that DBT can revive the power sector.
"Goods and Services Tax (GST) has increased the number of taxpayers. GSTN is a great example of technology-led co-operative federalism,” he said and added that RFID tags linked to bank accounts is another big reform.

Earlier, addressing a session on ‘India’s Growing Bio Economy’, Biocon Ltd Chairperson Kiran Mazumdar Shaw said that the country’s Bio-economy sector is set to reach USD 200 billion by 2030.

“Bio-economy is a crucial segment of our economy and the new government must focus on this in a big way,” she added.

Pointing out that in India, the investment in research and development is less than 1 per cent of GDP, Shaw said “we must invest at least 2 per cent of our GDP in science, technology and research”.

She said that "our education system must embrace research culture and we must leverage the powerful tool of scientists and engineers available in the country. Gene sequencing cost has come down substantially, which can be utilised for diagnosis of critical disease and in other areas — Indian companies can hugely benefit from gene sequencing".

She urged FICCI to take up the changes required in the Bio-diversity Bill with the government.

Rajya Sabha member and Past FICCI President Rajeev Chandrashekhar said that industry must play an important role in the deliberations on a secure India and a responsive governance structure. “We have to independently ensure our safety and security."

FICCI President Sandip Somany, President, in his opening remarks said that “Digital empowerment has led to greater inclusiveness, with the efforts of government as well as several private sector enterprises.”