BANGALORE: Union Minister Ashwini Vaishnaw emphasized on Saturday that the interconnectedness of the global landscape has given rise to shared security concerns. As a result, there is a pressing necessity to unite in addressing digital security matters.

Speaking at the G20 Digital Economy Working Group Ministers Meet, Vaishnaw highlighted three key focal points chosen by the Indian presidency for the digital economy Working Group, with the aim of facilitating the equitable distribution of technology.

"The shared risks stemming from global interconnectedness underscore the urgency for collaborative action in the realm of digital security," stated the Minister, who oversees the portfolios of Railways, Electronics, and IT.

Commending the endeavors of the G20's digital economy working group, he noted the group's dedicated efforts in guiding member nations towards common ground.

In this context, Vaishnaw outlined, "The Indian presidency has identified three priority areas for the digital economy Working Group: digital public infrastructure (DPI), security within the digital economy, and digital skilling."

The Union Minister underscored that these priorities align with Prime Minister Narendra Modi's vision of democratizing technology.

Highlighting the principle that the benefits of technology should be accessible to all citizens irrespective of their socio-economic status, Vaishnaw underscored the pivotal role of digital public infrastructure in achieving this goal.

He pointed out that India's digital payments platform UPI stands as a dynamic illustration of successful public-private collaboration. "The platform was initiated with public funds, and subsequently, private entities became part of the platform. Over 70 banks, 50 million businesses, and more than 335 million users joined this platform," elaborated Vaishnaw.

He added that this effort led to an impressive $10 billion worth of instant transactions in July 2023. In annualized terms, the value of these transactions now exceeds $2 trillion.

Vaishnaw also apprised the audience of numerous similar solutions that have surfaced across various sectors such as healthcare, digital document verification, education, and insurance.

Discussing the future prospects, he shared, "The upcoming challenge lies in digital credit, where well-established banks and financial institutions would compete to offer loans as small as $1 with durations as short as two days. This endeavor aims to ensure that individuals at the bottom of the economic pyramid can access the same level of financial services as the more affluent population."

Vaishnaw highlighted security in the digital economy as the second priority area, underscoring that establishing trust in technology is pivotal to its widespread adoption. With the escalating frequency and volume of digital transactions, he stressed the need to promote security measures through awareness-building initiatives and education.

Lastly, Vaishnaw emphasized the third priority area, which revolves around cultivating a future-ready workforce. He stressed that investing in talent acquisition and development was of paramount importance in this pursuit.

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