India saved over USD 27 billion in key central government schemes through direct benefit transfer as it is swift and eliminates corruption, Ajay Seth, Secretary of Department of Economic Affairs said here on Sunday.
Delivering his keynote address at the second meeting of the Global Partnership for Financial Inclusion, Seth said Digital Public Infrastructure (DPI), created by India is inherently scalable, interoperable, innovation-friendly, and inclusive and has completely transformed government to people, people to people and people to business interactions.
Also Read: Rupee trade policy gather traction; number of special vostro account touches 50
“And since the transfers are all direct, end to end, and swift, there is little scope for corruption and leakages and removal of duplicate/ fake beneficiaries. In our own experience, DBT has entailed a saving of more than USD 27 billion just across key central government schemes,” the official said.
In India, DPI enabled DBT emerged as a boon in providing succour and relief to millions of citizens whose livelihood was impacted. The government was able to help millions by delivering vaccines and providing social protection services through DPI, Seth noted.
Also Read: FY’23 fiscal deficit: FinMin monitoring daily receipts, expenses in March
In recent years, the G20 has helped the world navigate through multiple shocks and continues to provide guidance on global economic coordination. India intends to further build upon it to make it even more relevant, especially for the Global South.
“India’s G-20 Presidency is thus an opportunity as well as a responsibility to encourage collective solutions and rebuild trust in multilateralism,” Seth opined.
India stands ready to share its technical capabilities and knowledge resources for empowering the people of the Global South, he added.