1、Stacking up the Benefits Lessons from Indias Digital Journey Cristian Alonso,Tanuj Bhojwani,Emine Hanedar,Dinar Prihardini,Gerardo Una and Kateryna Zhabska WP/23/78 IMF Working Papers describe research in progress by the authors and are published to elicit comments and to encourage debate.The views
2、expressed in IMF Working Papers are those of the authors and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.2023 MAR群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营
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4、maso Mancini Griffoli,Arif Ismail,JonathanMarskell,Brandon Tan,and seminar participants at the IMF for their helpful comments.We also thank Joshua Aslett,AgnijaJekabsone,Arbind Modi,Manabu Nose,Emmanouil Kitsios,Celeste Kubasta,and Anupam Raj for their contributions to the paper.All errors and omiss
5、ions are our own.2023 International Monetary Fund WP/23/78IMF Working Paper Asia and Pacific Department,Fiscal Affairs Department,Money and Capital Markets Department Stacking up the Benefits:Lessons from Indias Digital Journey Prepared by Cristian Alonso,Tanuj Bhojwani,Emine Hanedar,Dinar Prihardin
6、i,Gerardo Una and Kateryna Zhabska*Authorized for distribution by Nada Choueiri,Ruud De Mooij and Dong He April 2023 IMF Working Papers describe research in progress by the author(s)and are published to elicit comments and to encourage debate.The views expressed in IMF Working Papers are those of th
7、e author(s)and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.ABSTRACT:Foundational digital public infrastructure(DPI),consisting of unique digital identification,payments system and data exchange layer has the potential to support the transformation of the e
8、conomy and support inclusive growth.Indias foundational DPI,called India Stack,has been harnessed to foster innovation and competition,expand markets,close gaps in financial inclusion,boost government revenue collection and improve public expenditure efficiency.Indias journey in developing a world-c
9、lass DPI highlights powerful lessons for other countries embarking on their own digital transformation,in particular a design approach that focuses on shared building blocks and supporting innovation across the ecosystem.RECOMMENDED CITATION:Alonso,C.T.Bhojwani,E.Hanedar,D.Prihardini,G.Una and K.Zha
10、bska.“Stacking up the Benefits:Lessons from Indias digital journey”IMF Working Paper No.23/78,International Monetary Fund,Washington DC,2023.JEL Classification Numbers:O33,G21,G23,H41,Keywords:Digitalization;digital payments;digital ID;govtech Authors E-Mail Address:calonsoimf.org;ehanedarimf.org;dp
11、rihardiniimf.org;gunaimf.org;kzhabskaimf.org IMF WORKING PAPERS Stacking up the Benefits:Lessons from Indias digital journey INTERNATIONAL MONETARY FUND 1 Contents Contents.1 Glossary.3 Executive Summary.5 Digital Public Infrastructure Ecosystem.8 Using Digital Public Infrastructure.12 A platform fo
12、r innovation.12 Fiscal Operations.13 Direct benefits transfers.13 Revenue administration.16 Treasury digital payments.17 Social Sectors.18 Education.18 Health.19 Financial Sector.19 Other Sectors.21 Reaping the Benefits.22 Macro implications of Digital Public Infrastructure.22 Fiscal gains.23 Expend
13、iture efficiency and adequacy.23 Revenue gains.25 Fiscal operations efficiency and transparency.26 Development outcomes.27 Financial inclusion.27 Taking it forward.29 Closing the Digital Divide.29 Data Protection.32 Modernizing social protection.33 Fiscal Transparency and Financial Reporting.34 New
14、Initiatives.35 Keys to success:lessons from India.36 References.43 BOXES 1 What is UPI?.11 2:NPCIs positioning and funding.38 3:Enabling policies and factors.39 4:Country Experiences Across the Digital Transformation Spectrum.41 IMF WORKING PAPERS Stacking up the Benefits:Lessons from Indias digital
15、 journey INTERNATIONAL MONETARY FUND 2 FIGURES 1:India Equity Inflows.13 2:Direct Benefit Transfer Workflow for Aadhaar Linked Accounts.15 3.Direct Benefit Transfer Beneficiaries.15 4.Direct Benefit Transfer Payments.15 5:No.of Registered GST Taxpayers.17 6:Vaccination and Internal Migration During
16、the Pandemic.19 7.Financial Inclusion in India.20 8:Account Aggregator Framework.21 9:Take-up of Digilocker.22 10:Indices of Revenue Administration Digitalization.26 11:Positive Relation Between GDP per Capita and Adults with a Bank Account in 2011.28 12:Share of people who used Aadhaar to gain acce
17、ss to a service for the first time.28 13:The digital divide in India.30 14:Cross-country digital access comparators.32 15:Share of people who have been excluded from services.33 TABLES 1:Layers of India Stack.10 2.Estimated Savings from DBT and Related Reforms.24 3.Coverage of Households under the P
18、MGKY Scheme.25 4:Cross-country comparison.40 IMF WORKING PAPERS Stacking up the Benefits:Lessons from Indias digital journey INTERNATIONAL MONETARY FUND 3 Glossary AA Account Aggregator API Application Programming Interface;the mechanism by which application developers access the data or features of
19、 an underlying system.AePS Aadhaar Enabled Payment System ATM Automated Teller Machine CBDC Central Bank Digital Currency CGA Controller General of Accounts CAG Comptroller and Auditor General of India DBT Direct Benefit Transfer,a mechanism for transfer of cash to bank accounts of beneficiaries or
20、the transfer of subsidy to a service provider on successful authentication of beneficiary.DIKSHA The Digital Infrastructure of Knowledge Sharing,a Digital Public Infrastructure in the education sector DIVOC Digital Infrastructure for Verifiable Open Credentialing DPI Digital Public Infrastructure eK
21、YC Electronic Know Your Customer FMIS Financial Management Information System GSTN Goods and Services Tax Network Interoperability The ability of a digital system to exchange information and work with other digital systems easily.IT Information Technology LPG Liquefied Petroleum Gas MSME Micro,Small
22、 and Medium Enterprises NIU National Information Utilities NPCI National Payments Corporation of India OCEN Open Credit Enablement Initiative ONDC Open Network for Digital Commerce Open Protocols Protocols are a system of rules to enable digital communications between two or more parties.Open protoc
23、ols are protocols where these rules are free to use by anyone.Open Source Descriptor for software where the underlying code is publicly available and may be reused by others Open Standards Open Standards are specifications of uniform technical criteria of a system or technology that anyone is free t
24、o implement without payment of royalties or need for licensing.IMF WORKING PAPERS Stacking up the Benefits:Lessons from Indias digital journey INTERNATIONAL MONETARY FUND 4 PAHAL Pratyaksh Hanstrantrit Labh;LPG subsidy program PAN Permanent Account Number(Tax identification)PDS Public Distribution S
25、ystem PFMS Public Financial Management System PMGKY Pradhan Mantri Garib Kalyan Yojana;the main pandemic relief program PPP Public-private partnerships QR Code Quick Response Code RBI Reserve Bank of India SARTTAC South Asia Regional Training and Technical Assistance Center SOE State Owned Enterpris
26、e Systems Integrators An enterprise that specializes in implementing,planning,coordinating,scheduling,testing,improving and sometimes maintaining a computing operation TRAI Telecom Regulatory Authority of India TSA Treasury Single Account UIDAI Unique Identification Authority of India UPI Unified Pa
27、yments Interface USSD Unstructured Supplementary Service Data IMF WORKING PAPERS Stacking up the Benefits:Lessons from Indias digital journey INTERNATIONAL MONETARY FUND 5 Executive Summary India has developed a world-class digital public infrastructure(DPI)to support its sustainable development goa
28、ls.DPI refers to a set of shared digital building blocks,such as applications,systems,and platforms,powered by interoperable open standards or specifications.India Stack is the collective name of a set of commonly used DPIs in India;it consists of three different layersunique identity(Aadhaar),compl
29、imentary payments systems(Unified Payments Interface,Aadhaar Payments Bridge,Aadhaar Enabled Payment Service),and data exchange(DigiLocker and Account Aggregator).Together they enable online,paperless,cashless,and privacy-respecting digital access to a variety of public and private services.The bene
30、fit of this investment is felt across the country and served India well during the pandemic.Aadhaar,helped facilitate the transfer of social safety net payments directly from the government treasurys accounts to beneficiaries bank accounts,helping to reduce leakages,curb corruption and providing a t
31、ool to effectively reach households to increase coverage.The Government of India estimates that,up to March 2021,about 1.1 percent of GDP in expenditure was saved due to the digital infrastructure and other governance reforms.Using this digital infrastructure India was able to quickly provide suppor
32、t to an impressive share of poor households during the pandemic.In the first months of the pandemic about 87 percent of poor households received at least one benefit.India Stack has been used as a platform to foster innovation and competition;expand markets;close gaps in financial inclusion;boost go
33、vernment revenue collection;and improve public expenditure efficiency.Digital payments are now ubiquitous,UPI accounts for 68 percent of all payment transactions by volume.The use of digital payments has expanded the customer base of smaller merchants,documenting their cash flow and improving access
34、 to finance.Roughly 4.5 million individuals and companies have benefited from easier access to financial services through the Account Aggregator,since it was first launched in August 2021,and adoption is increasing rapidly.Digitalization has also supported formalization of the economy,with around 8.
35、8 million new taxpayers registered for the GST between July 2017 and March 2022,contributing to buoyant government revenues in recent years.Government service provision is streamlined;for example,citizens can access documents issued by state and central government through one platform.Similarly,the
36、India Stack has digitized and simplified Know Your Customer procedures,lowering costs;banks that use e-KYC lowered their cost of compliance from USD 12 to US 6 cents.The decrease in costs made lower income clients more attractive to service and generated profits to develop new products.Indias journe
37、y highlights lessons for other countries embarking on their own digital transformation.India Stacks development is guided by a foundational building blocks approach,and a focus on supporting innovation across the ecosystem.The building block approach involves unbundling the components of the solutio
38、n to a set of problems and identifying a minimal common core.This modular approach fosters innovation,allowing solutions to be built to multiple problems based on the common core.For a large and diverse country such as India,a building block approach provides those closer to the problem with the bas
39、ic tools to create tailored solutions.A focus on supporting a vibrant ecosystem implies the need for interoperability between the different DPIs and a competition-focused design.In India,interoperability was supported through open standards,allowing anyone to utilize the functionality provided by In
40、dia Stack.These principles are applied to other DPIs in education and health,including the Covid-19 vaccine and distribution platform,CoWIN.Using a digital backbone allowed India to scale its vaccine delivery quickly and overcome challenges such as IMF WORKING PAPERS Stacking up the Benefits:Lessons
41、 from Indias digital journey INTERNATIONAL MONETARY FUND 6 large-scale internal migration.The technology underlying CoWIN has been deployed in Indonesia,Philippines,Sri Lanka and Jamaica to help facilitate their vaccination programs.The government played a catalytic role,acting as an anchor client a
42、nd establishing institutions to ensure continuity in India Stacks operations.DPI is an example of a two-sided market where the value of the platform increases for both participants as the numbers on each side increases.By using the DPI to provide social benefits,the government encouraged take up by
43、individuals and gave service providers the comfort of access to a large client base.The government also promoted the use of technology as utilities and created a category of not-for-profit companies with a public purpose(National Information Utilities).The National Payments Corporation of India,an i
44、nitiative between the Reserve Bank of India and the Indian Banks Association,which unites and operates retail payments and settlement system,is an example of such a company.This is one strategy to strike a balance between curbing monopoly rents and providing these services effectively and efficientl
45、y,without the various human resources and procurement challenges that often plague large government projects.The tax administration also played a pioneering role in rolling out a tax ID(PAN)using an innovative PPP approach,from where important lessons were drawn to develop Aadhaar.A set of enabling
46、policies in the financial and telecommunications sector also supported the uptake of India Stack.In 2014,there was a push by the government to provide access to a no-frills,low-cost bank account,that doubled the coverage of individuals with bank accounts.The scheme targeted the financially underserv
47、ed,especially rural women.Under this initiative 462.5 million of bank accounts were opened in both urban as rural areas as of August 2022.In late 2016,India enacted a demonetization policy where large currency notes were invalidated.While it was disruptive,demonetization led to greater use of other
48、forms of payment,including the UPI.Sound policies,such as foreign investment liberalization and the prohibition of discriminatory data tariffs,led to a competitive,open,and affordable telecommunications market.The entry of a new network operator in 2016 lowered the cost of mobile data by 90 percent
49、leading to a jump in data usage from 154 MB/month in 2015 to 15.8 GB/month in 2021.Certain features of Indias journey would be difficult to replicate elsewhere,but these are not preconditions for success.The in-house development of Aadhaar,supported by systems integrators firms,was feasible in India due to the high level of capacity in IT within its domestic labor market.This allowed India to avoid vendor lock-in and lack of interoperability and created a need for sufficient resources and capacity to continue maintaining and developing the infrastructure.Other countries have approached this c