India’s next UPI moment can be Open Network Digital Commerce: Piyush Goyal

It has been reported that The next Unified Payments Interface (UPI) moment in India can be the Open Network for Digital Commerce ONDC, which will help the common man access new-age technology at affordable costs, commerce and industry minister Piyush Goyal said on Friday.

ONDC will also give startups the opportunity to grow in India.

ONDC goes beyond the current platform-centric models where a buyer and seller will have to use the same application. It aims to reduce the cost of doing business, benefit small, traditional retailers, while curbing digital monopolies, the report said.

“It will be the first of its kind to be developed to enable interoperability between ecommerce companies and provide small and large companies the opportunity to reach the common man,” Goyal said at the launch of NASSCOM Tech Startup Report 2022.

The minister also said that India is well on track to achieve 75 unicorns in this 75 week programme of ‘Azadi ka Amrit Mahotsav’ that kicked in from March 2021.

There are as many as 83 unicorns valued over a billion dollars in India as of 14 January, of which 44 joined the club in 2021 alone.

“It will be a fitting reflection of India’s growing strength and relevance of our startups 2021 will be remembered globally as the year that saw the emergence of the Indian startup system….While 2021 was a year in which we defied all odds, I believe 2022 will be the breakthrough year that will unlock India’s exponential value,” the minister said.

The minister also asked the startup ecosystem to leverage de tech to build solutions for local as well as global markets in areas such as data analytics, artificial intelligence, blockchain, 3D printing, among others. (Business Standard)