The Open Network for Digital Commerce (ONDC) will create a level playing field on digital platforms for various stakeholders, Prime Minister Narendra Modi told Moneycontrol in an exclusive interview.
"For a long time, India was globally known for its tech talent. Today, it is known for both its tech talent and tech prowess, especially in digital public infrastructure... The ONDC is a futuristic initiative that will revolutionize the tech field by creating a level playing field on digital platforms for a number of different stakeholders," he said.
Through the inter-operable e-commerce network, the government hopes to increase e-commerce penetration in the country to 25 percent in the next two years, reaching 900 million buyers and 1.2 million sellers through the network. It is projected to generate a gross merchandise value of $48 billion. It seeks to prevent the dominance of a few large platforms, such as Amazon, Flipkart, Swiggy, and Zomato, in the e-commerce and food delivery sectors.
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ONDC is banking on three key pillars to reduce the cost of doing business for everyone, including retailers: dynamic pricing, inventory management, and delivery cost optimisation.
Meanwhile, India has volunteered to the G20 nations to host a global repository of digital public infrastructure (DPI), which was one of the three focus areas of the digital working group of the bloc during the country's presidency that is set to culminate in a summit this week in Delhi.
"A number of initiatives and platforms that took off over the last 9 years are having a multiplier effect on the economy. However, India’s tech revolution has not only had economic impact but also a deep social impact," PM Modi said.
Days before world leaders descend to the Indian capital city to talk about the global economy, climate action and digital technology, among other things, the government has announced that the G20 has made significant strides in arriving at the same page on matters like DPI, cybersecurity and digital skilling.
Moreover, eight countries have signed MoUs with India for help in integrating and innovating on digital public infrastructure like Aadhaar, UPI, Digilocker and others.
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In a wide-ranging interview, Prime Minister Modi also talked about how different countries need to work together to combat inflation, the damage from freebies and fiscally irresponsible policies, how climate change is a shared reality for the world and much more
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