November 11, 2024 — India’s Finance Minister Nirmala Sitharaman highlighted the transformative impact of the India Stack—a set of open APIs and digital public goods—on small businesses, enabling them to expand their operations globally. Speaking at a recent economic forum, Sitharaman emphasized how India Stack’s digital infrastructure has allowed small and medium-sized enterprises (SMEs) to streamline operations, improve accessibility to financial services, and strengthen their competitive edge on a global scale.
India Stack, which includes key digital frameworks like Aadhaar, UPI (Unified Payments Interface), and DigiLocker, has been instrumental in fostering financial inclusion and driving digitization among SMEs across India. This has paved the way for businesses to access markets beyond India’s borders, with streamlined digital identity verification, payment systems, and documentation processes. According to Sitharaman, these technologies have simplified the compliance process for small businesses, helping them scale operations more efficiently and reducing the barriers to entry for international trade.
The Finance Minister also pointed out that UPI’s growing adoption internationally—with countries like Singapore, UAE, and France integrating UPI-based transactions—has laid a foundation for Indian businesses to tap into foreign markets more easily. She emphasized that the government will continue to expand digital infrastructure and foster innovation to support India’s burgeoning SME sector in its global aspirations.
“India Stack has empowered our small businesses with tools that simplify doing business, cut costs, and open new global avenues,” Sitharaman noted. “We are witnessing a new era where Indian SMEs are making their mark internationally, driven by digital empowerment.”
Disclaimer: The statements in this article are based on Finance Minister Nirmala Sitharaman’s remarks on November 11, 2024. Details regarding India Stack’s functionalities, international partnerships, and their impact on small businesses are subject to updates. This article does not constitute financial or legal advice. Readers are encouraged to verify information through official government sources or consult professionals before making business decisions related to India Stack or international trade.
