ONDC’s Impact on the Tech Industry: PM Modi Foresees a Level Playing Field

In an exclusive interview with Moneycontrol, Prime Minister Narendra Modi shared his vision for the Open Network for Digital Commerce (ONDC) and its transformative potential in the tech industry. This initiative aims to revolutionize digital platforms and create a level playing field for various stakeholders

Also read: Reducing Business Costs with ONDC’s Strategies

Key Points:

ONDC’s Revolutionary Vision:

• Prime Minister Modi described ONDC as a “futuristic initiative” that will reshape the tech field.
• It seeks to eliminate the dominance of major players like Amazon, Flipkart, Swiggy, and Zomato in e-commerce and food delivery.

Economic Growth and Social Impact:

• India, known for its tech talent, now boasts tech prowess in digital public infrastructure.
• The tech revolution has not only driven economic growth but also had a profound social impact.

Strategic Goals of ONDC:

• ONDC aims to boost e-commerce penetration in India to 25% within two years.
• This ambitious goal targets 900 million buyers and 1.2 million sellers, with a projected gross merchandise value of $48 billion.

Three Key Pillars of ONDC:

• ONDC’s strategy hinges on three pillars: dynamic pricing, inventory management, and delivery cost optimization.
• These pillars aim to reduce the cost of doing business, benefitting retailers and consumers alike.

Global Initiatives:

• India has offered to host a global repository of digital public infrastructure (DPI) for G20 nations.
• DPI, along with cybersecurity and digital skilling, has become a focus area for the G20, as India’s presidency nears its summit.

International Collaborations:

• Eight countries have signed Memorandums of Understanding (MoUs) with India to collaborate on digital public infrastructure, including Aadhaar, UPI, and Digilocker.

Global Economic Cooperation:

• Prime Minister Modi stressed the need for international cooperation to combat inflation and address the consequences of fiscally irresponsible policies.
• He emphasized that climate change is a shared reality requiring collective efforts.

Also read: Will Delhi be placed under complete lockdown during the G20 Summit?

Conclusion:

Prime Minister Modi’s interview highlighted the far-reaching impact of ONDC in revolutionizing the tech industry and fostering global collaborations in digital public infrastructure. This initiative aims to level the playing field, spur economic growth, and make India a key player in the global tech landscape. As India hosts the G20 summit, discussions on DPI and other digital advancements are expected to take center stage, fostering greater international cooperation in the tech sector.