"As India accelerates its journey toward digital transformation, we anticipate that the upcoming Union Budget will focus on further strengthening digital public infrastructure (DPI), which can reduce the cost of regulatory compliance, trust and safety. DPI can be used to verify individuals as well as entities, and we hope that this verification is available to all relevant stakeholders, in line with data privacy and security regulations.
The access to DPI should become easier, as opposed to a complex "licence" based approach, which limits its usage, and can curb innovation. A small but genuine startup should also have similar access (with necessary checks and balances) as a large regulated enterprise.
Emphasis on digitized credentialing and AI-powered KYC / KYB and verification has the potential to boost efficiency, security, and credibility in various economic transactions.
We are optimistic that the budget will act as a catalyst for growth and reaffirm India's commitment to building a digitally empowered economy".
Piyush Peshwani, Co-founder and CEO at OnGrid - Background Verification Platform
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