11 years of Modi govt: Digital finance drives unprecedented financial inclusion

During the 11 years of Prime Minister Narendra Modi-led NDA government, India has emerged as a global leader in digital finance and inclusion, harnessing technology to deliver accessible, efficient, and transparent financial services to every corner of the country. This digital transformation has played a pivotal role in bridging the urban-rural divide and reshaping India’s economic landscape.

The Unified Payments Interface (UPI) has revolutionised digital transactions, with over 1,867.7 crore transactions worth ₹24.77 lakh crore recorded in April 2025 alone. Now used by nearly 460 million individuals and 65 million merchants, UPI has gone global, with its presence in more than seven countries, including the UAE, Singapore, and France. According to ACI Worldwide’s 2024 report, India accounted for 49% of all global real-time transactions in 2023, underscoring its leadership in digital payments innovation.

The Aadhaar-enabled e-KYC system has simplified access to banking and public services, with over 141.88 crore Aadhaar IDs issued as of April 2025. It has become a foundational pillar of India’s digital infrastructure, ensuring faster verification and enhanced transparency.

Direct Benefits Transfer (DBT), backed by Aadhaar authentication, has streamlined welfare delivery. Over ₹44 lakh crore has been transferred directly to beneficiaries’ accounts as of May 2025, eliminating middlemen and fake beneficiaries. This has saved the exchequer more than ₹3.48 lakh crore since 2015. The system has also removed over 5.87 crore ineligible ration card holders and 4.23 crore fake LPG connections, making welfare schemes more targeted.

In the realm of e-commerce, the Open Network for Digital Commerce (ONDC), launched in 2022, has expanded to over 616 cities, empowering small sellers and service providers. By January 2025, more than 7.64 lakh sellers had joined the platform, boosting MSME participation in the digital economy.

Similarly, the Government e-Marketplace (GeM), launched in 2016, has transformed public procurement. By January 2025, GeM had achieved a gross merchandise value (GMV) of ₹4.09 lakh crore in just 10 months of FY 2024–25, marking nearly 50% growth over the previous year. With over 1.6 lakh government buyers and 22.5 lakh sellers, GeM continues to enhance transparency and efficiency in government transactions.

Together, these initiatives reflect a decade of digital empowerment under the Modi government, setting the foundation for a more inclusive, transparent, and resilient financial ecosystem.