Interview, Fireside Chat
Nandan Nilekani: Co-Founder of Infosys
- The organization intends to adopt "audacious goals" and "bet on the future" through infrastructure investments made "ahead of the curve" to address global competition and talent retention.
- The Aadhaar system targets the enrollment of "1.2 billion people" within a total timeline of "eight years" (reaching one billion in "6.5 years") at a cost of "one dollar per person," operating at a capacity of "1.5 million enrollments a day" across "35,000 enrollment stations."
- Authentication capabilities are designed to handle "more than one billion authentications a month" by verifying "live person" status using biometric data against a database of "500 million people" that performs "500 trillion matches every day."
- The direct benefit transfer system facilitates electronic money transfers to "200 million or more people" processed within "24 hours," while digital identity via electronic KYC has enabled the opening of "330 million bank accounts" over the "last five years" and allowed Reliance Jio to "enroll 100 million customers in six months."
- The Unified Payment Interface is projected to grow from "100,000 transactions" in "October 2016" to "800 million transactions a month" valued at "25 billion dollars a month," with predictions of reaching "a few billion" transactions in "a few months."
- Economic growth models are expected to shift from "globalization-led" to "domestically focused and more services oriented" due to challenges in "robotics and 3-D manufacturing," with the economy projected to expand from "$2 trillion" to "$5, $6 trillion" over the "next 10, 12 years" at a rate of "5 to 8 percent."
- Labor market demands anticipate the creation of "10 million" new jobs annually, though "skilling issues" and "location" mismatches may prevent millions of roles from being filled.
- Future market capitalization is forecasted to "run into billions of dollars" driven by a massive increase in the "consuming class," "purchasing power," and a "huge credit opportunity" for lending to small businesses and consumers.