India is poised to become the world’s fourth-largest economy by GDP in 2025. Despite global challenges, the nation’s economic resilience offers an opportunity to redefine its role on the world stage and establish new benchmarks for leadership. Visa, a global leader in payments, has outlined key strategies to support India’s ambitious vision of becoming a $30 trillion economy by 2047 under the ‘Viksit Bharat’ initiative.
Digital Transformation Fuels Growth
India’s digital revolution, powered by initiatives like the India Stack, has democratized access to identity, data, and payments, laying a strong foundation for economic growth. Unified Payments Interface (UPI) has emerged as a global leader in real-time payments, processing over 16 billion transactions in December 2024 alone. Visa emphasized the importance of further accelerating digital adoption, particularly in Tier 2 and 3 cities, to meet the growing demand for innovative solutions like mobile contactless payments and biometric authentication.
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To promote financial literacy and inclusion, Visa has partnered with the Ministry of Electronics and Information Technology (MeitY) to adopt 1,000 villages under the Digital Village Adoption program. Through this initiative, Visa has trained over 50,000 rural citizens, half of them women, in digital finance and secure payment methods.
Harnessing India’s Demographic Dividend
India’s demographic advantage, with over 65% of the population aged 15-64, is a critical driver of growth. Visa highlighted the importance of skilling programs to equip the workforce for sustainable development. Public-private partnerships, such as Visa’s collaboration with NSDC’s Tourism and Hospitality Skill Council, aim to upskill 20,000 Indian youth across 10 states, enhancing employment opportunities and service standards in the tourism sector.
Artificial Intelligence As A Catalyst
Artificial intelligence (AI) is projected to contribute $967 billion to India’s GDP by 2035. With 16% of the global AI talent pool based in India, the country is well-positioned to leverage AI for transformative growth.
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Visa, a pioneer in AI-driven payments for over 30 years, continues to invest in cybersecurity and fraud prevention. Globally, the company allocates over $10 billion to cybersecurity, saving customers an estimated $40 billion annually. Visa aims to collaborate with Indian regulators and stakeholders to enhance AI applications in payment personalization and fraud detection.
Empowering Small And Medium Businesses
Small and medium businesses (SMBs) contribute 30% to India’s GDP and employ over 110 million people. However, they face challenges such as limited access to capital and digital tools. Visa is addressing these gaps through initiatives like the Visa Foundation’s collaboration with NGOs and investors, which supports over 3 million women-led SMBs. Since 2022, Visa has facilitated more than 70,000 upskilling opportunities in financial literacy and business management for women entrepreneurs.
Visa’s Acceptance Fast Track Program and low-cost payment acceptance devices are tailored to empower SMBs with digital payment capabilities. Additionally, the company provides services like digital marketing tools, insurance coverage, and marketplace access to help SMBs thrive in a competitive environment.
Building Connectivity Through Infrastructure
India’s investments in highways, railways, and airports are boosting connectivity, driving tourism, and stimulating local economies. Visa aims to support this momentum by integrating digital payment solutions into tourism infrastructure. With experience implementing over 750 contactless transit projects globally, Visa plans to collaborate with Indian stakeholders to streamline travel experiences and promote cashless payments in public transport systems.
Collective Mission For A Viksit Bharat
Visa, with over 40 years in India, reaffirmed its commitment to the country’s socioeconomic progress through digital inclusion, innovation, and cybersecurity. Achieving the Viksit Bharat vision requires collaboration among the private sector, government, and civil society. By focusing on key growth drivers, India is well-positioned to lead the global economy by 2047, setting a new standard for inclusive and sustainable development.