In 2025, India is projected to become the fourth largest economy by GDP. Amid global challenges, India’s economy remains resilient, presenting an opportunity to redefine its global role and establish new standards for economic leadership.
India’s dramatic digital transformation has empowered millions through a digital infrastructure [India Stack], democratising data, identity, and payments. This revolution underpins economic growth, but momentum needs to be accelerated to achieve the $30 trillion ‘Viksit Bharat’ vision by 2047. A sharp focus on key drivers will fuel India’s rise to global economic leadership.
Harnessing the demographic dividend
India’s demographic dividend is a unique asset, with over 65 per cent of its population between 15-64 years, set to enter the workforce by 2030. To achieve the 2047 Viksit Bharat target, “skilling” has been identified as a key growth driver for sustainable development. n addition to several government initiatives like the Skill India Mission, Visa believes that public-private partnerships in skill development can accelerate growth in labour-intensive sectors like tourism. An example of this is our partnership with NSDC’s Tourism and Hospitality Skill Council to upskill 20,000 Indian youth in tourism across 10 states, enhancing employment, service standards, and tourist experiences.
Artificial intelligence (AI) as an economic catalyst
AI is expected to add $967 billion to India’s GDP by 2035. With 16 per cent of the global AI talent pool residing in India, we are uniquely positioned to harness AI for significant economic growth. Visa has leveraged AI in payments for over 30 years. As a network of networks, we help partners, clients, and governments worldwide tackle cyber threats with AI, ensuring safer payments. Globally, our dedicated 1,000+ cyber protection workforce and an investment of over $10 billion prioritising cybersecurity using AI save our customers an estimated $40 billion annually. We believe AI will further enhance payment personalisation and fraud detection and look forward to working with the Government and regulator to safeguard India’s expanding digital economy and ensure a safe and seamless experience for users.
Digital transformation and financial inclusion
With the Government’s push towards a less-cash economy and UPI’s phenomenal impact, India has become a global leader in digital payments. Digital transactions are expected to triple by FY29. As demand for digital solutions grows, especially in Tier 2 and 3 cities, embracing innovations like mobile contactless payments will help. Moreover, the future of payments authentication is advancing towards biometric authentication to make transactions smoother and more secure. As payments become more digital, flexible, and driven by consumer preferences, in partnership with the ecosystem, we aim to provide more choice through innovative tools.
As part of Visa’s relentless commitment to expanding financial literacy and cybersecurity awareness in the country, we are proud to partner with the Ministry of Electronics and Information Technology’s (MeitY) Common Services Centre (CSC) and adopt 1,000 villages. Through this Digital Village Adoption program, across 16 states, Visa enables training in digital finance and secure payments to 50,000 rural citizens, half of whom are women; the program has been implemented to date in over 900 villages.
Empowering small and medium-sized businesses
Small and medium businesses in India contribute nearly 30 per cent to GDP and employ over 110 million people, playing a vital role in the country’s economic growth. However, they face challenges such as limited capital and a lack of digital knowledge.
We endeavour to provide equitable access to financial and knowledge resources to digitise the economy, especially for women-led small businesses in India. Our continued partnership with United Way Mumbai has enhanced thousands of women-led micro-businesses.
Visa and Visa Foundation in India collaborate with NGOs, investors, and agencies to support over 3 million women-led small businesses by providing access to capital and skills for business growth and income enhancement. Since 2022, we have enabled more than 70,000 upskilling opportunities in financial literacy and business skills for women entrepreneurs.
