India must turn digital scale into inclusive GDP growth: GFTN’s Sopnendu Mohanty

India’s digital economy needs no introduction, but its real success will be judged by inclusion, says Sopnendu Mohanty, Group CEO of the Global Finance & Technology Network (GFTN), on the sidelines of the Black Swan Summit India in Bhubaneswar. While India has emerged as a global leader in digital public infrastructure, thanks to the success of platforms such as UPI, he believes the country has entered a more challenging phase—one where platform-led scale must translate into higher per capita incomes, job creation, and meaningful participation of MSMEs, women, and citizens from smaller towns and challenging socio-economic backgrounds as India deepens its integration with Asian and ASEAN growth corridors. He further says Odisha’s strategic location and talent pipeline make it a natural base for Asian investments and capability centres. Edited excerpts:

ET: India’s digital economy is often cited as a global success story. How do you assess its strengths, and what are the key risks or challenges ahead?
Sopnendu Mohanty (SM): India’s digital economy truly needs no introduction. Over the last two decades, India has built a remarkable growth story around e-commerce platforms, supported by strong public policy and world-class digital public infrastructure. UPI, for instance, has been a phenomenal success. Today, India comfortably ranks among the top countries globally in this space.
The real challenge now is the next phase—how do we translate this platform-led success into a measurable transformation of our national GDP? More importantly, how do we ensure that these digital platforms genuinely empower the middle class and lower-middle-class citizens, especially those from challenging backgrounds, to participate meaningfully in the market system.


ET: What needs to be done to make this digital transformation more inclusive?
SM: Yes, inclusion at various levels is the core issue. We need to ensure that a young boy or girl growing up in difficult circumstances can dream of accessing this digital infrastructure, not just as a consumer but as a future job creator.
To achieve that, we must rethink skilling, redesign policies, and embrace global collaboration. We are no longer in a unipolar world; this is a multipolar reality. That demands a fresh approach, particularly as we look ahead to opportunities in the Asia-Pacific region.

ET: How does India’s digital ecosystem compare with peers in ASEAN and the MENA region?
SM: If you look at intent, infrastructure, public policy, and digital public platforms, India is right at the top, arguably number one. However, the key question is whether this strength has translated into equitable distribution of wealth and prosperity. That remains a work in progress.
Several ASEAN economies have achieved relatively higher per capita income levels. For India, the real litmus test of success will be whether our e-commerce and digital growth meaningfully lift per capita incomes over time.

Q: Why has Odisha emerged as a key focus area for you, and what potential do you see here?
SM: The choice is strategic. If we are serious about tapping Asian growth, we need Asian-facing infrastructure—skills, public policy, physical infrastructure, and the right underlying conditions.
From that perspective, India’s east coast is critical. Odisha, and Bhubaneswar in particular, sits at a strategic gateway to ASEAN economies, which are likely to see significant transformation and growth over the next decade. That’s why we chose Bhubaneswar. Having said that, this does not limit us; other cities will certainly come into play over time.

ET: Could you explain the long-term vision behind the Bharat Netra initiative?
SM: Bharat Netra is a long-term commitment by the Odisha government, in partnership with Singapore-based GFTN. We believe jobs are not created overnight; they are outcomes of comprehensive development. Growth must be planned. Under this plan, the idea is to bring together four foundational pillars: social restructuring, skilling and education starting from schools, innovation ecosystems, and mindshare-building platforms like the Black Swan Summit, along with capability centres. Together, these elements create a sustainable framework for long-term growth.

ET: How do you ensure that this progress reaches MSMEs and last-mile beneficiaries?
SM: Ultimately, outcomes, not intentions, will define success. The real test is whether lives are actually transformed.
We are already seeing early signs of success through our education initiatives. Around 30 districts in Odisha participated in a programme supported by the National University of Singapore. Students from small towns and challenging backgrounds were certified, many secured jobs on Day Zero, and some are now heading to Japan and Singapore. For a young student, this is a life-changing experience. But this is just the beginning; the ecosystem still needs to be built out.

ET: What is your reading of the latest Union Budget and its implications?
SM: I haven’t tracked the Budget in detail, but positive developments around tariffs and global trade dynamics should help market sentiment and partnerships.
At the end of the day, economic growth has no shortcuts. Sustainable GDP growth depends on inclusion—bringing the middle class, women, rural communities, and people from smaller towns into the system. That inclusion is the real fuel for future growth.