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What is the News?
According to the Secretary of the Department for the promotion of industry and internal trade (DPIIT), Open Network for Digital Commerce (ONDC) is expected to be launched soon.
What is ONDC?
ONDC is a network aimed at promoting open networks developed on open-sourced methodology, using open specifications and open network protocols independent of any specific platform.
It is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.
Under this, all seller and buyer platforms will work through one open protocol and can connect through ONDC.
And even if one has to buy a product, ONDC will show all the options of various platforms for the product, and the consumer can choose what he or she wants.
Thus, the platform will help in creating new opportunities, curb digital monopolies and support micro, small and medium enterprises and small traders and help them get on online platforms.
Click Here to Read more about ONDC:
– How ONDC seeks to democratize digital commerce
– ONDC: Govt’s e-comm net in talks with companies
– Click Here to see an Example of a Transaction using ONDC
Startups and Unicorns in India
India has more than 61,000 recognized startups spread across 55 industries, with 45% of them emerging from tier-2 and tier-3 cities.
India has around 82 unicorns(companies with $1 billion or more in valuation). It has produced more than 40 unicorns in 2021, which is more than double the number in China during the same period, which stood at 20.
Source: This post is based on the article ‘Open-source e-com platform in the works, says DPIIT’s Jain’ published in Livemint on 17th January 2022.
