The Unique Identification Authority of India (UIDAI) project will not only provide an identity to over one billion Indians, but also create jobs for them. An estimated 3,50,000 new jobs are expected to be created as a result of the UID project.
The mega project is estimated to result in a commercial opportunity of $20 billion in the first five years, and from the sixth year onwards, $10 billion annually, making it one of the largest projects not only in terms of scale, but also in revenue potential.
Other than software and hardware providers, telcos and banks will be big beneficiaries Telcos stand to gain 60 million new subscribers, $4.5 billion in mobile payments, and $2 billion in ARPUs (average revenue per user) and handset sales, while banks stand to gain 125 million new bank accounts from the existing figure of 240 million unique account holders.
The ultimate objective of the project is to have bank account for every person with a UID.
A lot of what is now transacted through cash, will get channelised through the banking system. Telcos will benefit as the concept of mobile-wallet takes off.
The revenue flow is expected to happen in a phased manner. Initially revenue opportunities will be for consulting, IT services, business process re-engineering (BPR), hardware and training and maintenance.
In the second phase, it will be for handset makers, mobile payment services, market analytics and business intelligence services, and hardware. In the third phase, the potential revenue opportunity for targeted marketing could be in the region of $12 billion per annum.
Each of these is expected to create more jobs in areas like systems integration, training and analytics, spurring demand for roles like systems specialists and programmers, and jobs associated around business process engineering.
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