According to the Reserve Bank of India's (RBI) Currency and Finance report for 2023-24, the average cost of data breaches in India has reached $2.18 million in 2023, reflecting a 28% increase since 2020. The report also highlights that India's digital economy is projected to constitute one-fifth of the country's GDP by 2026. Additionally, India holds a dominant position in the global digital payments landscape, accounting for 48.5% of global real-time payments and leading in global remittances with $115.3 billion recorded in 2023. Currently, the digital economy represents 10% of India's GDP.