Context:
Open Network for Digital Commerce (ONDC) records 8.9 million transactions in May
Open Network for Digital Commerce (ONDC):
- A Section 8 company (non-profit organization), under the initiative of Department for Promotion of Industry and Internal Trade (DPIIT)
- Working – Based on open-sourced methodology, using open specifications and open network protocols independent of any specific platform.
- Aim – To democratize digital commerce.
- It serves as the intermediary layer between the interfaces hosting the buyers and the sellers.
- Founding members – Quality Council of India and Protean eGov Technologies.
- Benefits – Lower entry-barriers to digital commerce, provides level playing field for all e- Commerce models, etc.
Platform Centric Model vs Open Network Model:
- Platform Centric Model – Buyers and sellers must use the same platform/application to do a business transaction
- Open Network Model – Buyers and sellers can transact no matter what platform/application they use through an open network
Source: The Hindu BusinessLine
Previous Year Question
With reference to ‘National Investment and Infrastructure Fund’, which of the following statements is/are correct?
1. It is an organ of NITI Aayog.
2. It has a corpus of ` 4, 00,000 crore at present.
Select the correct answer using the code given below:
[UPSC Civil Service Exam – 2017 Prelims]
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (d)
Explanation:
Statement 1 is not correct. ‘National Investment and Infrastructure Fund’ was set up under SEBI.
Statement 2 is not correct. It has a corpus of 40000 crore.
