He said that to make this happen, the country needs to take several measures like removing complicated regulations
Taru Bhatia | October 1, 2016 | New Delhi
India must aim to become a cashless and paper-less society by 2025, otherwise it will be difficult to reduce costs of transactions, said Amitabh Kant, CEO, NITI Aayog.
Kant showed a positive future of non-cash payment modes in the country at a one-day conference organised by observer research foundation (ORF), titled ‘digital payments: inclusion, growth and opportunities’ on Saturday.
He said, “Non-cash transaction is just 22 percent. But its speed of adaptation is growing and by 2023, it will take over cash.”
However, for digital ecosystem to mature in the country he said that the country needs 20 million point-of-sale (PoS) devices in two years, adding that at present, there are only 1.2 million PoS devices in the country. “Every kirana store should have a PoS device to accept non-cash payment,” he Said
Moreover, internet connectivity is also crucial for digital ecosystem to flourish, he added. “Right of way policy will be a big disruptor for internet connectivity because municipalities across states pose challenges in implementation of optical fiber, which will enable good connectivity.”
Digital economy will overall help India to grow, noted Kant. India at present is growing at 7 percent per annum, Kant said, adding that the challenge is “to grow at 9-10 percent per annum”.
“If India has to grow at 7 percent per annum then its per capita income by 2032 will roughly be USD 4,400. But if India grows 10 percent per annum, its per capita income will be USD 6,800. That is the compounding power of growth.”
To make this happen, he said that the country needs to take several measures like removing complicated regulations. “India has made itself very complex and complicated for business to work. Therefore, there is need to dismantle a lot of loose regulations. Also, India needs to become an integral part of global supply chain for which it has to open its economy.”
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