India must become cashless by 2025, says Amitabh Kant

He said that to make this happen, the country needs to take several measures like removing complicated regulations

taru

Taru Bhatia | October 1, 2016 | New Delhi


#Amitabh Kant   #NITI Aayog   #cashless  

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.”

 

Comments

 

Other News

Elections 2024: 1,351 candidates in fray for Phase 3

As many as 1,351 candidates from 12 states /UTs are contesting elections in Phase 3 of Lok Sabha Elections 2024. The number includes eight contesting candidates for the adjourned poll in 29-Betul (ST) PC of Madhya Pradesh. Additionally, one candidate from Surat PC in Gujarat has been elected unopp

2023-24 net direct tax collections exceed budget estimates by 7.40%

The provisional figures of direct tax collections for the financial year 2023-24 show that net collections are at Rs. 19.58 lakh crore, 17.70% more than Rs. 16.64 lakh crore in 2022-23. The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were fixed at Rs. 18.

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool

Indian Railways celebrates 171 years of its pioneering journey

The Indian Railways is celebrating 171 glorious years of its existence. Going back in time, the first train in India (and Asia) ran between Mumbai and Thane on April 16, 1853. It was flagged off from Boribunder (where CSMT stands today). As the years passed, the Great Indian Peninsula Railway which ran the

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter