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

Covid-19: Vigorous testing leads to fatality rate drop

India has been registering more new cases of Covid-19 infection than any other country for the past seven days, yet its rigorous push on testing and thus on early identification is bearing fruits, with the case fatality rate (CFR) going further down to 2.1. In a new high, India has scaled th

Election manifestos and voters` Right to Know

Recognising the importance of election manifestos, the supreme court directed the election commission (EC) of India to frame guidelines directly governing the contents of the election manifestos in the case of S. Subramaniam Balaji v. State of Tamil Nadu & Ors. reported in (2013) 9 SCC 659. Although th

No support from govt, says ad veteran Sam Balsara

Advertising veteran Sam Balsara has lamented the lack of support from the government to the industry and said that it has completely ignored the sector. Balsara, the founder, chairman and managing director of Madison World and Madison Communications, said that the government needs to provide

Covid-19: New cases are increasing, but so are recoveries

Even as India continues to record more than 50,000 new Covid-19 infections every day for a week now, there was some hope in the rising number of recoveries as well, with a drop in the case fatality rate and a spike in the recovery rate. Thus, the country recorded the highest single day recov

Breaking new ground in Ayodhya: History is created

History was created as prime minister Narendra Modi participated in the foundation-stone-laying ceremony for the new Ram Temple in Ayodhya on Wednesday, ending centuries of controversy. Modi performed Bhoomi Pujan at `Shree Ram Janmabhoomi Mandir`, in the presence of a very limited number o

How to encourage and support breastfeeding amid pandemic

The most joyous moment of a woman’s life is to breastfeed her baby for the first time. Breast milk is the foundation to build a strong bonding between mother and child and must not be missed by any newborn in its nutrition uptake. The World Health Organization (WHO) is encouraging people to “su

Governance Now 5th PSU IT Forum

Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter