India to record the highest number of cashless transactions in the world: Jaishankar at Raisina @ Sydney
- IBEF
- February 20, 2023
At the Raisina @ Sydney Business Breakfast, Foreign Affairs Minister Mr. S. Jaishankar stated that India is on track to have the most cashless transactions worldwide.
"If you look at our cashless transactions, the UPI, I think we record the largest number of cashless transactions in the world. So there's been a kind of a technology leapfrogging in the psyche of people, and that's been actually a very big difference," Jaishankar said at the Raisina@Sydney Business Breakfast.
"We encouraged people to register bank accounts, often with no money, so that we could ensure the integrity of delivery and transaction, which would not have been possible equally on the financial side without the use of digital technology. During the same period, we again put money into the bank accounts of 415,000,000 people who are the lowest income in the country. And if you ask me how I got through COVID, I can't stress enough how crucial it is to provide them with food and financial help and to make sure that this actually works "said he.
Mr. Jaishankar also stated that digital governance has become the basic mechanism today for socioeconomic delivery.
"India is trying to demonstrate that the country can construct a social, comprehensive social welfare system, even at the scale of income. And the scale of income is US$ 2,000 per capita," he said.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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