Indian Economy News

Total digital payment transactions volume increased from Rs. 2,071 crore (US$ 248.41 million) in FY2017-18 to Rs. 13,462 crore (US$ 1.61 billion) in FY2022-23 at a CAGR of 45%

Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad highlighted substantial growth in digital payments, with transactions surging from Rs. 2,071 crores (US$ 248.41 million) in FY 2017-18 to Rs. 13,462 crores (US$ 1.61 billion) in FY 2022-23, reflecting a 45% CAGR. The current fiscal year has already witnessed over Rs. 10,998 crore (US$ 1.31 billion) transactions. Government initiatives driving digital transactions, including incentivising RuPay and BHIM-UPI, have surpassed targets, proving their effectiveness.

Programs like Pradhan Mantri Gramin Digital Saksharta Abhiyaan aim to boost digital literacy in rural areas. The RBI and international bodies recognise India's progress in digital payments, with the CPMI categorising it as a leader in 25 out of 40 indicators.

The Minister emphasised decentralised law enforcement in cybercrime prevention, with states leading and the Central Government providing advisories and financial assistance. Measures include the Indian Cyber Crime Coordination Centre (I4C) and the National Cyber Reporting Portal. CERT-In collaborates to combat cyber threats, and RBI guidelines limit customer liabilities in unauthorised transactions, emphasising the government's commitment to bolstering cybersecurity in the digital era.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.