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Informist, Wednesday, Aug 28, 2024

 

--Dammu Ravi:Need to be worried about lack of sustainable development 
--CONTEXT:Foreign Min Secy Dammu Ravi speaking at Global Fintech Fest 
--Dammu Ravi: Should bring back importance of digital public infra 
--Dammu Ravi: Policy is trying to keep pace with Indian innovation

 

MUMBAI – Digital public infrastructure is vital for efficiency and transparency in governance as it leads to minimised leakages in government welfare distribution channels and brings a large amount of predictability in government policies, Dammu Ravi, secretary (Economic Relations) at the Ministry of External Affairs, said today.

 

"There's no complexity, but it provides scalability, interoperability, and brings in efficiency," Dammu Ravi said while speaking at Global Fintech Fest. "So, in a way, it can be truly transformative if you are able to bring it to a scale that includes all its regions. So the ability to reduce documentation, the ability to reduce the physicality of movement of people for goods and services, even for finances, is actually empowering for the common man."

 

He said, in the last decade, India has achieved significant progress on financial inclusion and streamlining distribution of public welfare schemes. Dammu said the digital public infrastructure of 1.4 bln people enroled under Aadhaar, over 500 mln Jan Dhan accounts, and 950 mln mobile phone connections has played a crucial role in addressing the inclusivity issue.  

 

"We should focus, we should bring back to our discussion table the importance of the digital public infrastructure that is played in the country," he said. He said the reforms have to keep pace with the outburst of innovation and technology and the government's aim is trying to keep policy in pace with that need for India.

 

He further said India is seeing a next stage in the fintech technology and fintech revolution.

 

"So we are going to see a real change--the digital currencies, the digital credit and all that is going to be a big change for the MSMEs and the agriculture sector which are actually going to create in a significant way that the big industries could ever do."

 

Earlier this week, Reserve Bank of India Governor Shaktikanta Das said that based on the central bank's experience of the pilot project for technology platform for frictionless credit, a nation-wide launch of the unified lending interface would be done in due course. Das had said that like the unified payments interface transformed the payments ecosystem, the unified lending interface will play a similar role in transforming the lending space.  End

 

Reported by Kshipra Petkar and Kabir Sharma

Written by Richard Fargose

Edited by Manisha Baxla

 

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