More Stories

Informist, Saturday, May 31, 2025

 

Please click here to read all liners published on this story

--Sitharaman: Circular econ can provide 11% of GDP as savings by 2030 
--CONTEXT: Comments by Finance Minister Sitharaman at an event 
--Sitharaman: Artificial intelligence giving us newer job opportunities 
--Sitharaman: Trying to ensure higher usage of lower-denominated currency 
--Sitharaman: Want currency to be more digitised, lower cash transactions

 

NEW DELHI – Finance Minister Nirmala Sitharaman Saturday said the government wants lower cash transactions in the economy and currency to be more digitised. There is also a need to have more digital awareness built so that people see a benefit in doing digital transactions, the finance minister said at an event.  

 

"Not every currency which is circulating is with non-tax-paid money. We want it to be more digitised. We want people to deal with it through banks rather than have the transaction done cash given, cash taken," Sitharaman said. "We are making every effort to make sure that currency will be in the lower denominations used much more than the higher (denominations)."

 

Digital transactions have risen in India after the demonitisation exercise in 2016, where the legal tender status of INR 500 and INR 1,000 denominated banknotes was withdrawn to tackle counterfeiting Indian banknotes, nullify black money hoarded in cash, and curb funding of terrorism with fake notes.

 

According to the Reserve Bank of India's latest annual report, the share of digital transactions in the total volume of non-cash retail payments was 99.9% during 2024-25 (Apr-Mar). UPI transactions had the highest share in total retail payments during FY25 at 84%.

 

On a question about artificial intelligence, Sitharaman said that AI is going to improve productivity and also provide new job opportunities. "I am not saying it's coming without any challenges. Also, to run AI-related tools, you need trained and qualified people. The question is how many of us, particularly our youth, are going to be trained quickly into AI-related spheres," she said. "That is why the government has announced four centres of excellence for AI. "

 

Sitharaman also said if India follows the principle of circular economy, it can provide 11% of GDP as savings by 2030. A circular economy model involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products for as long as possible.  End

 

Reported by Shubham Rana

Edited by Deepshikha Bhardwaj

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.