Before G20, World Bank became a fan of India, praises Modi government fiercely – world bank impressed with India digital public infrastructure


New Delhi : G20 Sherpa Amitabh Kant said on Friday that one of the important things about the chairmanship of the summit in India is that the world recognizes that India has really revolutionized the field of technology through digital public infrastructure. India has created a unique model of digital payment infrastructure. India’s progress regarding digital revolution has also been appreciated in the G20 document prepared by the World Bank. Kant said that when we started our presidency, there was not much talk about digital public infrastructure, but both the finance and Sherpa tracks followed it. This has been our great achievement, the world acknowledged that we have taken a revolutionary step in this field. The success of Bharat Stack like Aadhaar, Co-WIN, UPI, DigiLocker, Bhashini has been appreciated by the world. When India got the presidency of G20, the world was struggling with many problems like unemployment and debt arising from Corona, but India organized G20 meetings with great success. Made the common life of the people better.

Digital currency is a surprise for the world.

G20 Chief Coordinator Harsh Vardhan Shringla said that a lot of attention is being paid to digital technology. Talking to the media regarding the G20 event, he said that some exhibitions have been organized in the media center. We have the Reserve Bank of India Innovation Hub, again in the Media Centre. This Innovation Hub will showcase fintech technologies that have not yet been introduced into the public domain. These are still in the pilot stage. One of them is the central bank digital currency, through which international media people who do not have a bank account in India will be able to get some money in their mobile wallet. You will be able to use it digitally to buy products. Economic Affairs Secretary Ajay Seth said that intensive discussions have taken place to strengthen institutions like multilateral development banks and IMF. The goal of India’s presidency of the G20 has been to bring issues that change people’s lives to the global center stage. In the meetings, strengthening of banks, getting countries out of debt crisis, inclusive technologies and production growth have been discussed and agreed upon.

India achieved achievements of 5 decades in 6 years: World Bank

Praising India’s digital public infrastructure, the World Bank document said that India has achieved a feat in just 6 years, which would have taken almost five decades to complete. The number of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts has tripled from 147.2 million in March 2015 to 462 million by June 2022, of which 56 per cent or more than 260 million bank accounts are held by women. IndiaStack has digitized and simplified KYC processes, thereby reducing costs. Compliance cost for banks using e-KYC reduced from $0.12 to $0.06. The cost reduction made the service more attractive to low-income customers. Earned profits to develop new products. India’s Data Empowerment and Protection Architecture (DEPA) gives individuals control over their data.

Leave a Reply

Your email address will not be published. Required fields are marked *