The Minister of External Affairs, Dr. S Jaishankar, elucidated India’s remarkable progress in digital public infrastructure by drawing a compelling analogy during a dialogue with the Indian community in Nigeria.
He highlighted the substantial shift towards a cashless economy, asserting that the quantum of cashless transactions in India within a month now outpaces the cumulative volume in the United States over three years.
In his address, the Minister underscored the pervasive impact of technology on the lives of Indian citizens, emphasizing the widespread adoption of digital payment methods. He noted that the prevailing trend reflects a fundamental transformation in the country’s economic landscape, with a dwindling reliance on traditional cash transactions.
According to him, the extent of cashless payments in India has reached a point where it mirrors the entirety of such transactions conducted in the United States over three years.
“The life of every Indian citizen has become easier and this is because we have embraced technology in a very deep way. You can see this in payment, very few people today pay in cash and very few people accept cash…Today, we do as many cashless payments in India in a month as much as America does in three years,” Jaishankar said at the event.
Furthermore, the Minister elucidated five noteworthy examples encapsulating India’s multifaceted transformation over the past decade. These instances testify to the nation’s commitment to embracing technological advancements and fostering a digitally-driven economy. His insightful observations underscore the depth of India’s evolution in leveraging technology for the betterment of its citizens and the nation as a whole.
Stressing that India is the fastest-growing economy in the world, Jaishankar said that business sentiment about New Delhi has improved and as a result, the flow of investments into the country has reached its highest ever.
