Sydney: India is moving ahead to record the largest number of cashless transactions in the world, External Affairs Minister S Jaishankar said today at the ‘Raisina@Sydney’ Business Breakfast.
“If you look at our cashless transactions, the UPI, I think we record the largest number of cashless transactions in the world. So there’s been a kind of a technology leapfrogging in the psyche of people, and that’s been actually a very big difference,” Jaishankar said at the Raisina@Sydney Business Breakfast.
Raisina@Sydney Business Breakfast was organized jointly by the Australian Strategic Policy Institute (ASPI) and India’s Observer Research Foundation (ORF) at the Inter-Continental Hotel in Sydney.
“The digital was ensuring the integrity of delivery and transaction that would not have been possible equally on the financial side because we encouraged people to open bank accounts, sometimes bank accounts with no money. But we were, again, during the same period, put money into the bank accounts of 415,000,000 people who are the lowest income in the country. And if you ask me, how did you get through COVID, I cannot overstate the importance of financially supporting people and feeding people and ensuring that this works on the ground,” he said.
Jaishankar also stated that digital governance has now become the basic mechanism today to do socioeconomic delivery.
“India is trying to demonstrate that the country can construct a social, comprehensive social welfare system, even at the scale of income. And the scale of income is USD 2,000 per capita,” he said.
Talking about the social programs, Jaishankar said that in the last four years, India has been able to cover about 500 million people in health schemes, about the same number covered by pension schemes.
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