Nirmala Sitharaman, the Union Finance Minister, asserted on Thursday that India has set a global benchmark in digitisation, particularly in payment, and that this has not only aided the nation in its fight against Covid-19 and its economic repercussions but also given a sense of confidence that India's growth story is sustainable over the long term.
There have been moments when India has had to look up to global benchmarks and standards and say, "We need to catch up to that level, we will need to learn how to do." There are still many areas where we have a lot to learn and must perform in accordance with external standards, said Sitharaman in her interaction conducted with the students of Johns Hopkins School of Advanced International Studies (SAIS).
But India has actually established standards in the digital space, whether it be for payment, identity, health, education, or even the way your compliance requirements are handled. With expansive modesty, we actually have established international benchmarks for what the digital economy and the systems and platforms can do for us, which for India alone is a big confidence booster, Sitharaman said. There are countries that recognise that this scale of achievement, this absolute what it proves that it is unfailing over the years over the numbers, Sitharaman said.
Our economy is performing well, largely because people are probably confident in what has happened over the past two years. And for that reason, I anticipate our economy's revival on a sustained path, she added.
In response to a question, Sitharaman stated that the push for digitization between 2014 and 2019 assisted in battling the economic crisis both during and after COVID-19.
The push given between the ages of 14 and 19 was beneficial to us. They supported us in a multitude of unbelievable ways. Even though we were all allowed to stay in Delhi and press a button to send money to the account, we were still able to provide relief right away during the lengthy lockdown, the minister said.
Similarly, the public card distribution system that is supplied to the family had also been digitalized by that point. So, you knew how many people were truly there and where to put it, she said, adding that India also brought in one nation, one ration card.
We believe that because we were technologically well-connected, the target approach was made possible. We were also able to provide targeted relief because we had a strong technology infrastructure, authenticated identities of people, and well-established social networks. That helped us in doing that. When necessary, we reached out to section, she stated.
