While India is gearing up for more digital, the technology applications are at an accelerated pace. This move could lead to more digital transactions through various modes. This may include mobile wallets and bio-metric modes and disappearing credit and debit cards as also ATMs.
“Technology will be a key driver of India’s growth. Physical banking in India is almost dead, and it is adopting pervasive technologies with such an accelerated pace that in next three to four years, the digital transactions would move through the mobile wallet and biometric modes. Credit cards, debit cards, and ATMs will disappear,” says, Niti Aayog CEO Amitabh Kant while launching the Trade and Investment Facilitation Services (TIFS) of the Ph.D. Chamber of Commerce and Industry (PHDCCI) in New Delhi yesterday.
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Also, Mr. Kant said that India is growing 7.6 percent annually in spite of a very barren economic landscape across the world. He also said that the population in America and Europe is getting older while the population in India is getting younger. When asked about the ease of doing business, he replied that “we scrapped 1200 laws last year”.
Mr. Kant also expressed that, India was larger than 24 European countries and the states should appear as champions of growth. India would see more urbanization in the recent times and technology would play a key role in this.
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