India does more cashless transactions in a month than what US does in 3 years: Jaishankar (WATCH)
External Affairs Minister, S. Jaishankar, highlighted the nation's rapid technological growth and economic advancements during an interaction with the Indian community in Nigeria.
FollowIndia is rapidly emerging as a global technology hub and the fastest-growing major economy, highlighted by External Affairs Minister S Jaishankar during an interaction with the Indian community in Nigeria. The minister provided insightful analogies, shedding light on India's robust digital public infrastructure and economic advancements.
Digital Revolution
Minister Jaishankar emphasized the transformative impact of technology on the lives of every Indian citizen. He stated that the monthly volume of cashless transactions in India equals the total cashless transactions in the United States over a span of three years. This significant shift reflects the deep integration of technology into various facets of daily life, making transactions more efficient and accessible.
"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," Minister Jaishankar remarked, highlighting the widespread adoption of digital payment systems.
Unprecedented Investments
Minister Jaishankar also underscored the historic levels of investment flowing into India, emphasizing the rapid pace at which the country is being developed. The surge in business sentiment toward India reflects the positive trajectory of economic growth. This heightened investment activity is a testament to India's attractiveness as a destination for global capital.
"There is a sense today that India is being built at a fantastic pace, not just being built, that growth rate actually covers many other things. You can see the flow of investment in India, the highest ever. Look at the business sentiment about India. For me, the real change is the change I see in our own people," Minister Jaishankar stated, acknowledging the substantial change in perception.
Example of Transformation
During his address, the minister highlighted key examples that showcase India's remarkable transformation over the past decade. He commended India's response to the COVID-19 pandemic, emphasizing the successful repatriation of seven million Indian citizens stranded abroad. The ability to navigate the challenges posed by the pandemic and subsequently contribute to global healthcare by manufacturing medicines reflects India's resilience and global standing.
"I take great heart, great hope and great faith from how India dealt with it. When COVID-19 started, during a virtual meeting in 2020, it was said that the country that will be most unable to cope with COVID-19 would be India. Two years later, I saw that we went through the Covid wave and lockdowns...we started making medicines for the rest of the world," Minister Jaishankar shared, highlighting India's positive trajectory.
Current Visit to Nigeria
Minister Jaishankar's visit to Nigeria from January 21-23 aligns with India's diplomatic engagements, fostering international relations and collaboration.
This interaction in Nigeria serves as a testament to India's global influence and its commitment to leveraging technology for inclusive growth and economic prosperity.
