Speaking at India Today Conclave 2023, Kant said India’s strides in providing digital identity to every citizen, the opening of bank accounts in large numbers, data empowerment of citizens and fast payments have made its economy robust and stand out after the pandemic period.
Amitabh Kant, G20 Sherpa of India, on Friday said that India’s initiatives in digital public infrastructure such as Aadhaar, unique payment infrastructure, and direct benefit transfer a phenomenal story for the whole world. Speaking at India Today Conclave 2023, Kant said India’s strides in providing digital identity to every citizen, the opening of bank accounts in large numbers, data empowerment of citizens and fast payments have made its economy robust and stand out after the pandemic period.
“Our digital leap is different from the big tech model of the United States, like Google, Microsoft. Europe also focused on privacy but not on innovation like India. In India, we built up a digital identity for every Indian. From 2015 to 2018, we opened 500 million bank accounts. We seeded Aadhaar with mobile numbers. Indians started doing fast payments from their mobile. Today, India does 11X digital payments than the US and 4X from China. India is the only country where PhonePe can compete with Google Pay, Paytm competes with WhatsApp in the market. Here 40 apps compete with each other. For me the Indian model is the future,” Kant said on Friday.
