EAM Sidney Visit: Foreign Affairs Minister S Jaishankar said on Saturday at the Raisina @ Sydney Business Breakfast that India is on track to have the most cashless transactions in the world. (EAM Sidney Visit)

“If you look at our cashless transactions, the UPI, I think we record the biggest amount of cashless transactions in the world. So there’s been a kind of technological leapfrogging in people’s psyches, and that’s made a tremendous difference,” Jaishankar said at the Raisina@Sydney Business Breakfast. The Raisina@Sydney Business Breakfast was hosted at the InterContinental Hotel in Sydney by the Australian Strategic Policy Institute (ASPI) and India’s Observer Research Foundation (ORF).

“The digital was assuring the integrity of delivery and transaction that would not have been achievable equally on the financial side because we pushed individuals to have bank accounts, often with no money. During the same time period, however, we put money into the bank accounts of 415,000,000 persons with the lowest income in the country. And if you ask me how you got through COVID, I cannot emphasise how important it is to financially support people, feed them, and ensure that this works on the ground,” he continued.

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Jaishankar further claimed that digital governance has now become the primary method for delivering socioeconomic services.

“India is seeking to demonstrate that the country can establish a social, complete social welfare system, even at the size of income. And the per capita income is USD 2,000,” he explained.

In terms of social programmes, Jaishankar stated that in the last four years, India has been able to cover over 500 million people through health schemes, roughly the same number as through pension schemes.

“A scheme was in place to replace firewood with cooking gas. And the cooking gas, the first quantity of cooking gas, is free of charge. That programme has grown to include 80 million people. We have a housing programme, a housing programme, a housing programme. We have now provided 30 million residences, and at five members per household in India, that equates to 150,000,000 people covered “According to Jaishankar.

“So I’m providing you these data because they show you the scale that digital backbone enables.

We couldn’t have done it 10 years ago because we didn’t have that backbone or the strategic insight to activate and leverage it. And you can see this in people’s lifestyles today “He went on to say.

He also stated that Australia will receive truly deployable 5G technology from India this year, which will be of tremendous worldwide interest. “In India, you can see the difference in infrastructure now. The transition occurred as a result of an integrated infrastructure policy “He added.

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