India News | India has set the global benchmark for digitization: EU Finance Minister speaks in the US

India has set a global benchmark for digitization today, especially in terms of payments, EU Finance Minister Nirmala Sitharaman said on Thursday, saying it has helped countries not only fight COVID-19 and its economic impact, but also gave confidence that History India’s growth is sustainable in the long run. There were times when global standards, global standards were the ones India had to look at and say we need to catch up with this level, we will have to learn how to do it.

India has set a global benchmark for digitization today, especially in terms of payments, EU Finance Minister Nirmala Sitharaman said on Thursday, saying it not only helped fight COVID-19 and its economic impact, but also gave confidence that the story of growth India is sustainable in the long run.

“There were times when global benchmarks, global standards were the ones India had to look at and say we need to catch up with this level, we’ll have to learn how to do it. There are still many areas where we still need to learn a lot and follow standards set elsewhere, ”Sitharaman said as she interacted with students at the Johns Hopkins School of Advanced International Studies (SAIS).

“But on the digital side, whether it’s payments, identity, health, education, or the way compliance requirements are met, India has actually set the standard. There are countries that recognize that this scale of achievement is an absolute must, proving it has not failed in numbers over the years … India is a big boost in confidence, ”said Sitharaman.

“Our economy is doing well, mainly because people probably feel confident in what has happened in the past two years. And that is why I believe that the economic recovery is on a sustainable path, ”she said. “Due to the global recession, demand will suffer externally, my exports will suffer, and due to the strong dollar against my Indian rupee … all of this taken into account, in India there is a feeling of confidence that we will get through this and continue to perform.” “This is because of the way the technology has been used for the public good. People can see that they are constantly striving to get better credit, sustainable business… ”she said. “These are the elements that build India’s confidence,” she added.

Responding to the question, Sitharaman said the drive to digitize in 2014-2019 helped tackle the economic crisis during COVID-19 and beyond.

“The push that was given between the ages of 14 and 19 really helped us. And he helped us in many unbelievable ways. We could immediately provide relief during the long lockdown even though we could all stay in Delhi and press the button that put the money on the account, ”she said.

“Similarly to that time, the system of public distribution of the card that is passed on to the family has also been digitized. So you knew how many people actually were, where to take it and put it, ”she said, adding that during this period, India also introduced one nation, one rationing card.

“So having an identity, a bank card, a mobile phone that is registered as a candidate, you are able to communicate with all of them so very quickly, and the same at that time, because we were able to constantly and from, say, a production module, about nature of the problem they faced, we were able to provide targeted credit assistance and so on, ”she said.

“We believe that the target approach was possible because we were technologically well connected. And because we were technologically well-networked and already had an established identity of individuals, we were able to provide targeted assistance. It helped us with that. We contacted the section if necessary, ”she said.

(This story was not edited by our team of editors and was generated from the feed.)