I believe the benefits of this push will be long-lasting, and will help build a stronger and more inclusive economy
The Union Budget 2017-18 has digital economy written all over it. Everyone — from the central government to small shops and consumers — is being pushed towards the digital economy. I believe the benefits of this push will be long-lasting, and will help build a stronger and more inclusive economy.
Internet infrastructure gets support through multiple initiatives, thus helping take the benefits of digital economy to the last mile. Introducing a payment regulatory board under the aegis of RBI will provide much-needed guidance to the fast-growing payments sector. The adoption of digital payments is likely to accelerate the given multiple initiatives.
The digitization of all consumer-to-government payments demonstrates the central government’s resolve to reduce reliance on cash. The target to provide 10 lakh PoS terminals and 20 lakh Aadhaar-based payment systems to merchants will add a large number of merchants to the ecosystem. Initiatives to promote the BHIM app will also encourage consumers and merchants to go cashless. Removing service charges from IRCTC bookings is also another welcome step.
In the coming months, we will have a digital footprint for even the unorganised sector. This footprint may help provide loans and other financial products to those who were previously excluded from the mainstream financial system.
The encouragement to SIDBI will again lead the way for other institutions to create innovative financial products that leverage public infrastructure, like Aadhaar, and help improve lives.
As a result of the budget, more people and businesses should enter the digital and formal economy.
Vijay Shekhar Sharma, Founder and CEO, Paytm
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 "Vijay Shekhar Sharma")
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