Fintech industry has delivered on all the critical pillars of Digital India: IT Minister

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Rajeev Chandrasekhar, Minister of State in the Ministry of Skill Development and Entrepreneurship and Ministry of Electronics and Information Technology, Government of India, said that Prime Minister Narendra Modi’s Digital India vision had four pillars namely to transform lives of the citizen, provide ease of living, expanding the economy, and create an opportunity of entrepreneurship and employment.

Speaking at the Global FinTech Fest, organised by Fintech Convergence Council (FCC) and Payments Council of India (PCI), of Internet and Mobile Association of India (IAMAI), and the National Payments Corporation of India (NPCI).

The Fintech industry has delivered on all these critical pillars and led to qualitative improvement in the quality of the financial economy.

Responding to a query by Praveena Rai, Chief Operating Officer, National Payments Corporation of India, on the need for policy momentum in the software and hardware system required for growth of Fintech Future, Chandrasekhar said “Two areas that are on government radar are electronic systems design and semiconductor.

The action plan to create champions in these spaces will be rolled out in October 2021.” He added, ‘This is the Y2K moment of India in the technology space’!

He said that IAMAI should collaborate with academia and institutions to assess the social-economic impact of Fintech and digital impact since 2014.

Emphasising that Skill India is one of the inspiring missions of the Government of India, Chandrasekhar stressed the collaboration between government and industry on predictive planning for sophisticated high-end skilling.

He stated that “the government has created a network of training centres across the country and industry should invest capital in expanding the network, training, skills and cease this opportunity.”

The Ministry of Electronics and IT (MeitY) has worked out a 1,000-day agenda, aiming to make India a $1 trillion digital economy over the next few years.

This comes amid a change of guard, with Ashwini Vaishnaw taking over as Union minister for electronics and IT, along with Rajeev Chandrasekhar as minister of state.

Reports further pointed out that the key to the initiative will be making India the largest connected nation in the world, bringing coherence into digital governance, simplifying rules and legislations for technology and social media companies, and focusing on building India’s high-tech prowess.

Anuradha Nagar

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