FM Sitharaman highlights India's steps towards digitisation, reveals 'plans to introduce digital currency'

Palo Alto (California), April 27: Highlighting several digitisation-related progressive steps in the budget this year, Finance Minister Nirmala Sitharaman on Tuesday stated that the government is continuously making efforts to promote digitisation across different sectors. The Finance Minister's remarks came during the 'Business Roundtable: Investing in India's Digital Revolution' which was organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and co-hosted by the US-India Strategic Partnership Forum (USISPF) in Palo Alto, California. Pointing to the recently announced Central bank digital currency, digital banks and digital university, Sitharaman added, "There is a continuous digital nudge by the government across sectors." Interacting with the audience, India's Finance Minister stated that the country plans to introduce digital currency by 2023. However, unlike in other nations, she stressed that the proposed digital currency's only objective was not to aid financial inclusion. "The government and RBI are looking into its several commercial use purposes and not just financial inclusion, which is largely achieved through the JAM trinity," she added. Also Read | India logs 2,927 fresh Covid-19 cases in 24 hours Sitharaman further encouraged constant engagement to understand and address investor concerns and was open to suggestions to understand pain points and offer necessary redressal. She also encouraged stakeholders interested in Indian startups to engage with the Startup Cell at the Department for Promotion of Industry and Internal Trade under the Ministry of Commerce and Industry. Subhrakant Panda, Senior Vice President of FICCI and Managing Director of Indian Metals and Ferro Alloys, spoke at the event and said that India is on the cusp of a digital revolution, fueled by rising broadband and internet penetration, exponential data uptake, and the government's digitalisation focus. He stated that in recent years, digital transformation has been a major subject for the country. India now has over 500 million smartphone users, with 68 percent of them using 4G. The country's 'Digital India' program, which includes UPI, digital literacy, and Digilocker, among other initiatives, has served as a benchmark for the transformation underway. In 2021-22, the value of UPI transactions surpassed USD 1 trillion, a five-fold increase over the previous two years. Also Read | Tamil Nadu: 2 kids among 11 electrocuted during temple procession -PTC News