Digital India: World Bank President lauds India’s phenomenal growth in Digitization.
It is a matter of immense pride for India when IMF President David Malpass acknowledges India’s tremendous growth in the field of ‘digitization’ and proffers to replicate the technological advancement to the rest of the World.
Speaking to reporters during the end of her Washington tour, where she attended the annual meetings of the International Monetary Fund and the World Bank, Finance Minister Nirmala Sitharaman stated that the World Bank President David Malpass has expressed his eagerness to work with India to take its successful digitization efforts to other countries so that they can also benefit from it.
“In fact, in my meeting with the World Bank President David Malpass, he said that you should now showcase the deepening of digital applications in India and how common people have accepted it,” Sitharaman said after she met Malpass at the World Bank headquarters.
“So, India stacks are both the point of admiration and the manner in which it has been rapidly developed, But even better, that we were able to spread it and reach a level of saturation and many of them. And that it is kept as a common public good, is also recognized,” Sitharaman stated.
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Malpass will Showcase to the Finance Ministers of rest of the world
Malpass was highly impressed by the quick and deep dissemination of India’s financial inclusion and digitization initiatives among the poor, and assured the finance minister of showcasing this to other finance ministers as a way for governments to help their poor leapfrog in these testing times.
The World Bank worked extensively with India to have a targeted social safety net, he said, observing that effectiveness of social safety net is important when it comes to poverty in other parts of the world.
But during the Covid-19 crisis, India was able to expand its social safety net.
He said poor people in the country have more money in their hand that showed up in the recent poverty report of the World Bank.
India’s sudden and exponential growth in the digital technology is mainly in favour of the consumers, these are the factors which made the rise in the upsurge.
Phenomenal growth in the numbers of digital consumer
India has risen as the biggest and a fast developing market for the digital consumers, comprising 560 million consumers second just to China, with anticipated growth of 650 million users by 2023.On an average each individual consume 12GB of information every month, surpassing that of China’s Usage of 5.5GB. The Mobile & related application usage has been widespread in India, which is a promising sign to implement any technology related.
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