Infosys chief Nandan Nilekani has termed demonetisation as a defining step in India’s journey to a less cash economy. He has said that India knew the problem (of being a cash-dependent society), but lacked political will. He adds that demonetisation and the urgency to find alternatives to cash gave a sharp focus to cashless payments. Nilekani also explained how demonetisation resulted in an incredible push and tasks for the same were done with unprecedented urgency – Nilekani laid out his views in a column for Hindustan Times. Nilekani says that though November 8 is our memories as the day we switched to cashless, it can only be termed as just a starting point. He underlines that digitisation is a long process and still have a way to go.
Meanwhile, in another summit, Nilekani expressed that data will emerge as the next frontier for trade negotiations between countries as there will be many issues to be resolved. Addressing a summit, ‘Unlocking US-India trade potential’, on Tuesday, Nilekani said that discussion on cross-border trade on data will centre around issues like security, privacy and monetisation. He added that advent of smartphones has created huge volumes of data and the growth in sensors or the Internet of Things is only expected to multiply the creation of data.
November 8 marks the anniversary of demonetisation. Exactly a year ago, PM Modi had announced demonetisation of Rs 1,000 and Rs 500 notes as a measure to fight black money, corruption, fake currency and terror funding. The opposition, led by Congress, is observing ‘black day’ today, while the BJP and NDA allies are celebrating ‘anti-black money day’.