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  1. Union Budget 2017 initiatives will give digital thrust to financial sector

Union Budget 2017 initiatives will give digital thrust to financial sector

With the ministry of finance projecting a promising 7.1% annual GDP growth in FY17, India continues to sustain its consistent economic performance despite global sluggishness.

Published: February 2, 2017 7:24 AM
cashless economy, nudget 2017 cashless economy, arun jaitley cashless economy, union budget 2017 expectations cashless economy, budget 2017 expectaions digital transactions A thriving mobile telecom industry is an irreplaceable cornerstone for the growth and development of the economy. (Reuters)

With the ministry of finance projecting a promising 7.1% annual GDP growth in FY17, India continues to sustain its consistent economic performance despite global sluggishness. A thriving mobile telecom industry is an irreplaceable cornerstone for the growth and development of the economy. In addition to contributing nearly 6.5% to India’s GDP including direct, indirect and productivity impacts, the Indian mobile telecom sector is both a genesis as well as a key enabler for several transformatory programmes that have been launched by the government over the span of the last two years. Hence, it is not surprising that the outlined agenda of “Transform, Energise and Clean India” for next year’s Budget pivots on applications of ‘digitisation’ across several sectors of the economy, and extending these benefits to all sections of the society.

Transforming India to a truly digitised society will entail adoption of a digital lifestyle by over a billion Indians. A ubiquitous mobile broadband infrastructure spanning the 5 lakh towns and villages in the country, and an ecosystem of relevant digital applications and services covering sectors are sine qua non for this massive transformation.

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The proposed Budget will provide an immense impetus to the Digital India vision. Promotion of a digital economy through the various announced initiatives will help in substantially increasing digital transactions through mobile based payment services and platforms, delivering a strong thrust to both the mobile telephony and financial sector.

Himanshu Kapania

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