Former UIDAI chairman Nandan Nilekani on Wednesday said that Government is working with ‘policy window’ for the implementation of cashless economy. Nandan was recently roped in the 13-member committee of chief ministers, representing different political outfits, set up to promote digital payment systems. “It’s a complex task. It involves government, markets innovation, and technology,” he said while speaking at an event by Carnegie India.
Speaking on issue, Nandan called it a “long march towards a stable economy.” Nandan was speaking on the topic of “Road to Cashless Economy: How Government, Regulation, Technology & Markets come together.” Nandan said that India growth will lie with the service sector. “I think India’s growth lies with the service sector. Its model can’t be that of China or US. For service sector, cashless economy is very crucial,” he said.
Earlier, the former Infosys executive had said that demonetisation will raise the digitisation of the financial economy and financial inclusion, Nandan Nilekani. The former Infosys chief executive had said that the shock given to the system will accelerate the digitisation of the financial economy, he added.
Nilekani further said that the “pain” by the ban on high-valued notes of Rs 500 and Rs 1,000 will continue for some time, but the extent of digitisation that will now happen in next three months now, would have taken place in a three-year time, a TOI report has quoted him as saying. He also said that the time has come to make payments to merchants cashless and the infrastructure required for this change was already in place.
Nilekani, who was roped in as the chairman of UIDAI by the UPA government, has always batted for cashless transactions and digitisation of the Indian economy.