As India looks to take big digital leap into moving towards a cash less society, one of the world's top business leaders has lauded Prime Minister Narendra Modi-led government's efforts to promote a digital payments ecosystem.
As India looks to take big digital leap into moving towards a cash less society, one of the world’s top business leaders has lauded Prime Minister Narendra Modi-led government’s efforts to promote a digital payments ecosystem. Michael Dell, Chairman and CEO of Dell Technologies, said that he is inspired by the way the country is leveraging technology to move towards becoming a cash less society, and used IndiaStack as an example to drive his point home. “IndiaStack, for example, is a world-leading concept and as a techie, I get very inspired by what India is doing. It is an amazing government-led effort,” Michael Dell said, while addressing the media at the Dell Technologies World 2018.
According to the its website, IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery. “Governments should understand that the Internet, broadband and fiber are really important in next generation of the society. Governments have to figure out 5G to amplify their productivity or else they will fall behind other countries. 5G is a big enabler of the digital transformation process,” Michael Dell said.
Dell pointed out that companies in the future would have to make better use of their data to stay ahead of the competition. In his address, Michael Dell notes that success is going forward in a very different way from the past. “It starts with company’s data that make product and services better, which in turn generates more data. Companies are now using Artificial Intelligence (AI) and Machine Learning (ML) to use this data in the maximum effective way. 5G is just around the corner that would expedite this process better,” he added.
Michael Dell’s comments come even as a Morgan Stanley report predicts India to be a to $6 trillion economy and achieve upper-middle income status by by 2026-27 on the back of the country’s digitisation drive.
“The country was already on a strong trajectory, but digitization puts India’s nominal GDP growth on track to compound annually by more than 10% in U.S. dollar terms over the coming decade,” Anil Agarwal, Head of Asian Financial Research at Morgan Stanley recently.