India achieves 80% financial inclusion rate in 6 years, says Ruchira Kamboj
- In Reports
- 01:24 PM, Apr 26, 2024
- Myind Staff
Ruchira Kamboj, India's Permanent Representative to the United Nations, emphasised India's digital public infrastructure, noting that the country has achieved an 80 percent financial inclusion rate within six years. She highlighted that this accomplishment would have taken decades without such digital infrastructure.
During a session at the United Nations Security Council, Kamboj stated that India's journey provides powerful lessons for other nations initiating digital transformations.
She stated that India had achieved an 80 percent financial inclusion rate within six years, a milestone that would have taken decades without the presence of digital infrastructure.
Kamboj emphasised the importance of partnerships in achieving empowerment in India, echoing the sentiments expressed by Secretary-General Antonio Guterres. She highlighted the significance of embracing the spirit of the G20 leadership's motto, "Sabka Saath Sabka Vikas," which translates to "Together for everyone's growth."
Furthermore, Kamboj underscored that the International Monetary Fund (IMF) had recognised the benefits of India's digital journey in a working paper. She stated that India's experience provides valuable lessons for other countries embarking on digital transformations, emphasising the need for a design approach focused on shared building blocks to drive innovation across ecosystems.
Kamboj shared the story of Geeta, a mother of two and a tailor from Khurja, Uttar Pradesh, who "stitches clothes for her neighbours every day, earning her wage in crumpled bills." With every stitch, she "weaves dreams not just for herself but also for her children, ensuring they receive the education she missed."
Geeta's routine includes a monthly trip to the city bank, where she "trades a day's earnings for a bus ride to deposit her hard-earned savings." She dreams of saving enough to "expand her small tailoring business and aspires to become a successful businesswoman."
Kamboj highlighted how in 2016, a customer introduced Geeta to UPI payments. She found a government-produced tutorial video, which opened up a world of possibilities. Now, Geeta connects with customers nationwide, no longer needing to make trips to the bank.
Kamboj noted Geeta's shift from bank trips to digital payments, allowing her to focus on her children's education and business growth. Geeta now runs a successful business empowered by the digital age, thanks to India's innovative infrastructure, Kamboj highlighted.
Image source: ANI
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