NEW DELHI: Indian economy is steadily getting back on its feet and poised for good growth in the quarters ahead after a tumultous period post abrupt demonetisation of high-value currency notes in November, corporate leaders, bankers and experts said.
Digital payments are clearly the way forward for the economy, but India’s banking system needs to seize the opportunity to expand its operations among the weaker sections, panelists said at a discussion organised by Times Network, which has launched a nationwide initiative to “Remonetise India”.
Minister for Power, Coal, Renewable Energy and Mines Piyush Goyal endorsed the initiative of Times Network, part of India’s top media conglomerate, The Times Group. “I urge the citizens of our country and various stakeholders to join this movement and support the government in its future endeavours,” the minister said.
Paytm Chief Executive Vijay Shekhar Sharma said people are increasingly adopting digital transactions. “I do not believe that we need to go back to the old cash-based economy…People are not choosing out of fear now…Digital is a sign of progress, and not one of obligation,” Sharma said.
IDFC Bank CEO Rajiv Lall said the banking system needs to rise to the occasion. “One of the biggest challenges the country has faced for more than 50 years has been delivering banking services to the poor. This is a huge opportunity… This is their ‘sachet moment’. They have to take the same challenge that the FMCG companies and telecom companies took up years ago,” Lall said.
Maruti Suzuki Chairman RC Bhargava said the company had never encouraged cash payments as it wanted clean, transparent systems that were insulated from corrupt practices. He said that contrary to expectations of weak demand and general slowdown of the economy after demonetisation, Maruti performed well in December.
Rajiv Kumar, senior fellow at Centre for Policy Research said the government needs to make some reassuring statements. “The uncertainty is simply about whether there is anything else in store for us. The government has to dispel it,” he said.
Times Network’s ‘Remonetise India’ initiative urges citizens to spend and enable digital channels of payment. Times Network will conduct several on-ground activities like Aadhaar camps, investor camps and cashless festivals, while also utilising on-air, digital and social media promotions to spread awareness.
Source: economictimes.indiatimes.com