India will witness exit of debit and
credit cards in next three to four years as a vast majority of its digital
transactions would happen through mobile wallet and biometrics modes as it has
begun to embrace use and applications of technologies with such a faster and
accelerated pace, according to CEO, NITI Aayog, Mr. Amitabh Kant.
Speaking on the occasion of an
interactive session on Fostering International Economic Cooperation that
preceded the well known Ambassadors’ Meet of the PHD Chamber of Commerce and
Industry here on Friday, Mr. Kant declared that India would continue to
globalize and dismantle rules and regulations that halt inbound investments as
also create conditions for expansion of its economy.
India, according to him, in the last
two and half years has undertaken massive reformative measures as a result in
the recent past, it has witnessed 60 per cent growth in FDIs whereas in the
rest of the world, FDIs shun by 16 per cent which is indicated of the fact that
India has progressively reformed its statute in favour of healthier and
flexible economic conditions.
“Physical banking in India is almost
dead and it is adopting pervasive technologies with such an accelerated pace
that in next three to four years, the digital transactions would move through
mobile wallet and biometric modes completely replacing debit and credit cards”,
said Mr. Kant.
“India belief in globalization and it
would continue to globalize and shall never talk of protectionism as a result,
it would emerge as an economy that would attract investments and growth and
make India a hub of economic engagements par excellence”, said Mr. Kant.
Among others who spoke on the
occasion consisted of Secretary (ER), Ministry of External Affairs, Mr. Amar
Sinha; Chief Secretary, Madhya Pradesh, Mr. Basant Pratap Singh; Principal
Secretary, Industries & Commerce, Haryana, Mr. Devender Singh; Acting
Deputy Chief of Mission, US Embassy, Mr. George N Sibley; High Commissioner,
High Commission of Canada, Mr. Nadir Patel; President, Sr. Vice President, Vice
President and Secretary General of the PHD Chamber, Mr. Gopal Jiwarajka, Mr.
Anil Khaitan, Mr. Rajeev Talwar and Mr. Saurabh Sanyal.
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