'ATM, card transactions will vanish by 2020'

Niti Aayog CEO Amitabh Kant tells PBD delegates

'ATM, card transactions will vanish by 2020'
A totally digitised India in two-and-a-half years, where ATM, credit and debit card transactions will be replaced by money transfers through thumb impressions in 30 seconds! This was the big picture painted by Niti Aayog CEO Amitabh Kant as 1,700 Pravasi Bharatiya delegates watched in awe.

Driven by an unprecedented smartphone penetration, India is in the midst of a huge financial disruption. Aadhaar-enabled payment systems are making existing methods redundant. “In due course, every Indian will be using thumbs and ticking on a bank icon for transactions,” Kant said.

Although the disruption culture is expanding to all spheres, Kant had a lament: Women entrepreneurs are still a rarity. “Women contribute only 17% to the GDP. They need a critical push if India is to develop into a $10 trillion economy.”

Black economy is another concern. He said currently, only 2 to 2.5% Indians pay tax. The formal economy is only $2 trillion now. The rest is the non-formal black economy.

For renowned scholar in grassroots innovations, Prof Anil Kumar Gupta, growth had to be linked to a connect between young entrepreneurs and traditional training institutes such as ITI.  To help startups struggling for early stage investments, new instruments have to be identified so that people can donate in large numbers. “Let investments in startups become a sport. Start enjoying the process,” he said.

Karnataka leads the way in innovation and use of disruptive technology, said panellists at the session ‘Fuelling growth through disruptive innovations: Startup ecosystem in Karnataka’.

Minister for IT, Biotechnology and Tourism Priyank Kharge said, “Bengaluru is the second largest chip design hub and the IT sector is the largest employer with 10 lakh jobs directly and 30 lakh indirectly.” 

Principal secretary for IT, BT, Science and Technology, V Manjula said the government has selected 40 startups for their innovative ideas for angel funding of close to Rs 250 lakh.

“Karnataka is an innovation hub. Bengaluru has carved a niche for startups and many companies that originated from here have grown to become big players across the globe,” she said.
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