Smartphones lifted 800 million out of poverty in India: UN
The United Nations General Assembly (UNGA) President, Dennis Francis, has lauded India's significant achievement in alleviating poverty. He emphasized that the widespread use of smartphones has played a crucial role in this progress. "India has been able to lift 800 million people out of poverty over the last 5-6 years simply by the use of smartphones," Francis stated.
Smartphone usage transforms rural economy
Francis highlighted how smartphones have transformed the lives of rural residents who previously lacked access to banking or payment systems. He noted that these individuals can now pay bills and receive payments for orders using their smartphones. This digital empowerment is largely due to high internet penetration across India, even in remote areas, and the widespread adoption of affordable 5G technology.
UNGA President urges Global South to embrace digitalization
The UNGA President also urged other countries in the Global South to follow India's example and embrace digitalization. The term Global South refers to developing, less developed, or underdeveloped countries, primarily located in Africa, Asia, and Latin America. "There has to be some effort and initiatives to address this inequality as an initial step in negotiating the global framework for digitalization," Francis suggested. This statement underscores the potential of technology as a tool for socio-economic development worldwide.
India's digital payment system shows significant growth
India's digital payment system has experienced substantial growth under Prime Minister Narendra Modi's Digital India campaign, initiated in 2014. The Unified Payments Interface (UPI), which saw a surge after demonetization in 2016, reported a 45% year-on-year increase in transaction volume reaching 14.44 billion in July, according to the National Payments Corporation of India (NPCI). The value of UPI transactions also saw a 35% year-on-year increase, totalling ₹20.64 trillion.
PM Modi's JAM initiative aids in financial inclusion
Under PM Modi's JAM initiative - Jan Dhan, Aadhaar and Mobile - millions of bank accounts have been opened, including those in rural areas. These accounts are linked with Aadhaar, allowing citizens to access various services and avail central government schemes as well as receive payments directly into their bank accounts. This strategy has significantly contributed to financial inclusion in India.
