{"id":106688,"date":"2021-05-13T17:31:43","date_gmt":"2021-05-13T12:01:43","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=106688"},"modified":"2021-05-14T09:08:58","modified_gmt":"2021-05-14T03:38:58","slug":"niti-aayogs-report-on-creating-a-roadmap-for-digitally-inclusive-bharat","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/niti-aayogs-report-on-creating-a-roadmap-for-digitally-inclusive-bharat\/","title":{"rendered":"NITI Aayog&#8217;s Report on Creating a &#8220;Roadmap for Digitally Inclusive Bharat&#8221;"},"content":{"rendered":"<h5><\/h5>\n<h5><strong>What is the News?<\/strong><\/h5>\n<p><span style=\"color: #000000;\"><strong>NITI Aayog and Mastercard <\/strong>have released a report titled \u2018Connected Commerce: Creating a <a style=\"color: #000000;\" href=\"https:\/\/forumias.com\/blog\/niti-aayogs-report-on-creating-a-roadmap-for-digitally-inclusive-bharat\/\" target=\"_blank\" rel=\"noopener\">Roadmap for a Digitally Inclusive Bharat<\/a>\u2019.<\/span><\/p>\n<p><strong>Purpose of the report: <\/strong>The report identifies challenges in accelerating digital financial inclusion in India. The report also provides recommendations for making digital services accessible to its 1.3 billion citizens.<\/p>\n<h5><strong>Key Findings of the Roadmap for a Digitally Inclusive Bharat:<\/strong><\/h5>\n<p><strong>Enabling Global Opportunities for MSMEs<\/strong><\/p>\n<ul>\n<li>MSMEs have been a key growth driver for the Indian economy. This sector has employed some 110 million people or over 40% of India\u2019s non-farm workforce.<\/li>\n<li>However, the lack of proper documentation, bankable collateral, credit history and non-standard financials force them to access informal credit. Also, the informal credit interest rates are double that of the formal lenders.<\/li>\n<li><strong>Suggestion: <\/strong>\n<ul>\n<li>Digitize registration and compliance processes and<\/li>\n<li>Diversify credit sources to enable growth opportunities for MSMEs.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h5><strong>Inspiring Trust and Security in Digital Commerce<\/strong><\/h5>\n<ul>\n<li>Firstly, there has been tremendous growth in digital payments in the past few years.<\/li>\n<li>Secondly, the surge in digital transactions has also increased the <strong>risk for possible security breaches<\/strong>, both for consumers and businesses.<\/li>\n<li>Thirdly, a Medici report of June 2020 says <strong>40,000 cyber-attacks targeted the IT infrastructure of the banking sector in India.<\/strong><\/li>\n<li><strong>Suggestion: <\/strong>\n<ul>\n<li>Build information sharing systems including a <span style=\"text-decoration: underline;\">\u2018fraud repository<\/span>\u2019.<\/li>\n<li>Ensure that online digital commerce platforms carry <span style=\"text-decoration: underline;\">warnings to alert consumers<\/span> to the risk of frauds.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h5><strong>Preparing India\u2019s Agri Enterprises for Connected Commerce<\/strong><\/h5>\n<ul>\n<li>Agriculture with its allied sectors provides livelihood to a large section of the Indian population. Over the years, agriculture\u2019s contribution to national GDP has declined from 34% in 1983-84 to just 16% in 2018-19.<\/li>\n<li>However, most agri-techs have not succeeded in digitizing financial transactions for farmers. Also, they failed to enable formal credit at lower rates of interest by leveraging transaction data.<\/li>\n<li><strong>Suggestions:<\/strong>\n<ul>\n<li>Enable agricultural NBFCs to access low-cost capital and <span style=\"text-decoration: underline;\">deploy a \u2018phygital\u2019<\/span> (physical + digital) <span style=\"text-decoration: underline;\">model<\/span> for achieving better long-term digital outcomes.<\/li>\n<li><span style=\"text-decoration: underline;\">Digitizing land records<\/span> will also provide a major boost to the sector.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h5><strong>Digital Financial Inclusion:<\/strong><\/h5>\n<ul>\n<li>A lot of effort and success has been on the supply side of DFI. For example, initiatives like E-Governance initiatives, JAM trinity, Direct Benefit Transfer(DBT) among others.<\/li>\n<li>However, the success in the digital financial flow comes at the last mile where <strong>account holders mostly withdraw cash<\/strong> for their end-use.<\/li>\n<li><strong>Suggestion<\/strong>:\n<ul>\n<li>Strengthen the payment infrastructure to promote a level playing field for NBFCs and banks.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h5><strong>Robust Transit Systems for Smart Cities<\/strong><\/h5>\n<ul>\n<li>The transport sector is expected to grow to 12% of GDP by 2026.<\/li>\n<li>Hence, there is a huge opportunity for the government and private sector to collaborate and provide top-quality systems for mass transit.<\/li>\n<li><strong>Suggestions:<\/strong>\n<ul>\n<li><strong>Make city transit seamlessly <\/strong>accessible to all. Transit has to include visitors, migrant workers from towns or villages also. The government can allow price benefits of digital payments to poor citizens<\/li>\n<li><strong>Leverage existing smartphones,<\/strong> cards and non-transit payment modes as far as possible.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Source: <\/strong><a href=\"https:\/\/pib.gov.in\/PressReleaseIframePage.aspx?PRID=1717538\"><strong>PIB<\/strong><\/a><\/p>\n<hr \/>\n<blockquote class=\"wp-embedded-content\" data-secret=\"rurvDwcMQt\"><p><a href=\"https:\/\/forumias.com\/blog\/india-uk-virtual-summit\/\">&#8220;India-UK Virtual Summit&#8221;<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;&#8220;India-UK Virtual Summit&#8221;&#8221; &#8212; Free UPSC IAS Preparation For Aspirants\" src=\"https:\/\/forumias.com\/blog\/india-uk-virtual-summit\/embed\/#?secret=buQe8SFhSY#?secret=rurvDwcMQt\" data-secret=\"rurvDwcMQt\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the News? NITI Aayog and Mastercard have released a report titled \u2018Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat\u2019. Purpose of the report: The report identifies challenges in accelerating digital financial inclusion in India. The report also provides recommendations for making digital services accessible to its 1.3 billion citizens. Key Findings&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/niti-aayogs-report-on-creating-a-roadmap-for-digitally-inclusive-bharat\/\">Continue reading <span class=\"screen-reader-text\">NITI Aayog&#8217;s Report on Creating a &#8220;Roadmap for Digitally Inclusive Bharat&#8221;<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,1305,9],"tags":[1400],"class_list":["post-106688","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-index-reports-bodies","category-public","tag-eco_10","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/106688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=106688"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/106688\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=106688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=106688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=106688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}