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April 26, 2024

India Achieves 80% Financial Inclusion in 6 Years: Ruchira Kamboj Highlights Digital Transformation at UN

India has achieved an astonishing 80% financial inclusion rate within six years, thanks to its robust digital infrastructure, according to Ruchira Kamboj, the Permanent Representative to the United Nations. Speaking at a session of the United Nations Security Council, Kamboj emphasized India’s remarkable journey in digital transformation and its powerful lessons for other nations.

“Within six years, India has achieved an 80% financial inclusion rate, a feat that would have taken decades without such digital infrastructure,” Kamboj stated. She highlighted the significance of partnerships, echoing the words of Secretary-General Antonio Guterres, emphasizing the spirit of ‘Sabka Saat Sabka Vikas’ (Together for everyone’s growth), a mantra of India’s G20 leadership.

Kamboj further underscored the recognition by the International Monetary Fund (IMF) of the benefits of India’s digital journey. “India’s journey offers powerful lessons for other nations embarking on digital transformations, emphasizing a design approach focused on shared building blocks to spur innovation across ecosystems,” she added.

Sharing a poignant story, Kamboj narrated the tale of Geeta, a mother of two and a tailor from Khurja, Uttar Pradesh. Geeta’s life changed when she embraced digital payments through India’s United Payments Interface (UPI) in 2016. Previously, she would trade a day’s earnings for a trip to the bank, but now, she receives payments instantly on her phone, enabling her to save for her business and her children’s education.

Geeta’s story exemplifies the transformative power of India’s digital public infrastructure, often referred to as the “India Stack.” This initiative has revolutionized everyday transactions, from buying vegetables to accessing financial services, making dreams like Geeta’s a reality for millions.

Kamboj emphasized that Geeta’s story is just one of many, illustrating how digital empowerment has enabled individuals across India to realize their aspirations. “Now, Geeta has become what she always wanted to be, a successful businesswoman empowered by the digital age,” Kamboj remarked.

The India Stack has facilitated not only financial inclusion but also broader socio-economic empowerment. It has streamlined transactions, simplified access to services, and unleashed entrepreneurial potential, transforming the lives of millions like Geeta.

“Let’s inspire and be inspired as we work together to build a digitally empowered world,” Kamboj concluded, urging global cooperation to harness the transformative potential of digital technology for inclusive growth and development. India’s journey serves as a beacon for nations worldwide, demonstrating the immense possibilities when digital infrastructure is leveraged effectively for the betterment of society.

Jhumpa Lahiri

Jhumpa Lahiri

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