In an address to the Indian community in Nigeria, Union External Affairs Minister S Jaishankar celebrated India's profound technological transformation, emphasizing that the country now witnesses more monthly cashless transactions than the US does in three years. Jaishankar highlighted five key indicators of India's evolution over the past decade, with a spotlight on the surge in Unified Payments Interface (UPI) transactions, the advent of 5G technology, and the nation's exemplary response to the Covid-19 pandemic.
The minister commended India's shift towards a digital economy, particularly the widespread adoption of cashless transactions. Jaishankar noted that the use of physical currency has significantly diminished, with the country now surpassing the United States in monthly cashless transactions. This transformation reflects the deep integration of technology into the daily lives of Indian citizens.
Jaishankar underscored the pivotal role played by UPI in reshaping India's digital payment landscape. In the fiscal year 2022-23, UPI transactions surged to a staggering 8,375 crore, marking a remarkable compound annual growth rate (CAGR) of 147% since the fiscal year 2017-18. The minister highlighted that UPI accounted for 62% of digital payment transactions in FY 2022-23, with a total transaction value of Rs 17.4 lakh crore in December 2023, as reported by the Reserve Bank of India (RBI).
Furthermore, the minister shed light on the proactive measures taken by the RBI to enhance the accessibility and usability of UPI. Notable steps include raising payment limits for hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction, introducing the 'instant credit via UPI' feature, and unveiling UPI Lite X to facilitate digital payments even in remote areas without internet connectivity.
India's resilience during the Covid-19 pandemic also found recognition in Jaishankar's address. Despite facing three waves of the virus, the country exhibited strength in handling the crisis, producing medicines for global distribution, and achieving a national recovery rate of 98.81%. The vaccination drive has seen over 220.67 crore doses administered, contributing to the nation's collective effort in combating the pandemic. As India continues its trajectory towards a cashless society, the minister expressed optimism and faith in the country's ability to overcome challenges and inspire the world with its achievements.
