Credit and Debit Cards to disappear. Here's why
IANSApr 1, 2017, 03.02 PM
With India embracing applications of technologies at an accelerated pace, digital transactions will be done through mobile wallets and biometric modes and
"Technology will be a key driver of India's growth," Kant said while launching the
"Physical banking in India is almost dead and it is adopting pervasive technologies with such an accelerated pace that in next three to four years, the digital transactions would move through mobile wallet and biometric modes," he said. "Credit cards, debit cards and ATMs will disappear."
Kant said that India was growing 7.6 per cent annually in the midst of a very barren barren economic landscape across the world.
"The population in
In terms of ease of doing business, he said that in the last year "we scrapped 1200 laws".
Stating that India was larger than 24 European countries, Kant said that states should appear as champions of growth.
He declared that India would continue to globalise and dismantle rules and regulations that adversely affected inbound investments. It would also create conditions for expansion of its economy.
"Despite (US President Donald) Trump talking of protectionism (of US economy), there is no talk of protectionism here," the Niti Aayaog CEO said.
"India believes in globalisation and it will continue to globalise and shall never talk of protectionism. As a result, it will emerge as an economy that would attract investments and growth and make India a hub of economic engagements par excellence."
Stating that there is energy and dynamism in the young start-up sector, he said that India has become the centre of innovation in many ways.
"Around 1500 companies have located their innovation centres in Hyderabad and Bangalore... India is the centre of frugal engineering."
Kant also said India would see a lot of urbanisation in the times to come and technology would play a key role in this..
Speaking on the occasion,
But he advised Indian industries to look outside as there were huge opportunities lying there.
"There are new opportunities in
Canadian High Commissioner to India Nadir
He attributed this to Prime Ministers
But he lamented that two-way trade between India and
US Acting Deputy Chief de Mission George N.
"We have held two government-to-government strategic commercial dialogues," Sibley said. "We consider the prosperity of India is in our national interest."
He said that TIFS would provide a secure and personalised single entry point to all trade and investment related information in the Indian economy, which has the potential to become a $100-billion investment destination by 2022.
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