During the ‘Viksit Bharat Ambassador’ event, Minister of Finance, Ms. Nirmala Sitharaman, celebrated India’s significant uptick in digital payments. Notably, she cited an impressive 131 billion transactions via Unified Payments Interface (UPI) during FY24, totaling US$ 2.39 trillion (Rs. 200 trillion). Sitharaman commended the widespread adoption of digital payment technologies, emphasizing their penetration even in rural areas, showcasing a broad spectrum of citizens engaging in these transactions. In her address, she spotlighted PhonePe and Google Pay, commanding an 86% market share by transaction volume, while acknowledging the challenges faced by Paytm Payments Bank post-RBI restrictions in January.
The minister reiterated the government’s unwavering commitment to combat corruption and drive India’s development forward, aligning with Prime Minister Mr. Narendra Modi’s vision to elevate India to the status of the third-largest economy globally. Sitharaman’s statements not only demonstrate confidence in India’s economic trajectory but also underscore the significance of governance integrity in sustaining this growth momentum. They reflect a broader narrative of India’s emergence as a prominent player on the global economic stage under Mr. Modi’s leadership, with an emphasis on fostering sustainable growth through transparent governance practices.
