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Home > Business & Investment > Digital India heralds revolution in Indian Economy, says Chavan

Digital India heralds revolution in Indian Economy, says Chavan

Monday, June 05, 2017
By A Business Reporter

“Every citizen in the country has a role to play in promoting Government of India’s ambitious programmes such as Digital India, Skill India, Ease of doing Business and Make in India. We have to change the nation by taking a new positive direction. State Government of Maharashtra is also committed to working closely with the citizens to fulfill the objectives of the above mentioned programmes,” said Ravindra Chavan, Minister for Information Technology, Ports, Medical Education, Food and Civil Supplies and Consumer Protection, Government of Maharashtra. The Minister was delivering the keynote address at the conference on ‘SME Infocon: Digitization a game changer for SMEs’ organized jointly by World Trade Centre (WTC) Mumbai and All India Association of Industries.

Suresh M. Nair, Deputy General Manager – SME, State Bank of India, speaking on this occasion said, “In India, 87% of the credit needs of SMEs are met by commercial banks. State Bank of India is having 25% market share in the SME lending segment in India among all commercial banks. The bank has lent Rs 20,000 crore for dealer financing through virtual (online) platform. We also use virtual platform for vendor financing, fleet financing and funding for taxi aggregrators. We are awaiting guidelines from the Reserve Bank of India on Peer-to-peer lending(P2P).”

Nikhil Sawaitul, Associate Director – Payments & Digital Initiative Team, IDFC Bank, in his presentation, mentioned the emerging modes of payment in India. He said, “China is far ahead of India in online payment industry as mobile payment itself accounts for 40% of its GDP. India’s online payment industry got a fillip from demonetization measure. Various payment modes are emerging in the country after demonetization. The Unified Payment Interface has the potential to change the payment system in India. Other payment modes gaining popularity are Aadhar pay, digital wallet, Bharat QR.”

Earlier in his welcome remarks, Vijay Kalantri, President, All India Association of Industries and Vice Chairman, WTC Mumbai said, “MSME sector is the most vibrant segment of India. Even in worst times, MSMEs have grown at 11-13%. It has the potential to grow upto 16%, if supported by timely and adequate finance and flexibility in doing business. Digitization will only be successful by putting in place broadband connectivity, power supply and other infrastructure in place.India made a brand name for itself in the IT sector, which could be taken further by creating right atmosphere and conducive infrastructure. Also government should incentivise SMEs to adopt digital technologies.”

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