NITI Aayog in collaboration with Mastercard has released a report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’.
The report was released by NITI Aayog’s Vice Chairman Dr Rajiv Kumar, CEO Amitabh Kant, and Ajit Pai, Distinguished Expert and Head, Economics and Finance Cell, along with Ravi Aurora, Senior Vice President and Group Head, Global Community Relations, Mastercard.
- The reports, based on five roundtable discussions held in October and November 2020, highlights key elements of a roadmap on which India can follow to achieve the next level of digital transformation in the next 3 years.
- The report identifies challenges in accelerating digital financial inclusion in India.
- It provides recommendations for making digital services accessible to its 1.3 billion citizens.
The Key recommendations are as follows:
- Enhancing the payment infrastructure to promote a level playing field for NBFCs and banks.
- Digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs (Micro, Small, and Medium Enterprises).
- Creating information sharing systems, including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds.
- Enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes. Digitizing land records was also recommended.
- To make city transit smoothly accessible to all with minimal crowding and queues, leveraging existing smartphones and contactless cards and make it an inclusive, interoperable, and fully open system such as that of the London ‘Tube’.
- NITI refers to the National Institution For Transforming India Aayog.
- NITI Aayog is the premier policy ‘Think Tank’ of the Government of India (GoI).
- It was established on 1 January 2015.
- The main objective of NITI Aayog is to foster cooperative federalism through structured support initiatives and mechanisms with the States on a continuous basis, recognizing that strong States make a strong nation.
- The Governing Council of NITI, with The Prime Minister Narendra Modi as its Chairman, comprises Chief Ministers of all States and Lt. Governors of Union Territories (UTs).
- The current CEO of NITI Aayog is Amitabh Kant and Vice-Chairman is Dr. Rajiv Kumar
- Master Card is a US-based multinational financial services corporation.
- Mastercard was originally known as “Interbank” from 1966 to 1969, “Master Charge” from 1969 to 1979 and as MasterCard from 1979 to 2016 and mastercard since 2016.
- It was created by an alliance of several regional bankcard associations in response to the BankAmericard issued by Bank of America, which later became the Visa credit card issued by Visa Inc.
- It is headquartered in New York, USA.
- The Executive Chairman is Ajay Banga.
- The President and CEO is Michael Miebach.