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Mobile Wallets and Biometric modes of Payments Going to Replace Credit and Debit Cards in 3 to 4 years, said by NITI Aayog CEO Amitabh Kant
“Physical banking in India is almost dead and it is adopting new technologies with such an accelerated pace that in next 3 to 4 years, the digital transactions would be done through mobile wallet and biometric modes and this completely replace Credit and Debit Cards,” said by Amitabh Kant CEO of NITI Aayog.
Amitabh Kant said at an event organized by the PHD Chamber. In the last 2.5 years, the government has announced several reform measures that resulted in attracting healthy foreign direct investment (FDI).
“Our foreign direct investment (FDI) has increased by 60% in the last two years. But FDI across the world has declined by 16%… India’s drive for opening up economy will continue unabated,” he added.
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Kant said India believes in globalization and it would continue to globalize and not talk about protectionism. “Despite the talks of Brexit, despite Donald Trump government talking of protectionist policies, we believe in globalization.”
Kant said, India is growing at over 7%, but “our challenge is to grow at 9-10% for the next 3 decades” to bring millions of people out of poverty.
Kant also highlighted that India has emerged as the country of low-cost engineering, and global players like Renault and Hyundai are manufacturing here to export other countries of the world.