“12 Billion”: S Jaishankar Puts Figure To India’s Cashless Payments

Highlighting the country’s growth in cashless payments, External Affairs Minister S Jaishankar said many countries sit with India to discuss digital infrastructure “which has become our identity in the world”. Upto 12 billion cashless payments are made every month in the country, he said.

“There are many countries, where when we are done talking our business, they sit with us to discuss our Digital Infrastructure. This has become India’s identity in the world… Every month, Indians make 10-12 billion cashless payments. In contrast, the US makes 4 billion cashless payments in an entire year,” Mr Jaishankar said while addressing a public meeting in Sambalpur.

“What is the meaning of the digital infrastructure? One is, we all make payments through mobile phones. It has become our habit. Four-five years ago, we had a doubt about the link between the mobile and the money. There was also fear that something might happen once the payment is done,” he added.

Mr Jaishankar said that India is one of the top five economies of the world.

“10 years ago, the world was worried about India’s economy… Today, the same people say that India is one of the top five economies of the world and in the coming days, it will be the third largest economy,” he said.

Mr Jaishankar said India will play a big role in global economic development due to the strength of its structural soundness.

“International Monetary Fund says in the next 20 years, because of the strength of India’s structural soundness, India will play a big role in global economic development,” he said.

“Many nations have not made economic recoveries after COVID. Among big economies, India is the only country that has made a 7 per cent growth rate,” Mr Jaishankar added.