The Digital Dream Making A Way For India’s Financial Inclusion
Digitalisation in India has no longer been a luxury existing as an add-feature to functions like banking, travelling, shopping etc. It has been filtered to almost every aspect of life influencing businesses and governments to become a new part of this digitised life. May it be paying a vegetable vendor through United Payment Interface (UPI) or filing taxes online, New India is adapting to a digital lifestyle at a rapid pace. The country counts to have 45 percent of its population online. This is clearly visible in the 53.9 ratings of the Reserve Bank Of India’s Financial Inclusion Index for March 2021. This clearly indicates that over half of the country’s 1.3 billion population has ease of access to the Internet, usage of online services and enjoys quality services. This large scale onboarding has naturally put increased focus on doing business online increasing the importance of digital literacy in new India’s digital financial inclusion.
Technology is acting as a chronicler in India’s digital inclusion revolution by offering easy to use mobile applications, multiple regional language modes, speed, and offering safe and secure transactions to the masses. It is aiding digital financial inclusion across the country with the use of digital payment gateways like RuPay, BHIM, and other mobile payment solutions. A fine example of how digital inclusion through digital literacy is enriching the Indian economy across classes is the adoption of digital payment by over 15 million pop and mom stores or kirana stores across India.
While India to a great extent has covered digital literacy grounds, digital financial inclusion remains the need of the hour for the country. Although Kerala and Goa are the only states to have achieved more than 70% of the digital literacy at the household level due to certain initiatives taken up by the government over the years. Cumulative participation of the whole country in digital finance will pave the way for economic growth in tandem with global numbers. As a young nation, digital financial inclusion is the key to ensuring egalitarian percolation of digitalisation’s benefits. It is the most effective step towards inclusive development. Eventually, financial inclusiveness will give the freedom to dream and live on one’s own terms. It will provide wind to the hopes of millions of Indians across the country.