Connected Commerce Report : NITI Aayog and Mastercard
Source : PIB
GS III : Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment
Why in News ?
NITI Aayog and Mastercard today released a report titled Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat.
- The report identifies challenges in accelerating digital financial inclusion in India and provides recommendations for making digital services accessible to its 1.3 billion citizens.
Key Facts
- The report highlights key issues and opportunities,with inferences and recommendations on policy and capacity building across agriculture, small business (MSMEs), urban mobility and cyber security.
- Key recommendations in the report include
- Strengthening 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.
- Building 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 will also provide a major boost to the sector.
- To make city transit seamlessly accessible to all with minimal crowding and queues, leveraging existing smartphones and contactless cards, and aim for an inclusive, interoperable, and fully open system such as that of the London ‘Tube’.
- Key issues addressed during the knowledge series were
- Acceleration of digital financial inclusion for under served sections of Indian society.
- Enabling SMEs to ‘get paid get capital and get digital and access customers, and ensure their continued resilience.
- Policy and technological interventions to foster trust and increase cyber resilience.
- Unlocking the promise of digitization in India’s agriculture sector.
- The essential elements of a digital roadmap to make transit accessible for all citizens.
NITI Aayog
- National Institution for Transforming India is a Government of India policy think-tank established by the Narendra Modi government to replace the Planning Commission which followed the top-down model.
- The stated aim for NITI Aayog’s creation is to foster involvement and participation in the economic policy-making process by the State Governments of India.
- The emphasis is on bottom-up approach and make the country to move towards cooperative federalism .
- The Prime Minister as the Ex-officio chairman and governing council consists of all state Chief Ministers,Lieutenant Governors of union territories,and vice chairman nominated by the Prime Minister.
- In addition to full members, there are two part-time members and four ex-officio members and a chief executive officer.
- The temporary members are selected from the leading universities and research institutions.
Daily Current Affairs : Click Here
See Also Other Report by NITI Aayog : Click Here
[…] See Also : Connected Commerce Report : NITI Aayog and Mastercard […]
[…] Connected Commerce Report : NITI Aayog and Mastercard […]