Finance Minister Nirmala Sitharaman said on Wednesday that India’s digital revolution has provided investment opportunities for the US. “India’s open network for digital commerce has revolutionized retail and manufacturing,” Sitharaman said at a business conference in New Delhi. According to the Reuters report, it also said that it gives business opportunities to foreign companies.
ONDC, an open technology network based on the Open Protocol, saw its alpha launch in five cities in April. The platform will allow buyers and sellers to connect with each other online and transact, no matter what other application they use.
It has been tested with a closed user group for end-to-end execution to understand its fulfillment. The number of network participants is expected to increase to over 30 in the coming weeks. Building on this, ONDC plans to begin beta-testing the network with public users in limited areas.
Sitharaman had assured investors in April that the government would address any potential problems to encourage investments in the country. Addressing a roundtable on ‘Investing in India’s Digital Revolution’ in San Francisco, the Minister encouraged continued engagement with investors to understand and address their concerns.
Moreover, the value of digital payment transactions through UPI increased to Rs 10.73 lakh crore in August this year, marginally higher than the previous month, as shown on Thursday. In July 2022, UPI-based digital transaction value stood at Rs 10.63 lakh crore.
According to data released by the National Payments Corporation of India, the value of UPI transactions during August this year relates to a total of 6.57 billion (657 crore) transactions, up from 6.28 billion (628 crore) in the previous month. India (NPCI). There were 5.86 billion transactions in June, valued at Rs 10.14 lakh crore.
Of the other data sets on the NCPI framework, instant transfer-based IMPS accounted for a total of Rs 4.46 lakh crore transactions in August involving a total of 46.69 crore transactions. In July, it stood at Rs 4.45 lakh crore in value terms through a total of 46.08 crore transactions.
NETC FASTag for automatic toll deduction at toll plazas saw transactions worth Rs 4,245 crore in August as against Rs 4,162 crore in the previous month. In terms of number of transactions, it was over 27 crore in August, while it was 265 crore in July.
In the context of Aadhaar-based payments – AEPS – transactions declined by almost 10 per cent to Rs 27,186 crore in August from Rs 30,199 crore in the previous month. The number of transactions fell from 11 crore to 10.56 crore.
(with inputs from PTI)
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