Dennis Francis, President of the 78th Session of the United Nations General Assembly (UNGA), has highlighted the contribution of mobile phones and digital banking services in India in lifting 800 million people out of poverty.
Watch: "Rural farmers in India who never had a relationship with the banking system are now able to conduct all their transactions on their smartphones… 800 million people have been lifted out of poverty… That is not the case in many parts of the Global South," says Dennis… pic.twitter.com/yVqw1FRYSK— IANS (@ians_india) August 1, 2024
Addressing the Food and Agriculture Organisation (FAO) of the United Nations on ‘Accelerating progress towards Zero Hunger for the current and future generations’ on Tuesday, Francis gave India’s example while explaining the change that technology and innovation can bring in the lives of people from developing countries.
“India has been able to lift 800 million people out of poverty over the last five or six years simply by the use of a smartphone. Rural farmers in India, who never had a relationship with a banking system, are now able to transact all their businesses on their smartphone,” Francis, a seasoned diplomat from Trinidad and Tobago, told the gathering.
“They pay their bills and they receive payments for orders… 800 million people lifted out of poverty because there is a high level of internet penetration in India and almost everyone has a cellphone,” he added.
The UNGA President then went on to speak on closing the gap between the developed and developing countries of the world with respect to technology and innovation.
“The playing field is not levelled. This is, in fact, an important descriptor of the distinction between the Global North and Global South. Rather that gap being closed, we are witnessing it being widened, indicative of the fact that this calls for urgent action on the part of all states to address it,” he mentioned.
The government led by Prime Minister Narendra Modi has maintained its commitment to expanding digital transactions in the Indian economy over the last many years.
Digital payment transactions have registered unprecedented growth in India during the past 10 years with the UPI having emerged as the preferred payment mode of the citizens.
The increase in digital transactions in India’s economy, the government believes, has provided numerous benefits for growth as it promotes financial inclusion, enhances transparency in systems, fosters innovation, and provides valuable data for informed decision-making leading to the strengthening of the economy and driving sustainable growth.
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