Digitisation helps in sustaining economic growth: FM Sitharaman
Digitisation helps in sustaining economic growth: FM Sitharaman

NEW DELHI: India's economic recovery from the COVID-19 pandemic has been on a steady path, said Finance Minister Nirmala Sitharaman.

This is because of the confidence that came from the government's fiscal prudence and real-time help, which was made possible by digital innovations. She told students at the Johns Hopkins School of Advanced International Studies that the digitization push in the last few years had not only helped the country during the pandemic and the economic fallout that followed, but that it had also given the country a sense of confidence that will help it face economic headwinds around the world.

"If my demand drops because of the global recession, my exports will suffer, and my Indian rupee will suffer because of the strong dollar. Taking all of this into account, there is a sense of confidence in India that we will get through this and still be able to do well," she said. Because of better compliance and policy measures to bring the micro, small, and medium sectors under the Open Network for Digital Commerce system, the government has seen a strong recovery in the number of businesses opening.

With the Open Network for Digital Commerce, buyers and sellers will be able to do business through an open network, no matter what kind of e-commerce platform they are using. There are global standards that the country needs to try to catch up to, but on the digital front, "India has actually set global benchmarks in the digital economy and the services that digital platforms can do for us," Sitharaman said.

When talking about India's new 5G services, sge said that the product was "completely indigenous" and that India can now give 5G technology to other countries as well.

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