Digital Payments Are Transforming Indian Economy: Amitabh Kant of Niti Aayog

In a presentation to the parliamentary Standing Committee on Finance, the Niti Aayog highlighted the contribution of digital payments in transforming the Indian economy.

The Niti Aayog made the presentation on the proliferation of digital payments in the country and how it is transforming the Indian economy to the parliamentary Standing Committee on Finance, which is also looking into the November demonetisation measure, official sources here said.

The presentation to the Committee, headed by Congress Lok Sabha member M. Veerappa Moily, was made by the Niti Aayog CEO Amitabh Kant, along with other senior officials.

The Committee, which has already taken views of Reserve Bank of India Governor Urjit Patel and senior Finance Ministry officials on the demonetisation of high-value notes, will meet again on July 27, the sources said.

It is expected to finalise its report on the matter by the end of August, he added.

On November 8 last year, the government scrapped Rs 500 and Rs 1,000 notes in a move designed to check black money, counterfeit currency and terror financing. The shortage of currency following the move gave a push to digital transactions in the country.