The Indian economy has become more formalized as witnessed by a significant enhancement in digital payments, Union finance minister Nirmala Sitharaman on Wednesday said during her budgetary speech in the Parliament. She commended the enhancement in brought in digital payments over the years and noted that around 7,400 crore digital payments worth ₹126 lakh crore were made through UPI in 2022.
As per the Reserve Bank of India data, digital payments across the country registered a growth of 24.13% in a year till September 2022. The newly-constituted RBI’s Digital Payments Index (RBI-DPI) stood at 377.46 in September 2022 against 349.30 in March 2022 and 304.06 in September 2021.
“The RBI-DPI Index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period,” RBI said in a statement.
She further pointed out the Centre’s achievements through the “efficient implementation of many schemes” that resulted in inclusive development. Sitharaman said around 47.8 crore PM Jan Dhan bank accounts were opened, cash transfer of ₹2.2 lakh crore to over 11.4 crore farmers were made under PM Kisam Samman Nidhi.
The Finance Minster also said ‘sabka saath, sabka prayas’ is essential to achieve technology-driven and knowledge-based economy with strong public finances and robust financial sector.
