The word "DPI", Digital Public Infrastructure, has been globally recognised thanks to India's G20 presidency. More significantly, it provided a uniform framework that can assist nations in using the DPI strategy to address their issues through digital transformation without starting from scratch. The panel reviewed methods for resolving DPI issues and identifying joint venture prospects to quicken DPI's globalisation.

Focus: Globalising DPI; Digitisation is importaant for DPI to work | Global Technology Summit

India's Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, has announced the country's ambitious plans for digital transformation.&nbsp;

Speaking at the recently-concluded global AI summit in London, Chandrasekhar highlighted India's significant progress in digitising its economy over the past eight years, from 4.5 per cent to about 20 per cent of total GDP by 2025-26.&nbsp;

As of now, 11 per cent of India's GDP is digitised. "The digital economy and the innovation economy are growing 2.5 or three times faster than the non-digital part of the GDP," ANI quoted Chandrasekhar as saying.&nbsp;

International digital ministers, technology leaders, esteemed academics, and representatives from civil society gathered for the two-day summit. They discussed the shared risks arising from emergent AI technology and potential mitigation strategies.&nbsp;

Chandrasekhar emphasised the importance of international collaboration and dialogues between countries, asserting their crucial role in shaping the future of technology.&nbsp;

"The future of tech, whether it be innovation, partnerships, or institutional framework for regulating technology, should be driven by a coalition of nations rather than just one or two countries," media reports quoted him as saying. &nbsp;

Chandrasekhar also stressed the significance of digital advancements as real objectives and described artificial intelligence as a catalyst that can accelerate growth, governance, and the digital economy.

(With inputs from agencies)

India's Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, has announced the country's ambitious plans for digital transformation.

India's Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, has announced the country's ambitious plans for digital transformation. Speaking at the recently-concluded global AI summit in London, Chandrasekhar highlighted India's significant progress in digitising its economy over the past eight years, from 4.5 per cent to about 20 per cent of total GDP by 2025-26. As of now, 11 per cent of India's GDP is digitised. "The digital economy and the innovation economy are growing 2.5 or three times faster than the non-digital part of the GDP," ANI quoted Chandrasekhar as saying. International digital ministers, technology leaders, esteemed academics, and representatives from civil society gathered for the two-day summit. They discussed the shared risks arising from emergent AI technology and potential mitigation strategies. Chandrasekhar emphasised the importance of international collaboration and dialogues between countries, asserting their crucial role in shaping the future of technology. "The future of tech, whether it be innovation, partnerships, or institutional framework for regulating technology, should be driven by a coalition of nations rather than just one or two countries," media reports quoted him as saying. Chandrasekhar also stressed the significance of digital advancements as real objectives and described artificial intelligence as a catalyst that can accelerate growth, governance, and the digital economy. (With inputs from agencies)

India aims to digitise 20 per cent of GDP by 2025-26: Rajeev Chandrasekhar 

Technology, a child of humans, is not an&nbsp;underestimated term. In the present scenario, it's a&nbsp;necessity for everyone. It seems similar to democracy, which states that it is of the people, for the people, and by the people. Technology seems to share a similar notion.

The human robots who continuously work for 24 hours are the genesis of the technology. Technology is for human robots, by human robots, and for human robots. Interestingly, every second seems to be fading away as the new digital&nbsp;world has overtaken the&nbsp;simplified version of our&nbsp;lives. In fact, globalisation is the reason&nbsp;for expanded&nbsp;social, cultural, economic, and political connections through the fast&nbsp;service of Internet connectivity.

This development across the boundaries and exchange of tech culture led to a massive development leading to the sharing&nbsp;of views, opinions, photos, and videos.

Tech Culture

Technology has not only brought&nbsp;greater results but has also overshadowed the days when everyone used to wait for postmasters to read a letter. Telegrams or postcards are no longer&nbsp;in use. Indeed, gone are the days when humans used to spend time glaring at the sky, wondering about their future.

The growth and advancement of technology have united the whole world on one single platform, "social media". That means, let’s be social everywhere. Even if you’re getting late to your office or getting a massage at a parlor, a quick glance on Facebook or Twitter, or a small talk over Skype, can give you a fair idea of your surroundings and connect you to your loved ones. Definitely, a revolutionary era began and it led to a drastic transformation in communication.

Now, there is no need to open the newspaper or contact your friends through phones or messenger, which was a tedious task made easier. Undoubtedly, it has been a marvelous achievement in the field of tech culture. But it has its boons and banes.

Let's see what are the boon of 'technology':

The emergence of tech products:&nbsp;There is no doubt that technological advancement in the form of gadgets, high-tech TVs, radios, iPods, smartphones, IPads, and PlayStations has reduced our anxiety over searching for encyclopedias manually in the library.&nbsp;Be it a library, online games, or e-commerce, whatever we want, everything is present in front of our eyes.

Online life:&nbsp;When human relationships are losing their sense, a high-tech version of isolation has given us a new form of enjoying&nbsp;life online. Nobody knew that the millennium age would bring some drastic transformations that could really place many people under the umbrella of social media. From Facebook, Twitter, and Instagram, anyone can contact anyone within a minute or seconds.

Digitisation:&nbsp;A new kind of crazy weather just began and, similar to a swarm of flies, started moving towards the digitising wave.&nbsp;No matter what we look at or how we dress up, tech culture gulps the entire world slowly.

Over the years, notably, technology has always kept us above average in terms of growth and progress. It has been observed that technology is a boon in its own right. But, technology has its own disadvantages.

There are various disadvantages related to the usage of technology, like social media and gadgets, which are highly viewed.

1. Data Security: Data security protects data in the event that someone violates a contract to save, collect, and store data.

2.&nbsp;Crime and Terrorism:&nbsp;Crime and terrorism are part of the dark web&nbsp;of trade that gives potential involvement to&nbsp;several cyber officials, and in this way, social media becomes a mediator in providing information through photos and videos.

3.&nbsp;Privacy concerns:&nbsp;Privacy in this&nbsp;digital world is in danger. Your important&nbsp;information can be stolen and sold. If privacy settings don’t have proper rules, then it leads to harassment, cyberbullying, and impersonation.

4.&nbsp;Addiction:&nbsp;Social media has a lot of significance. But if a teenager uses social media for over 9 hours, then he/she is&nbsp;exploiting himself/herself. It can lead to blurred vision, anxiety, and headaches.

5.&nbsp;Dependency: An increased dependency on social media leads to various mental health problems, with anxiety being the most common one. Another can be getting yourself killed. One such instance happened when a person was trying to take selfies and died due to his obsession.

However, whether the technology is a boon or a bane is a matter of discussion in the present scenario.

Overall, it can be said that obsession with social media and gadgets within a short span of time indicates a serious concern.

Today's&nbsp;high-tech world, where social media is a handy and convenient option for escaping the realities of the world, has seriously broken the concentration of the human mind. Excessive time spent on updating status on social media is creating a maniac attack.

Therefore, a larger clarification is required in order to solve the growing technological usage.

Technology, a child of humans, is not an underestimated term. In the present scenario, it's a necessity for everyone. It seems similar to democracy, which states that it is of the people, for the people, and by the people.

Technology, a child of humans, is not an underestimated term. In the present scenario, it's a necessity for everyone. It seems similar to democracy, which states that it is of the people, for the people, and by the people. Technology seems to share a similar notion. The human robots who continuously work for 24 hours are the genesis of the technology. Technology is for human robots, by human robots, and for human robots. Interestingly, every second seems to be fading away as the new digital world has overtaken the simplified version of our lives. In fact, globalisation is the reason for expanded social, cultural, economic, and political connections through the fast service of Internet connectivity. This development across the boundaries and exchange of tech culture led to a massive development leading to the sharing of views, opinions, photos, and videos. Tech Culture Technology has not only brought greater results but has also overshadowed the days when everyone used to wait for postmasters to read a letter. Telegrams or postcards are no longer in use. Indeed, gone are the days when humans used to spend time glaring at the sky, wondering about their future. The growth and advancement of technology have united the whole world on one single platform, "social media". That means, let’s be social everywhere. Even if you’re getting late to your office or getting a massage at a parlor, a quick glance on Facebook or Twitter, or a small talk over Skype, can give you a fair idea of your surroundings and connect you to your loved ones. Definitely, a revolutionary era began and it led to a drastic transformation in communication. Now, there is no need to open the newspaper or contact your friends through phones or messenger, which was a tedious task made easier. Undoubtedly, it has been a marvelous achievement in the field of tech culture. But it has its boons and banes. Let's see what are the boon of 'technology': The emergence of tech products: There is no doubt that technological advancement in the form of gadgets, high-tech TVs, radios, iPods, smartphones, IPads, and PlayStations has reduced our anxiety over searching for encyclopedias manually in the library. Be it a library, online games, or e-commerce, whatever we want, everything is present in front of our eyes. Online life: When human relationships are losing their sense, a high-tech version of isolation has given us a new form of enjoying life online. Nobody knew that the millennium age would bring some drastic transformations that could really place many people under the umbrella of social media. From Facebook, Twitter, and Instagram, anyone can contact anyone within a minute or seconds. Digitisation: A new kind of crazy weather just began and, similar to a swarm of flies, started moving towards the digitising wave. No matter what we look at or how we dress up, tech culture gulps the entire world slowly. Over the years, notably, technology has always kept us above average in terms of growth and progress. It has been observed that technology is a boon in its own right. But, technology has its own disadvantages. There are various disadvantages related to the usage of technology, like social media and gadgets, which are highly viewed. 1. Data Security: Data security protects data in the event that someone violates a contract to save, collect, and store data. 2. Crime and Terrorism: Crime and terrorism are part of the dark web of trade that gives potential involvement to several cyber officials, and in this way, social media becomes a mediator in providing information through photos and videos. 3. Privacy concerns: Privacy in this digital world is in danger. Your important information can be stolen and sold. If privacy settings don’t have proper rules, then it leads to harassment, cyberbullying, and impersonation. 4. Addiction: Social media has a lot of significance. But if a teenager uses social media for over 9 hours, then he/she is exploiting himself/herself. It can lead to blurred vision, anxiety, and headaches. 5. Dependency: An increased dependency on social media leads to various mental health problems, with anxiety being the most common one. Another can be getting yourself killed. One such instance happened when a person was trying to take selfies and died due to his obsession. However, whether the technology is a boon or a bane is a matter of discussion in the present scenario. Overall, it can be said that obsession with social media and gadgets within a short span of time indicates a serious concern. Today's high-tech world, where social media is a handy and convenient option for escaping the realities of the world, has seriously broken the concentration of the human mind. Excessive time spent on updating status on social media is creating a maniac attack. Therefore, a larger clarification is required in order to solve the growing technological usage.

Is technology boon or bane?

Disruption has become a clichéd word almost rinsed of meaning by its quotidian use. But, this does not divest the term and its practice from its potency. Disruption in the world of business, finance and commerce is real and it is forcing incumbents to adapt, adopt or wither away or even die. One such sector that is being disrupted swiftly is banking where the adoption of technology and digitisation is not only leading to new business models and ways of working but some of the traditional functions of banks are being encroached upon.

The function that is perhaps feeling the pinch is retail banking and payments system thereof wherein nimble disruptors are taking over both the retail function and offering new products and services. To state the obvious, this trend known with the neologism ‘fintech’- a combination of finance and technology- has been enabled by the forces of technology, advances in computing, communication and the widespread penetration and use of smartphones, altering the competitive landscape of banks in the process.

Nimble players are foraying into the retail banking space and offering stand-alone retail and payments services at the click of a button with important addons like security architectures that ensure a smooth and secure flow of monies. In essence, apps on handheld devices are competing vigorously with incumbent banks that are burdened with legacy systems and old ways of working. While it's unclear what the customer attrition rate is from traditional banks but the ease of using an app for banking services intuitively suggests there is and will be the migration of customers to apps offering these services.

The how’s of the encroachment of nimble fintech players on the turf of banks can be gleaned by understanding the value chains of banks. Broadly speaking, every firm is comprised of a value chain. The forces of technology, globalisation and advances in communication allow a given firm, say a bank, to disaggregate its value chain- outsource parts of it, delegate responsibilities, rejig relations with suppliers buyers and so on. This is the traditional view of the value chain where it was assumed that the firm’s given approach to it was contingent, to a large extent, on the nature of competition and profitability potential thereof in the industry.

But now the nature of competition has changed; it is not merely between incumbents in either a static or dynamic competitive environment but new players are disaggregating the value chain of a given firm, sector and then eating away into the business or a component of the value chain of the firm or business. In banking, the first to have borne the brunt of the assault is the retail function. To extend the analysis, this assault might even be the first and not the final one. That is, other aspects of the value chain of banks might be attacked as technology makes advances with banks remaining a husk of their former selves. But, for the purposes of the analysis here, the unit of analysis is the retail function of banks.

Given the disruption and entry of new players, rapidly falling entry barriers, is retail banking dead then? Will an app be your retail banker in the near future?

While much remains in the domain of the ‘unknown unknown’ what may be stated with a degree of clarity is that there is a clear threat to the retail function of banks. But, this does not mean that banks will divest themselves of their retail portfolios and payments systems and cede space to nimble, new tech-savvy players. What this means is that the form and delivery of retail banking is and will change. &nbsp;There will be agile players(basically apps) that will offer retail services, arbitraging interest rate differences and exchange rate differentials in payments systems and also offering a compendium of allied services. But, traditional banks will not give up and cede this space to these players. Their best bet is to actually think like disruptors and compete along with the same dynamic and form. This is what many are doing.

In essence then while there is talk of the death of retail banking but this may not come to pass as banks will compete in a different idiom and take the disruptors on their own turf and beat them at their game. Or, as is happening in some cases like say, Santander, incumbents will acquire the disruptors. Whatever way competition in banking will evolve, it is that the form and shape of retail banking will change but the function will remain and even be part of the remit of incumbent banks’ functions. But, all in all, the nature, form and scope of the competition will ensure that customer is king(or queen as the case may be)! 
 
&nbsp;(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;

&nbsp;

Disruption has become a clichéd word almost rinsed of meaning by its quotidian use. But, this does not divest the term and its practice from its potency. Disruption in the world of business, finance and commerce is real and it is forcing incumbents to adapt, adopt or wither away or even die.

Disruption has become a clichéd word almost rinsed of meaning by its quotidian use. But, this does not divest the term and its practice from its potency. Disruption in the world of business, finance and commerce is real and it is forcing incumbents to adapt, adopt or wither away or even die. One such sector that is being disrupted swiftly is banking where the adoption of technology and digitisation is not only leading to new business models and ways of working but some of the traditional functions of banks are being encroached upon. The function that is perhaps feeling the pinch is retail banking and payments system thereof wherein nimble disruptors are taking over both the retail function and offering new products and services. To state the obvious, this trend known with the neologism ‘fintech’- a combination of finance and technology- has been enabled by the forces of technology, advances in computing, communication and the widespread penetration and use of smartphones, altering the competitive landscape of banks in the process. Nimble players are foraying into the retail banking space and offering stand-alone retail and payments services at the click of a button with important addons like security architectures that ensure a smooth and secure flow of monies. In essence, apps on handheld devices are competing vigorously with incumbent banks that are burdened with legacy systems and old ways of working. While it's unclear what the customer attrition rate is from traditional banks but the ease of using an app for banking services intuitively suggests there is and will be the migration of customers to apps offering these services. The how’s of the encroachment of nimble fintech players on the turf of banks can be gleaned by understanding the value chains of banks. Broadly speaking, every firm is comprised of a value chain. The forces of technology, globalisation and advances in communication allow a given firm, say a bank, to disaggregate its value chain- outsource parts of it, delegate responsibilities, rejig relations with suppliers buyers and so on. This is the traditional view of the value chain where it was assumed that the firm’s given approach to it was contingent, to a large extent, on the nature of competition and profitability potential thereof in the industry. But now the nature of competition has changed; it is not merely between incumbents in either a static or dynamic competitive environment but new players are disaggregating the value chain of a given firm, sector and then eating away into the business or a component of the value chain of the firm or business. In banking, the first to have borne the brunt of the assault is the retail function. To extend the analysis, this assault might even be the first and not the final one. That is, other aspects of the value chain of banks might be attacked as technology makes advances with banks remaining a husk of their former selves. But, for the purposes of the analysis here, the unit of analysis is the retail function of banks. Given the disruption and entry of new players, rapidly falling entry barriers, is retail banking dead then? Will an app be your retail banker in the near future? While much remains in the domain of the ‘unknown unknown’ what may be stated with a degree of clarity is that there is a clear threat to the retail function of banks. But, this does not mean that banks will divest themselves of their retail portfolios and payments systems and cede space to nimble, new tech-savvy players. What this means is that the form and delivery of retail banking is and will change. There will be agile players(basically apps) that will offer retail services, arbitraging interest rate differences and exchange rate differentials in payments systems and also offering a compendium of allied services. But, traditional banks will not give up and cede this space to these players. Their best bet is to actually think like disruptors and compete along with the same dynamic and form. This is what many are doing. In essence then while there is talk of the death of retail banking but this may not come to pass as banks will compete in a different idiom and take the disruptors on their own turf and beat them at their game. Or, as is happening in some cases like say, Santander, incumbents will acquire the disruptors. Whatever way competition in banking will evolve, it is that the form and shape of retail banking will change but the function will remain and even be part of the remit of incumbent banks’ functions. But, all in all, the nature, form and scope of the competition will ensure that customer is king(or queen as the case may be)! (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Digital disruption: Can traditional banking hold its own?

Estonia, one of the world's most digitised countries, is keen to increase its <a href="https://www.wionews.com/world/when-life-gives-you-lemons-turn-it-into-lemonade-estonian-ambassador-to-wion-on-cyberattacks-197214">cyber profile</a> and to provide services globally in tandem with India. While speaking to our principal diplomatic correspondent Sidhant Sibal in New York,&nbsp;Estonia's President Kersti Kaljulaid talked about a number of issues ranging from cyber concerns to climate change.

Read the full transcript below.

WION:&nbsp;How was your meeting with PM Modi?

Kersti Kaljulaid: We did a follow up to&nbsp;the visit of your Vice-President. We discussed how we can exchange business delegation and I invited PM Modi to Estonia. But a major part of discussion was on digital economy because&nbsp;Estonia&nbsp;has a digital governance system and&nbsp;99 per cent&nbsp;government services&nbsp;run&nbsp;digitally. Your Prime Minister was deeply interested in how we guard the system, how we manage it legally, and how we increase the security and trust of people. 
&nbsp;

WION:&nbsp;How can you help India with&nbsp;digital infrastructure?

Kersti Kaljulaid: We can demonstrate what works. For example, do not build your system like a train, like you enter the first wagon and to reach various services you have to work through all. Create it like the&nbsp;sun, at the centre&nbsp;there is a nucleus, and all the rays radiate so you&nbsp;can directly connect point to point. Do not create huge databases at&nbsp;one place, make sure that they are dispersed to&nbsp;protect&nbsp;them. Also create a&nbsp;legal space, so that civil servants cannot go into the system without serious penalties. In&nbsp;Estonia, it's a criminal offence to do so and [based on] these elements, in 20 years we have created the environment.

Watch: WION exclusively in conversation with Estonian President

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-exclusively-in-conversation-with-estonias-president-kersti-kaljulaid-252379/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

WION: What are the key things that you forward from India?

Kersti Kaljulaid:&nbsp;Estonia&nbsp;is a big exporter of digital government services in gulf countries, we have developed quite a big market, we are active in Africa, leveraging in the EU, and U.N. development money. We have experience in exporting how to get your country online. We can do both&nbsp;services globally. We are the fourth biggest exporter globally of wooden houses [which are] environmentally friendly,&nbsp;since we are celebrating the first Climate Summit of UN this week. CO2, gathered in the wood stays in the houses for centuries. They are climate positive elements to become climate neutral globally.&nbsp;&nbsp;

&nbsp;

 
WION: What is your view of India and its role in the world?

Kersti Kaljulaid: A country as big as India can have a huge role in the world, thinking about your software industry, you have built your globally economy on the export of services. I am sure, when the job market is getting geographically neutral, people can work everywhere without even leaving home. That can have a huge impact in the world.

 
WION:&nbsp;How do you see the issue of terror?

Kersti Kaljulaid:&nbsp;Estonia&nbsp;participates with its partner&nbsp;allies&nbsp;in many missions and&nbsp;also globally in Afghanistan and Iraq. In Mali, together with the French we are on a bilateral mission to make sure that terror is not spreading and is contained, and hopefully not happening anywhere. We are in collation with like-minded countries to fight terrorism.&nbsp;

&nbsp;

WION:&nbsp;One solution to climate change?

Kersti Kaljulaid: If you want one solution, all that you need to know is - find an empty space which is the size of Spain, and cover it with solar cells and connect it with the global grid, but in reality, I don't think this will happen. Our world is too fragmented for that. Instead, there will be development of big solar power producers and long transfer lines from south to north to make sure solar can reach big networks, then there will be the wind which will&nbsp;be used up north, then there will be big grids which will be well connected.

 
WION: How has&nbsp;your experience been as a female head of state?

Kersti Kaljulaid: Once in the room you feel welcomed. But quite often, me&nbsp;and my other colleagues are pushed&nbsp;aside by security and other people if they don't notice we are heads of states. Our security, people have to work harder for others to understand that these women can be heads of states, particularly if they come from smaller countries and if they are younger, we just don't fit in. We must change it.&nbsp; 
&nbsp;

WION:&nbsp;India removed the special status for Jammu and Kashmir. Your reaction?

Kersti Kaljulaid: I cannot say that I am expert in this matter, all I can say is that Estonia&nbsp;always respects international law and positions itself on the decision taken here by the U.N.

Estonia, one of the world's most digitised countries, is keen to increase its cyber profile and to provide services globally in tandem with India. While speaking to our principal diplomatic correspondent Sidhant Sibal in New York, Estonia's President Kersti Kaljulaid talked about a number of issues ranging from cyber concerns to climate change.

Estonia, one of the world's most digitised countries, is keen to increase its cyber profile and to provide services globally in tandem with India. While speaking to our principal diplomatic correspondent Sidhant Sibal in New York, Estonia's President Kersti Kaljulaid talked about a number of issues ranging from cyber concerns to climate change. Read the full transcript below. WION: How was your meeting with PM Modi? Kersti Kaljulaid: We did a follow up to the visit of your Vice-President. We discussed how we can exchange business delegation and I invited PM Modi to Estonia. But a major part of discussion was on digital economy because Estonia has a digital governance system and 99 per cent government services run digitally. Your Prime Minister was deeply interested in how we guard the system, how we manage it legally, and how we increase the security and trust of people. WION: How can you help India with digital infrastructure? Kersti Kaljulaid: We can demonstrate what works. For example, do not build your system like a train, like you enter the first wagon and to reach various services you have to work through all. Create it like the sun, at the centre there is a nucleus, and all the rays radiate so you can directly connect point to point. Do not create huge databases at one place, make sure that they are dispersed to protect them. Also create a legal space, so that civil servants cannot go into the system without serious penalties. In Estonia, it's a criminal offence to do so and [based on] these elements, in 20 years we have created the environment. Watch: WION exclusively in conversation with Estonian President WION: What are the key things that you forward from India? Kersti Kaljulaid: Estonia is a big exporter of digital government services in gulf countries, we have developed quite a big market, we are active in Africa, leveraging in the EU, and U.N. development money. We have experience in exporting how to get your country online. We can do both services globally. We are the fourth biggest exporter globally of wooden houses [which are] environmentally friendly, since we are celebrating the first Climate Summit of UN this week. CO2, gathered in the wood stays in the houses for centuries. They are climate positive elements to become climate neutral globally. WION: What is your view of India and its role in the world? Kersti Kaljulaid: A country as big as India can have a huge role in the world, thinking about your software industry, you have built your globally economy on the export of services. I am sure, when the job market is getting geographically neutral, people can work everywhere without even leaving home. That can have a huge impact in the world. WION: How do you see the issue of terror? Kersti Kaljulaid: Estonia participates with its partner allies in many missions and also globally in Afghanistan and Iraq. In Mali, together with the French we are on a bilateral mission to make sure that terror is not spreading and is contained, and hopefully not happening anywhere. We are in collation with like-minded countries to fight terrorism. WION: One solution to climate change? Kersti Kaljulaid: If you want one solution, all that you need to know is - find an empty space which is the size of Spain, and cover it with solar cells and connect it with the global grid, but in reality, I don't think this will happen. Our world is too fragmented for that. Instead, there will be development of big solar power producers and long transfer lines from south to north to make sure solar can reach big networks, then there will be the wind which will be used up north, then there will be big grids which will be well connected. WION: How has your experience been as a female head of state? Kersti Kaljulaid: Once in the room you feel welcomed. But quite often, me and my other colleagues are pushed aside by security and other people if they don't notice we are heads of states. Our security, people have to work harder for others to understand that these women can be heads of states, particularly if they come from smaller countries and if they are younger, we just don't fit in. We must change it. WION: India removed the special status for Jammu and Kashmir. Your reaction? Kersti Kaljulaid: I cannot say that I am expert in this matter, all I can say is that Estonia always respects international law and positions itself on the decision taken here by the U.N.

We can bring countries online: Estonian President Kersti Kaljulaid to WION

Estonia is one of the most advanced digital societies in the world. In 2007, a small country in Europe, Estonia was under a cyberattack. The attack paralysed the entire digital network of the country and brought it to a standstill.&nbsp;

More than ten years later, the country is showing the world way forward in cybersecurity and digitisation.&nbsp;

WION's Principal Diplomatic correspondent Sidhant Sibal spoke to Estonia's ambassador to India, Riho Kruuv on security in the cyberspace and dealing with privacy on social media platforms.

WION: What lessons you learned from the 2007 cyberattacks?

Riho Kruuv: One of the lessons you can get from Estonia is when life gives you lemons turn it into lemonade. As u mentioned, cyber attack, guess one year later we had our government services covered with blockchain technology. There was also NATO cybersecurity centre established in Estonia. We used the attack as a major lesson to learn. Also, what is important to mention is we are very advance in technology, that is true, and everyone understands that. But we see as a major guiding principle is that you have to focus on security also. Digital solutions and cybersecurity two sides of the same coin. We save 2% of GDP just by going digital. It comes from making processes faster and less corruption.

WION: What can Estonia give to New Delhi?

Riho Kruuv: We have worked very closely with India. We have seen a lot of interest from union and state government's side to come and explore how Estonia dealing with e-governance, cybersecurity and blockchain. We just hosted two delegations. We would like to bring our companies and develop customer solutions for India.

WION: How do you see India's digital India or Aadhar programmes?

Riho Kruuv: I have been in India since August 2016. And to be honest, when I came to India, Aadhar was launched, of course, Digital India was started earlier. But it was the time things had started popping up and major development started. Was impressed by the speed how India was moving particularly on the penetration of Mobil Technology. And a number of Mobil subscribers and number of smartphones. In Estonia, we have leapfrogged many technology platforms. Electronic election Machine, we don't use them at all. We have developed a solution of voting over the internet. &nbsp;We used it since 2005. Many opportunities were we can work together and learn from each other. This Aadhar card, the concept of Indian digital identification, I love it a lot.

WION: Privacy and security on the social media platform have been a concern. How do you deal with it?

Riho Kruuv: Well, of course, we all use Google, Facebook and other technology platform or applications. It seems to be that, people give much more information to those social media platform than to the government. What comes is a high level of trust between government and people in Estonia. Personal data of Estonians having digital identities has never been compromised. Level of security of the system, you can understand, when we use for election, it must be good and trusted. It 30% of the population use the internet to cast vote.&nbsp; 
&nbsp;

Estonia is one of the most advanced digital societies in the world. In 2007, a small country in Europe, Estonia was under a cyberattack. The attack paralysed the entire digital network of the country and brought it to a standstill.

Estonia is one of the most advanced digital societies in the world. In 2007, a small country in Europe, Estonia was under a cyberattack. The attack paralysed the entire digital network of the country and brought it to a standstill. More than ten years later, the country is showing the world way forward in cybersecurity and digitisation. WION's Principal Diplomatic correspondent Sidhant Sibal spoke to Estonia's ambassador to India, Riho Kruuv on security in the cyberspace and dealing with privacy on social media platforms. WION: What lessons you learned from the 2007 cyberattacks? Riho Kruuv: One of the lessons you can get from Estonia is when life gives you lemons turn it into lemonade. As u mentioned, cyber attack, guess one year later we had our government services covered with blockchain technology. There was also NATO cybersecurity centre established in Estonia. We used the attack as a major lesson to learn. Also, what is important to mention is we are very advance in technology, that is true, and everyone understands that. But we see as a major guiding principle is that you have to focus on security also. Digital solutions and cybersecurity two sides of the same coin. We save 2% of GDP just by going digital. It comes from making processes faster and less corruption. WION: What can Estonia give to New Delhi? Riho Kruuv: We have worked very closely with India. We have seen a lot of interest from union and state government's side to come and explore how Estonia dealing with e-governance, cybersecurity and blockchain. We just hosted two delegations. We would like to bring our companies and develop customer solutions for India. WION: How do you see India's digital India or Aadhar programmes? Riho Kruuv: I have been in India since August 2016. And to be honest, when I came to India, Aadhar was launched, of course, Digital India was started earlier. But it was the time things had started popping up and major development started. Was impressed by the speed how India was moving particularly on the penetration of Mobil Technology. And a number of Mobil subscribers and number of smartphones. In Estonia, we have leapfrogged many technology platforms. Electronic election Machine, we don't use them at all. We have developed a solution of voting over the internet. We used it since 2005. Many opportunities were we can work together and learn from each other. This Aadhar card, the concept of Indian digital identification, I love it a lot. WION: Privacy and security on the social media platform have been a concern. How do you deal with it? Riho Kruuv: Well, of course, we all use Google, Facebook and other technology platform or applications. It seems to be that, people give much more information to those social media platform than to the government. What comes is a high level of trust between government and people in Estonia. Personal data of Estonians having digital identities has never been compromised. Level of security of the system, you can understand, when we use for election, it must be good and trusted. It 30% of the population use the internet to cast vote.

When life gives you lemons, turn them into lemonade: Estonian ambassador to WION on cyber attacks

All ration cards have been digitised and around 80 per cent of them have been linked with Aadhaar, Prime Minister Narendra Modi said on Tuesday.

"In the last four years, we have cancelled around 6 crore fake ration cards, gas connections and scholarships. We plugged this leakage, saving crores of money," said Prime Minister Modi while addressing a public meeting in Odisha.

"All ration cards have been digitised and around 80 per cent of ration cards have been linked with Aadhaar," he added.

The Prime Minister said that projects worth more than Rs 1,500 crore in sectors like education, connectivity, culture and tourism, that were kickstarted today will not only spur the growth of Odisha but entire eastern India."

In a month, more than Rs 20,000 crore of development projects have been either inaugurated or initiated in Odisha," he said.

The Prime Minister also said that Odisha got more than Rs 4000 crore due to Centre's decision to create the District Mineral Fund. He said the amount would help in the development of the tribal areas where mining is carried out.

"Unfortunately the state government has not been able to spend the money for the welfare of tribals," he added.

Earlier in the day, the Prime Minister inaugurated the Balangir-Bichhupali railway line.

Furthermore, the Prime Minister laid the foundation stone for a permanent building at the Kendriya Vidyalaya at Sonepur and inaugurated new Passport Sewa Kendras at Jagatsinghpur, Kendrapur, Puri, Phulbani, Bargarh and Balangir.

Apart from inaugurating the railway line, the Prime Minister launched six Ministry of Railways projects, including the launch of 813 kilometres of electrified lines from Jharsuguda to Vizianagaram and from Sambalpur to Angul.

Prime Minister Modi also dedicated a Multi-Modal Logistics Park (MMLP) Jharsuguda, which will facilitate Import/Export and Domestic Cargo, including Private Freight Traffic (PFT).

This is the Prime Minister's third visit to Odisha from the past month.

On his first visit, to Khurdha in December, the Prime Minister launched Rs 14,523 crore worth projects in the state and during his second visit on January 5, he inaugurated projects worth Rs 4,733 crores, taking the total amount of projects in Odisha to Rs. 20,801 crore in the past month.

During Tuesday`s visit, projects worth Rs 1,545 crore were inaugurated by the Prime Minister.&nbsp;

All ration cards have been digitised and around 80 per cent of them have been linked with Aadhaar, Prime Minister Narendra Modi said on Tuesday. "In the last four years, we have cancelled around 6 crore fake ration cards, gas connections and scholarships.

All ration cards have been digitised and around 80 per cent of them have been linked with Aadhaar, Prime Minister Narendra Modi said on Tuesday. "In the last four years, we have cancelled around 6 crore fake ration cards, gas connections and scholarships. We plugged this leakage, saving crores of money," said Prime Minister Modi while addressing a public meeting in Odisha. "All ration cards have been digitised and around 80 per cent of ration cards have been linked with Aadhaar," he added. The Prime Minister said that projects worth more than Rs 1,500 crore in sectors like education, connectivity, culture and tourism, that were kickstarted today will not only spur the growth of Odisha but entire eastern India." In a month, more than Rs 20,000 crore of development projects have been either inaugurated or initiated in Odisha," he said. The Prime Minister also said that Odisha got more than Rs 4000 crore due to Centre's decision to create the District Mineral Fund. He said the amount would help in the development of the tribal areas where mining is carried out. "Unfortunately the state government has not been able to spend the money for the welfare of tribals," he added. Earlier in the day, the Prime Minister inaugurated the Balangir-Bichhupali railway line. Furthermore, the Prime Minister laid the foundation stone for a permanent building at the Kendriya Vidyalaya at Sonepur and inaugurated new Passport Sewa Kendras at Jagatsinghpur, Kendrapur, Puri, Phulbani, Bargarh and Balangir. Apart from inaugurating the railway line, the Prime Minister launched six Ministry of Railways projects, including the launch of 813 kilometres of electrified lines from Jharsuguda to Vizianagaram and from Sambalpur to Angul. Prime Minister Modi also dedicated a Multi-Modal Logistics Park (MMLP) Jharsuguda, which will facilitate Import/Export and Domestic Cargo, including Private Freight Traffic (PFT). This is the Prime Minister's third visit to Odisha from the past month. On his first visit, to Khurdha in December, the Prime Minister launched Rs 14,523 crore worth projects in the state and during his second visit on January 5, he inaugurated projects worth Rs 4,733 crores, taking the total amount of projects in Odisha to Rs. 20,801 crore in the past month. During Tuesday`s visit, projects worth Rs 1,545 crore were inaugurated by the Prime Minister.

All ration cards digitised, 80% linked with Aadhaar: PM Modi

The Reserve Bank of India (RBI) has appointed Nandan Nilekani, co-founder of Infosys, as the chairman of the committee to assess digitisation of payments in India.&nbsp;

The high-level committee under Aadhaar architect Nandan Nilekani will suggest measures to strengthen the safety and security of digital payments in the country.

Nilekani was earlier, during the UPA regime, UIDAI chairman <a href="http://www.wionews.com/india-news/orchestrated-campaign-to-malign-aadhaar-nilekani-29202">which oversaw the implementation of the Aadhar programme</a>.

The five-member panel on deepening of digital payments has been constituted with a view to encourage digitisation of payments and enhance financial inclusion through digitisation, the RBI said in a statement.

"The committee shall submit its report within a period of 90 days from the date of its first meeting," it added.

The panel has been tasked with reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion.

It will also "suggest measures to strengthen the safety and security of digital payments... (and) a road map for increasing customer confidence and trust while accessing financial services through digital modes".

It has also been asked to undertake cross country analyses with a view to identifying best practices that can be adopted in our country to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.

Another term of reference of the panel, the RBI said is to suggest a medium-term strategy for deepening of digital payments.

The five members of the committee are - Nandan Nilekani, HR Khan (former Deputy Governor, RBI), Kishore Sansi (former Managing Director &amp; Chief Executive Officer, Vijaya Bank), &nbsp;Aruna Sharma (former Secretary, Ministry of Information Technology and Steel) and &nbsp;Sanjay Jain (Chief Innovation Officer, Center for Innovation, Incubation &amp; Entrepreneurship (CIIE), IIM Ahmedabad).

(With inputs from PTI)

The Reserve Bank of India (RBI) has appointed Nandan Nilekani, co-founder of Infosys, as the chairman of the committee to assess digitisation of payments in India.

The Reserve Bank of India (RBI) has appointed Nandan Nilekani, co-founder of Infosys, as the chairman of the committee to assess digitisation of payments in India. The high-level committee under Aadhaar architect Nandan Nilekani will suggest measures to strengthen the safety and security of digital payments in the country. Nilekani was earlier, during the UPA regime, UIDAI chairman which oversaw the implementation of the Aadhar programme. The five-member panel on deepening of digital payments has been constituted with a view to encourage digitisation of payments and enhance financial inclusion through digitisation, the RBI said in a statement. "The committee shall submit its report within a period of 90 days from the date of its first meeting," it added. The panel has been tasked with reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion. It will also "suggest measures to strengthen the safety and security of digital payments... (and) a road map for increasing customer confidence and trust while accessing financial services through digital modes". It has also been asked to undertake cross country analyses with a view to identifying best practices that can be adopted in our country to accelerate digitisation of the economy and financial inclusion through greater use of digital payments. Another term of reference of the panel, the RBI said is to suggest a medium-term strategy for deepening of digital payments. The five members of the committee are - Nandan Nilekani, HR Khan (former Deputy Governor, RBI), Kishore Sansi (former Managing Director & Chief Executive Officer, Vijaya Bank), Aruna Sharma (former Secretary, Ministry of Information Technology and Steel) and Sanjay Jain (Chief Innovation Officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad). (With inputs from PTI)

RBI appoints Nandan Nilekani as chairman of committee to assess digital payments

Prime Minister Narendra Modi is in Singapore this week to attend the East Asia Summit, ASEAN-India informal meet and the Regional Comprehensive Economic Partnership (RCEP) Summit. The Indian prime minister became the first head of government to deliver an address at the Singapore Fintech Festival, one of the largest events on financial technology, where he launched APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts.&nbsp;

PM Modi underlined the growing digitisation of the Indian economy and showcased India’s role in the shaping of global financial technologies which are not merely disruptive but also inclusive.

It is, however, the geopolitics and geo-economics of the changing Indo-Pacific which will be the focus of most of Modi’s engagements at various levels. The RCEP, accounting for almost 40 per cent of global trade, remains an important grouping for the 16 members — the 10-member ASEAN plus India, China, Japan, South Korea, Australia and New Zealand. It is a rather ambitious undertaking and despite repeated calls for an early conclusion, it remains mired in multiple issues which are thorny in nature. Though progress on the negotiations has been slow since they began in 2013, the Trump administration’s protectionist policies have given the negotiations a new momentum. It is now being hoped that the pact may now be concluded next year. India too has found it difficult to generate a domestic consensus on RCEP and it is likely that tough decisions on tariff reductions will now be taken only after elections next year, though Commerce Minister Suresh Prabhu underscored that New Delhi was “very happy that India’s concerns have been taken on board, and... country will benefit from it.”

The East Asia Summit will be India exploring wide-ranging issues pertaining to smart cities, IT, communication, maritime cooperation and terrorism with 17 other participating leaders. EAS has now emerged as the most critical multilateral framework in the Indo-Pacific where multiple stakeholders engage each other annually. The East Asia Summit, which includes India, China, Japan, South Korea, Australia, New Zealand, the US and Russia apart from the 10 ASEAN member states, also gives India an opportunity to underline its credentials as an important stakeholder in regional developments.

PM Modi will also participate in the ASEAN India Bilateral Summit where progress in the goals set in the Delhi Declaration of the ASEAN India Commemorative Summit will be discussed. Addressing last year’s ASEAN-India Summit in Manila, Modi underscored India’s relationship with ASEAN is a key pillar of its foreign policy. Referring to India’s Act East Policy, he had underlined that “its centrality in the regional security architecture of the Indo-Pacific region is evident”. In a symbolic move, all 10 ASEAN heads of State were invited to be guests of honour for this year’s Republic Day function. Targeting China, Modi had also assured ASEAN of “steady support towards achieving a rules-based regional security architecture that best attests to the region’s interests and its peaceful development.”

India has repeatedly underscored the centrality of the ASEAN in its Indo-Pacific vision. In his keynote address at the Shangri La Dialogue earlier this year too, Modi had suggested that India will promote a democratic and rules-based international order in the Indo-Pacific with ASEAN at its heart, that allows free access to common spaces and is not limited to a ‘club of limited members.’

It is in this context, it is interesting that despite suggestions that nothing much has been happening on the Quad front, the third meeting of Quad countries — India, the US, Japan and Australia — at the joint secretary-level will also take place in Singapore. It is clear that these four nations do not want to let go of the momentum that is gradually building up. There may be little substance in the engagement at the moment but all four states remain keen to leverage it in some form.

The Indo-Pacific region is now central to global politics and economics, and recent days have merely reinforced the trends that have been emerging for some time. China is the most important player in the region, and Beijing is now more confident than ever of projecting regional and global power. In this, China has had the good fortune of having an administration in the US that lacks seriousness of purpose and is unable to communicate effectively its priorities for the region. This makes this period of transition very significant for countries like India that have a stake in the long-term stability of the region. As China’s profile grows, there is a new opportunity for India in the region. Unlike in the past, New Delhi is no longer diffident about engaging with other regional players if it helps to further Indian interests in maintaining a stable balance of power in the region.

(This article was originally published on DNA. Read the <a href="https://www.dnaindia.com/analysis/column-asean-furthering-india-s-interests-in-indo-pacific-2685730">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) 
&nbsp;

Prime Minister Narendra Modi is in Singapore this week to attend the East Asia Summit, ASEAN-India informal meet and the Regional Comprehensive Economic Partnership (RCEP) Summit.

Prime Minister Narendra Modi is in Singapore this week to attend the East Asia Summit, ASEAN-India informal meet and the Regional Comprehensive Economic Partnership (RCEP) Summit. The Indian prime minister became the first head of government to deliver an address at the Singapore Fintech Festival, one of the largest events on financial technology, where he launched APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts. PM Modi underlined the growing digitisation of the Indian economy and showcased India’s role in the shaping of global financial technologies which are not merely disruptive but also inclusive. It is, however, the geopolitics and geo-economics of the changing Indo-Pacific which will be the focus of most of Modi’s engagements at various levels. The RCEP, accounting for almost 40 per cent of global trade, remains an important grouping for the 16 members — the 10-member ASEAN plus India, China, Japan, South Korea, Australia and New Zealand. It is a rather ambitious undertaking and despite repeated calls for an early conclusion, it remains mired in multiple issues which are thorny in nature. Though progress on the negotiations has been slow since they began in 2013, the Trump administration’s protectionist policies have given the negotiations a new momentum. It is now being hoped that the pact may now be concluded next year. India too has found it difficult to generate a domestic consensus on RCEP and it is likely that tough decisions on tariff reductions will now be taken only after elections next year, though Commerce Minister Suresh Prabhu underscored that New Delhi was “very happy that India’s concerns have been taken on board, and... country will benefit from it.” The East Asia Summit will be India exploring wide-ranging issues pertaining to smart cities, IT, communication, maritime cooperation and terrorism with 17 other participating leaders. EAS has now emerged as the most critical multilateral framework in the Indo-Pacific where multiple stakeholders engage each other annually. The East Asia Summit, which includes India, China, Japan, South Korea, Australia, New Zealand, the US and Russia apart from the 10 ASEAN member states, also gives India an opportunity to underline its credentials as an important stakeholder in regional developments. PM Modi will also participate in the ASEAN India Bilateral Summit where progress in the goals set in the Delhi Declaration of the ASEAN India Commemorative Summit will be discussed. Addressing last year’s ASEAN-India Summit in Manila, Modi underscored India’s relationship with ASEAN is a key pillar of its foreign policy. Referring to India’s Act East Policy, he had underlined that “its centrality in the regional security architecture of the Indo-Pacific region is evident”. In a symbolic move, all 10 ASEAN heads of State were invited to be guests of honour for this year’s Republic Day function. Targeting China, Modi had also assured ASEAN of “steady support towards achieving a rules-based regional security architecture that best attests to the region’s interests and its peaceful development.” India has repeatedly underscored the centrality of the ASEAN in its Indo-Pacific vision. In his keynote address at the Shangri La Dialogue earlier this year too, Modi had suggested that India will promote a democratic and rules-based international order in the Indo-Pacific with ASEAN at its heart, that allows free access to common spaces and is not limited to a ‘club of limited members.’ It is in this context, it is interesting that despite suggestions that nothing much has been happening on the Quad front, the third meeting of Quad countries — India, the US, Japan and Australia — at the joint secretary-level will also take place in Singapore. It is clear that these four nations do not want to let go of the momentum that is gradually building up. There may be little substance in the engagement at the moment but all four states remain keen to leverage it in some form. The Indo-Pacific region is now central to global politics and economics, and recent days have merely reinforced the trends that have been emerging for some time. China is the most important player in the region, and Beijing is now more confident than ever of projecting regional and global power. In this, China has had the good fortune of having an administration in the US that lacks seriousness of purpose and is unable to communicate effectively its priorities for the region. This makes this period of transition very significant for countries like India that have a stake in the long-term stability of the region. As China’s profile grows, there is a new opportunity for India in the region. Unlike in the past, New Delhi is no longer diffident about engaging with other regional players if it helps to further Indian interests in maintaining a stable balance of power in the region. (This article was originally published on DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Furthering India’s interests in Indo-Pacific region

Internet giant Google will support Tamil Nadu government&#39;s digitisation efforts.

The government of Tamil Nadu aims to make all government websites mobile-friendly and plans to provide cloud credits for startups in the state.

Google Indis&#39;s Public Policy Director, Chetan Krishnaswamy noted at an event that Google would be pleased to work with the Tamil Nadu government and help it become a digitally empowered state.&nbsp;

The Tamil Nadu government launched the &#39;Internet Saathi&#39; programme today to promote &#39;digital literacy for women.&#39; State Information Technology Minister M Manikandan was also present at the launch.

Krishnaswamy also noted that the expansion of the &#39;Internet Saathi&#39;&nbsp;model would benefit over 600,000 women in the first phase of the programme.

The Tamil Nadu government launched the 'Internet Saathi' programme today to promote 'digital literacy for women'

Internet giant Google will support Tamil Nadu government's digitisation efforts. The government of Tamil Nadu aims to make all government websites mobile-friendly and plans to provide cloud credits for startups in the state. Google Indis's Public Policy Director, Chetan Krishnaswamy noted at an event that Google would be pleased to work with the Tamil Nadu government and help it become a digitally empowered state. The Tamil Nadu government launched the 'Internet Saathi' programme today to promote 'digital literacy for women.' State Information Technology Minister M Manikandan was also present at the launch. Krishnaswamy also noted that the expansion of the 'Internet Saathi' model would benefit over 600,000 women in the first phase of the programme.

Google to support Tamil Nadu's digitisation initiatives

&ldquo;Organised loot and a legalised plunder&rdquo; is how Dr Manmohan Singh describes &lsquo;demonetisation&rsquo;. In Ahmedabad, on Tuesday, our former prime minister said: &ldquo;November 8 was a black day for our economy and, indeed, our democracy,&rdquo; referring to this day last year when the government announced its move to demonetise Rs 500 and Rs 1,000 notes.&nbsp;

&ldquo;To promote a less cash economy, coercive steps like demonetisation are ineffective. Nowhere in the world has any nation taken such a drastic step that swept off 86% of the currency in circulations,&rdquo; he said.

Our Finance Minister Arun Jaitley says demonetisation was a &lsquo;watershed moment&rsquo; in Indian history. Hitting out at detractors, and perhaps especially miffed at his illustrious predecessor&rsquo;s comments, Jaitley said: &ldquo;An anti-black money drive is a moral step, loot is what happened in 2G, in Commonwealth Games 2010 and in coal block allocation.&rdquo;

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Reducing the amount of cash in the economy won&#39;t end corruption but definitely make it difficult: <a href="https://twitter.com/arunjaitley?ref_src=twsrc%5Etfw">@arunjaitley</a> defends <a href="https://twitter.com/hashtag/demonitization?src=hash&amp;ref_src=twsrc%5Etfw">#demonitization</a>
&mdash; prasad sanyal (@prasadsanyal) <a href="https://twitter.com/prasadsanyal/status/927840191284371456?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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While it may be politically expedient to brush off Dr Manmohan Singh and highlight the graft cases when he was the prime minister from 2004 to 2014, it must be conceded that Dr Singh does know a thing or two about the Indian economy. He does have a Tripos from Cambridge and a DPhil from Oxford in Economics. Besides, he has been a Governor of the Reserve Bank of India, headed the Planning Commission in its heydays in the 1980s and, as finance minister between 1991 and 1996, was the harbinger of economic liberalisation in India. &nbsp;

In a series of tweets and graphic templates, Prime Minister Modi has defended the move saying, it has resulted in the &lsquo;highest ever unearthing of black money and dealt a decisive blow to Naxalism and terrorism.&rsquo;

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Giving strong impetus to the fight against black money. <a href="https://t.co/4fvbC31VAW">https://t.co/4fvbC31VAW</a> 
 
via NMApp <a href="https://t.co/G0TMkBrX19">pic.twitter.com/G0TMkBrX19</a>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/927812625043398656?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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Highest ever unearthing of black money<a href="https://t.co/4fvbC31VAW">https://t.co/4fvbC31VAW</a> 
 
via NMApp <a href="https://t.co/jmrJRPVHSL">pic.twitter.com/jmrJRPVHSL</a>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/927812417203068928?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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The verdict is still out on the impact of this move on the Indian economy, and as with other &lsquo;watershed&rsquo; moments in recent Indian history, it has left public opinion deeply divided.

In a society ridden with inequality and poverty, where the &lsquo;aam aadmi&rsquo; is faced with corruption to get even basic amenities, economics doesn&rsquo;t wash. The promise of nabbing those with black money does, and little wonder then, that the move was received positively - as a decisive measure that will rid India of corruption.&nbsp;

The Opposition parties will observe the one-year mark of demonetisation on Wednesday as a &ldquo;Black Day&rdquo;. The Bharatiya Janata Party will commemorate the anniversary as &ldquo;Anti-Black Money Day&rdquo;. &nbsp;

The government has so far been able to pitch demonetisation as a move that was pro-poor and anti-rich, but as the economy shows signs of distress will Robin Hood and his merry band of men be able to assuage the &lsquo;aam aadmi&rsquo;?&nbsp;

As the Finance Minister pointed out today, there has been a shrinking of the informal sector, a wider tax base and greater digitisation in the economy. The government has been on point with its message and there are definite merits to these arguments.&nbsp;

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Multi-dimensional success of Demonetisation. <a href="https://t.co/4fvbC31VAW">https://t.co/4fvbC31VAW</a> 
 
via NMApp <a href="https://t.co/l3qbArBcFy">pic.twitter.com/l3qbArBcFy</a>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/927812281378816000?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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Though viewed as a bold and landmark move by the masses, a former Finance Minister of India from the Prime Minister&rsquo;s own BJP, Yashwant Sinha has criticised the move. As businessmen and traders start accounting for the full brunt of the impact of demonitisation, many believe it may not be the best way to tackle corruption.

In August this year, the Reserve Bank of India reported Indians returned almost all of the estimated Rs 15.4 lakh crore ($242 billion) in high-currency bills removed from circulation. It implies that a very small amount of unaccounted for money was held in cash.&nbsp;

While there has been a lot of hullabaloo over different government agencies sharing different sets of numbers, the total value of non-cash transactions rose by around 19 per cent between November 2016 and August 2017. The value and volume of mobile-based transactions recorded negative growth rates between November 2016 and August 2017.

All available evidence suggests that cash has returned to daily transactions and demonetisation may not have had the desired effect, at least in the short-term.&nbsp;

&nbsp;

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All available evidence suggests that cash has returned to daily transactions and demonetisation may not have had the desired effect, at least in the short-term.?

“Organised loot and a legalised plunder” is how Dr Manmohan Singh describes ‘demonetisation’. In Ahmedabad, on Tuesday, our former prime minister said: “November 8 was a black day for our economy and, indeed, our democracy,” referring to this day last year when the government announced its move to demonetise Rs 500 and Rs 1,000 notes. “To promote a less cash economy, coercive steps like demonetisation are ineffective. Nowhere in the world has any nation taken such a drastic step that swept off 86% of the currency in circulations,” he said. Our Finance Minister Arun Jaitley says demonetisation was a ‘watershed moment’ in Indian history. Hitting out at detractors, and perhaps especially miffed at his illustrious predecessor’s comments, Jaitley said: “An anti-black money drive is a moral step, loot is what happened in 2G, in Commonwealth Games 2010 and in coal block allocation.” Reducing the amount of cash in the economy won't end corruption but definitely make it difficult: @arunjaitley defends #demonitization — prasad sanyal (@prasadsanyal) November 7, 2017 × While it may be politically expedient to brush off Dr Manmohan Singh and highlight the graft cases when he was the prime minister from 2004 to 2014, it must be conceded that Dr Singh does know a thing or two about the Indian economy. He does have a Tripos from Cambridge and a DPhil from Oxford in Economics. Besides, he has been a Governor of the Reserve Bank of India, headed the Planning Commission in its heydays in the 1980s and, as finance minister between 1991 and 1996, was the harbinger of economic liberalisation in India. In a series of tweets and graphic templates, Prime Minister Modi has defended the move saying, it has resulted in the ‘highest ever unearthing of black money and dealt a decisive blow to Naxalism and terrorism.’ Giving strong impetus to the fight against black money. https://t.co/4fvbC31VAW via NMApp pic.twitter.com/G0TMkBrX19 — PMO India (@PMOIndia) November 7, 2017 × Highest ever unearthing of black moneyhttps://t.co/4fvbC31VAW via NMApp pic.twitter.com/jmrJRPVHSL — PMO India (@PMOIndia) November 7, 2017 × The verdict is still out on the impact of this move on the Indian economy, and as with other ‘watershed’ moments in recent Indian history, it has left public opinion deeply divided. In a society ridden with inequality and poverty, where the ‘aam aadmi’ is faced with corruption to get even basic amenities, economics doesn’t wash. The promise of nabbing those with black money does, and little wonder then, that the move was received positively - as a decisive measure that will rid India of corruption. The Opposition parties will observe the one-year mark of demonetisation on Wednesday as a “Black Day”. The Bharatiya Janata Party will commemorate the anniversary as “Anti-Black Money Day”. The government has so far been able to pitch demonetisation as a move that was pro-poor and anti-rich, but as the economy shows signs of distress will Robin Hood and his merry band of men be able to assuage the ‘aam aadmi’? As the Finance Minister pointed out today, there has been a shrinking of the informal sector, a wider tax base and greater digitisation in the economy. The government has been on point with its message and there are definite merits to these arguments. Multi-dimensional success of Demonetisation. https://t.co/4fvbC31VAW via NMApp pic.twitter.com/l3qbArBcFy — PMO India (@PMOIndia) November 7, 2017 × Though viewed as a bold and landmark move by the masses, a former Finance Minister of India from the Prime Minister’s own BJP, Yashwant Sinha has criticised the move. As businessmen and traders start accounting for the full brunt of the impact of demonitisation, many believe it may not be the best way to tackle corruption. In August this year, the Reserve Bank of India reported Indians returned almost all of the estimated Rs 15.4 lakh crore ($242 billion) in high-currency bills removed from circulation. It implies that a very small amount of unaccounted for money was held in cash. While there has been a lot of hullabaloo over different government agencies sharing different sets of numbers, the total value of non-cash transactions rose by around 19 per cent between November 2016 and August 2017. The value and volume of mobile-based transactions recorded negative growth rates between November 2016 and August 2017. All available evidence suggests that cash has returned to daily transactions and demonetisation may not have had the desired effect, at least in the short-term.

#Demonetisation: Indian economy watershed or waterboarded?

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