The economic development in the ASEAN countries is based on digital technologies and the role of the Indian IT sector is undeniable in the journey of digital transformation, according to the remark of Rajeev Chandrasekhar, the Union Minister for electronics and information technology.
Rajeev Chandrasekhar said, “Indian IT companies have played an integral part in the digital transformation journey of Malaysia and other ASEAN countries“.
The Union Minister reflected on the fast development of India related to digitalization and the decision that the government made in this regard, “The changes have taken place due to Prime Minister Narendra Modi’s government’s focus on expanding affordable digital infrastructures, tech advancement, rapidly growing startup ecosystem and open technologies.”
Rajeev Chandrasekhar also reflected upon the investments made by the Indian government in developing different Digital Public Infrastructures that caused a change in various components of the Indian society and economy. He remarked on the integral role of IT companies in digital transformation when he was virtually addressing the business summit 2023 of ASEAN- Indian region, the theme of the summit was “Strengthening and Moving Forward ASEAN-India Economic Relations for a Strategic Business Partnership”.
The purpose of the summit is to strengthen and proceed with economic relations between ASEA and India through strategic business collaboration. Therefore, they celebrate the friendship year between India and ASEA. India and 10- the member bloc in Kuala Lumpur have been celebrating the friendship year for more than 30 years.
The objective for the summit was the advancement and strong build of ASEAN-India Economic Relations for a strategic business partnership.
The minister remarked after reflecting on the realm of further collaboration between the regional bloc and India and said, “After the recent announcement of the real-time payments linkage system between India and Singapore, India is working with Malaysia and other ASEAN countries to operationalize it for more countries in the region”.
The collaboration with other countries is a milestone in Indian history, Singapore and India joined their online payment systems last month, PayNow of Singapore and Unified Payments Interface (UPI) of India, for easy and smooth international transactions among different nations.
Prime Minister Modi and Singaporean Lee Hsien Loong attended this virtual inauguration ceremony. The interconnection of the payment procedure of both countries brings ease into the online transaction, a comfort for residents of both countries for easier and quick international transactions.
The residents of both countries will be capable of quickly sending money through QR-code-based or just entering mobile numbers which are linked to their bank account.
Rajeev Chandrasekhar reflected on the impact of the catalyzation of UPI in the atmosphere of India’s Fintech atmosphere and said that India has developed a Unified Payments Interface with more than 350 banks. Consequently, 260 million consumers have changed their way of sending and receiving payments in India. Therefore, more than 80 lacs transactions are being made every month by following this method.
Apart from UPI, Rajeev Chandrasekhar commented about other digital public infrastructures generated by India which include GeM, Cowin, and Aadhaar which combined and reformed governance and government and developed economic inclusion.