IT WAS ON August 20, 2014, that the cabinet chaired by Prime Minister Narendra Modi approved Digital India, a programme aimed at transforming India into a digitally-empowered society. It identified broadband highways, universal access to mobile connectivity, e-governance, electronic delivery of services and electronics manufacturing as key areas that would drive growth.
The most visible among the many initiatives under the programme has been Unified Payments Interface (UPI), launched by the National Payments Corporation of India in 2016. UPI hit a billion transactions for the first time in 2019. In July 2022, UPI managed 6.28 billion transactions, which was the highest ever on the platform since its launch. The total transaction value in the month was ₹10.62 lakh crore. The transaction volumes almost doubled in a year and transaction value went up 75 per cent.
This story is from the August 21, 2022 edition of THE WEEK India.
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This story is from the August 21, 2022 edition of THE WEEK India.
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