‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’ report
Part of: GS Prelims and GS-III – Economy
In news
NITI Aayog and Mastercard released a report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’.
Key takeaways
The report identifies challenges in accelerating digital financial inclusion in India.
It provides recommendations for making digital services accessible to its 1.3 billion citizens.
Key recommendations
Strengthening the payment infrastructure to promote a level playing field for NBFCs and banks.
Digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs.
Building information sharing systems, including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds.
Enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes.
To make city transit smoothly accessible to all with minimal crowding and queues, leveraging existing smartphones and contactless cards and make it an inclusive, interoperable, and fully open system
