Dennis Francis, President of the 78th Session of the United Nations General Assembly (UNGA), has underscored the transformative impact of mobile phones and digital banking in India, which has helped lift 800 million people out of poverty.
Speaking to the Food and Agriculture Organization (FAO) of the United Nations on the topic of ‘Accelerating Progress Towards Zero Hunger for Current and Future Generations’ on Tuesday, Francis highlighted India as a prime example of how technology and innovation can revolutionize lives in developing countries.
Watch: “Rural farmers in India who never had a relationship with the banking system are now able to conduct all their transactions on their smartphones… 800 million people have been lifted out of poverty… That is not the case in many parts of the Global South,” says Dennis… pic.twitter.com/yVqw1FRYSK
— IANS (@ians_india) August 1, 2024
“India has managed to uplift 800 million people from poverty over the past five to six years largely due to the widespread use of smartphones,” Francis noted. He elaborated that rural farmers in India, who previously had no access to banking services, can now conduct all their transactions via their smartphones. They are able to pay bills, receive payments, and manage their business dealings efficiently through this technology.
Also read: India And Vietnam Adopt ‘New Plan Of Action’ To Strengthen Strategic Partnership
Dennis Francis also addressed the broader issue of the digital divide between developed and developing nations. “The disparity between the Global North and Global South remains significant, and rather than narrowing, it appears to be widening. This highlights the urgent need for all countries to take collective action to bridge this gap,” he said.
Under the leadership of Prime Minister Narendra Modi, India has committed to expanding digital transactions, leading to remarkable growth in the sector over the past decade. The introduction and widespread adoption of the Unified Payments Interface (UPI) have positioned digital payments as the preferred method for many Indians.
The Indian government views the rise in digital transactions as a key driver for economic development. It believes that increased financial inclusion, greater transparency, and enhanced data-driven decision-making contribute to economic growth and sustainability.
To read more such news, download Bharat Express news apps
