UN General Assembly President Praises India's Digital Transformation in Reducing Poverty
UN General Assembly President Praises India’s Digital Transformation in Reducing Poverty
Date: August 2, 2024
Location: Rome, Italy
In a recent address at the Food and Agriculture Organization (FAO), Dennis Francis, President of the 78th Session of the United Nations General Assembly, commended India for its groundbreaking advancements in mobile technology and digital banking, highlighting their significant role in reducing poverty levels across the nation.
Francis emphasized the transformative impact these innovations have had on India’s socio-economic landscape, noting that approximately 800 million people have been lifted out of poverty over the past five to six years. He attributed this remarkable achievement to the widespread access to smartphones and the internet, which has revolutionized the way Indians, especially those in rural areas, conduct financial transactions.
”Even rural farmers in India, who previously had no access to formal banking services, can now conduct all their business transactions via smartphones,” Francis stated. “This has enabled them to pay bills and receive payments effortlessly, fostering a level of financial inclusion that was previously unattainable.”
The President highlighted how this digital revolution has empowered rural communities, allowing them to bypass traditional barriers to banking and financial services. This shift has not only facilitated financial transactions but also contributed to economic growth and stability by enhancing transparency and fostering innovation.
India’s push towards a digital economy has been supported by government initiatives such as the Unified Payments Interface (UPI), which has become the most favored mode of payment among Indians. The UPI system has streamlined financial transactions, making them more efficient and secure, thereby playing a crucial role in enhancing economic strength and promoting sustainable growth.
However, Francis also cautioned against the growing technological divide between developed and developing nations. He urged immediate global action to address this disparity and ensure equitable access to technology. “While India’s progress is commendable, it is imperative that we work together to bridge the technological gap between nations to ensure no one is left behind in the digital age,” he remarked.
This acknowledgment comes at a time when India has experienced a remarkable surge in digital transactions, reflecting the country’s successful integration of technology into its economic framework. As India continues to lead in digital innovation, it sets a precedent for other developing nations to follow, demonstrating the potential of technology to drive socio-economic progress and uplift millions from poverty.