A New Idea of India: Individual Rights in a Civilisational State by Harsh Madhusudan & Rajeev Mantri
Author:Harsh Madhusudan & Rajeev Mantri [Madhusudan, Harsh & Mantri, Rajeev]
Language: eng
Format: epub
Published: 2020-09-20T18:30:00+00:00
Jio phenomenon grew Indiaâs active internet user base past 560
million by September 2018, within two years of the company entering
the industry, and India is projected to have over 800 million users
(about 60 per cent of the population) by 2021. Simultaneously, the
price per gigabyte of data collapsed by over 95 per cent, making
India the lowest priced as well as the highest per capita data
consumption market in the world. Data consumption rocketed
between 2014 and 2017 at a scorching pace of 152 per cent
annually. 56
With the JAM infrastructure as the foundation, as of May 2020,
the government has converted over 400 welfare schemes from
across 56 executing Union ministries into direct benefits transfer or
direct cash transfer programmes, with qualified individuals receiving
their dues totalling over 11 trillion with minimal leakage and friction.
In the long history of the Indian civilisation, never has the legibility
between citizen and State been so high in fidelity.
The payments segment of the digital value chain has also seen
a transformation. With a commitment to a âless cashâ economy, India
developed RuPay, a payments network, and Unified Payments
Interface (UPI), a real-time payment system. As made-for-India
products created by the National Payments Corporation of India,
RuPay and UPI have made online and digital payments a snap.
Prime Minister Modiâs move to demonetise high denomination
currency notes in November 2016 provided a measurable boost to
digital payments and UPI in particular, with digital payment volumes
leapfrogging by 2.5 years. 57
From a standing start in April 2016, UPI has grown at an
explosive pace that has surprised industry analysts. 58 Analysts at the
investment bank Morgan Stanley termed it a âjuggernautâ, writing in
September 2019 that âalmost every Indian business or activity which
involves payments now either has a UPI strategy or is working
aggressively on it. 59 This ranges, among others, from P2P payments
to bill payments to investing (even in IPOs) to loan servicing.â UPI
transaction volumes stood at 900 million (annualised value at 19
trillion) in September 2019 and climbed nearly 50 per cent to 1.32
billion (annualised 26.4 trillion in value) by February 2020.60
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