A New Idea of India: Individual Rights in a Civilisational State by Harsh Madhusudan & Rajeev Mantri

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 India’s 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 ‘less cash’ 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 Modi’s 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 ‘juggernaut’, writing in

September 2019 that ‘almost 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.’ 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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