PIB
NITI Aayog and Mastercard on May 10, 2021 released a report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’.
- The report identifies challenges in accelerating digital financial inclusion in India and provides recommendations for making digital services accessible to its 1.3 billion citizens.
- Based on five roundtable discussions held in October and November 2020, the report highlights key issues and opportunities,with inferences and recommendations on policy and capacity building across agriculture, small business (MSMEs), urban mobility and cyber security. Experts from the government, banking sector, the financial regulator, fintech enterprises, and various ecosystem innovators participated in the discussions led by NITI Aayog and supported by Mastercard.
- The report has recommended enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes. Digitizing land records will also provide a major boost to the sector.
- Phygital is the concept of using technology to bridge the digital world with the physical world with the purpose of providing a unique interactive experiences for the user.
