India saved $27 billion in schemes using direct benefit transfer method, says Economic Affairs Secretary
Delivering his keynote address at the second meeting of the Global Partnership for Financial Inclusion, Seth said Digital Public Infrastructure (DPI), created by India is inherently scalable, interoperable, innovation-friendly, and inclusive and has completely transformed government to people, people to people and people to business interactions.
India saved over US $27 billion in key central government schemes through direct benefit transfer as it is swift and eliminates corruption, Ajay Seth, Secretary of Department of Economic Affairs said here on Sunday.
Delivering his keynote address at the second meeting of the Global Partnership for Financial Inclusion, Seth said Digital Public Infrastructure (DPI), created by India is inherently scalable, interoperable, innovation-friendly, and inclusive and has completely transformed government to people, people to people and people to business interactions.
"And since the transfers are all direct, end to end, and swift, there is little scope for corruption and leakages and removal of duplicate/ fake beneficiaries. In our own experience, DBT has entailed a saving of more than USD 27 billion just across key central government schemes," the official said.
In India, DPI-enabled DBT emerged as a boon in providing succour and relief to millions of citizens whose livelihood was impacted. The government was able to help millions by delivering vaccines and providing social protection services through DPI, Seth noted.
In recent years, the G20 has helped the world navigate through multiple shocks and continues to provide guidance on global economic coordination. India intends to further build upon it to make it even more relevant, especially for the Global South.
"India's G-20 Presidency is thus an opportunity as well as a responsibility to encourage collective solutions and rebuild trust in multilateralism," Seth opined.
India stands ready to share its technical capabilities and knowledge resources for empowering the people of the Global South, he added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
Top 7 Mid Cap Mutual Funds With up to 41% SIP Returns in 5 Years: No 1 fund has converted Rs 15,000 monthly investment into Rs 23,84,990
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
07:31 PM IST