In an exclusive interview, the Infosys co-founder Nandan Nilekani talks about notes ban to NDTV's Barkha Dutt.
Here are the highlights:
- The long journey of getting Indians into formal economy will be accelerated.
- Short term pain is inevitable but this is a big step for financial inclusion.
- The slowdown is only for a short term. Economic growth will bounce back. This shock is good for India.
- The currency ban will give a boost to digital transactions. It has its own set of long-term benefits.
- India's growth will come from services and digitization.
- With this decision, India will move from being a data poor-to-data rich country.
- Digitisation will compensate for the short-term slowdown and adoption of technology will lead to long-term benefits.
- Unified Payment Interface will benefit the country immensely.
- The notes ban shock to the financial system will also extend to the political system.
- The credit for creating the Aadhaar system goes to the UPA government, Dr Manmohan Singh.
- At the same time, am grateful to PM Modi because he has taken what was built and applied it to so many schemes...this government took it forward.