FM Sitharaman speaks on India’s 5G technology to economy revival at John Hopkins University. 10 points

  • FM Nirmala Sitharaman was interacting with students of the Johns Hopkins School of Advanced International Studies.
  • The minister also said that technology and its adaptation have become the biggest advantage for India in the last two years.

Livemint
Updated14 Oct 2022, 06:10 AM IST
Finance Minister Nirmala Sitharaman speaks at John Hopkins university (Image: ANI)
Finance Minister Nirmala Sitharaman speaks at John Hopkins university (Image: ANI)

Finance Minister Nirmala Sitharaman said that India today has set a global benchmark in digitisation, particularly in payment, asserting that this has not only helped the country’s fight against Covid-19 and its economic fallout, but also given a sense of confidence that India’s growth story is sustainable in the long term.

FM Sitharaman was interacting with students of the Johns Hopkins School of Advanced International Studies. Observing digitalisation has become the biggest advantage in India in the last two years, the finance minister further added that India’s public goods are available for countries that need them.

"Economy's revival is on a sustained path," Finance Minister said.

Here are 10 key points from Finance Minister Nirmala Sitharaman's interaction at the Johns Hopkins University: 

1. The finance minister said that 5G technology in India is completely indigenous, one that is not imported from somewhere else and is the country's own product. "The story is yet to reach the public. The 5G which we have launched in our country is completely indigenous, standalone. There could be some critical parts coming from countries like Korea, but certainly not from somebody else...," Sitharaman said.

2. She further added that said India can now provide 5G technology to other countries whoever wants it. "Our 5G is not imported from somewhere else and it's our own product. The spread of this is very rapid." Sitharaman said the private companies that have made this product have said by 2024 end most of the country will be able to avail of this technology. "On 5G we can be immensely proud of India's achievement."

3. She further added that said the push for digitisation between 2014 and 2019 helped fight the economic crisis during COVID-19 and thereafter as well. “The push that was given between 14 and 19 actually has helped us. And helped us in very many unbelievable ways. We were able to provide relief immediately during the long lockdown, even as all of us could remain in Delhi and press a button the money used to go to the account,” she said.

4. She also said that there were apprehensions in India after PM Modi started the digitalisation of the economy but the initial inhibitions of people were removed with the help of digital technology. "There were apprehensions in India after 2014 when we started ramping up the capacity for digitalisation of the economy." Questions were raised "if in India this technology will make any difference at all? Will people be ready to use it?" Sitharaman even said questions were asked about whether the investment in technology will bear fruit and whether people will accept it.

5. Of the 7.5 lakh panchayats that India has, the minister said 80 per cent of them have received optical fibres to their points. Explaining the Modi government's approach, she said good governance in India is being achieved by the use of technology and a certain transformation has happened due to ramping up the capacity for digitalisation of the economy.

6. She said that India is setting the global benchmarks on the digital front and that there is a sense of confidence in the country that it will be able to face geopolitical and economic uncertainties and still perform. The finance minister explained that the Indian economy is doing good business largely because the confidence in what has happened in the last two years is "palatably felt." She said the Indian economy's revival is on a sustained path and it will continue to be resilient in the face of a possible global recession. "Because of the global recession, if my demand is going fall, exports are going to suffer and because of the strong dollar my Indian rupee would suffer --- all this taken on board --- there is a sense of confidence in India, we will go through this and we will be able to still perform," she said.

7. Sitharaman said the open-source network that the government of India has created as a public good is helping small and medium industries to scale up their operations. "Standing here I want to reiterate that India's public goods are available for countries which so they need it,” Sitharaman said.

8. Reiterating that Indian public goods are available in other countries, she said that for instance, during COVID-19 pandemic India created an app wherein one could find the nearest hospital which could give them the vaccination for stores. And that platform would record it and immediately give them a certificate in the phone itself saying you've had this first dose in this first hospital, she said describing the other features of the app. And as a result of this, Indians travelling abroad didn't have to carry paper for proof of their vaccination.

9. She also added that 45 percent of all loans given under the scheme 'Mudra' have been given to women. 

10. There were times when global benchmarks were ones India looked up to... But (now) on digital front, be it payment, health, education, India has actually set the benchmark.

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First Published:14 Oct 2022, 06:10 AM IST
HomeNewsIndiaFM Sitharaman speaks on India’s 5G technology to economy revival at John Hopkins University. 10 points

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