Zerodha's Nithin Kamath on its success: "Lucky to be at right place, right time..."1 min read 02 Jun 2023, 11:21 AM IST
Zerodha CEO Nithin Kamath praised government initiatives like Aadhaar, UPI & Digilocker for India's growth, indicating that the country's digital transactions have been phenomenal thanks to the government.
Hailing government initiatives like Aadhaar, UPI and Digilocker which pushed ahead India's growth, Zerodha CEO Nithin Kamath said he, like many others, was lucky to be at the right place, at the right time.
Kamath attached a screenshot of the recent Morgan Stanley report which showed how the formalisation of the Indian economy has been shaping up in the recent past. It showed while the GST collections have been rising, digital transactions as a percentage of the GDP have been sustainably increasing since the financial year 2016.
"This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook. We present a snapshot of these changes and their implications," Morgan Stanley said in a report on May 29.
In the report, Morgan Stanley highlighted 10 big changes in the last 10 years, including supply-side policy reforms, formalisation of the economy, flexible inflation targetting, focus on FDI, Real Estate (Regulation and Development) Act, Insolvency and Bankruptcy Code, and initiatives like direct transfer to beneficiaries (digitalizing social transfers).
India's digitisation has been lauded by institutions like the World Bank and International Monetary Fund (IMF). As Mint reported earlier, India’s govtech agenda has evolved since the 90s when the public sector first adopted ICT to the current Digital India initiative and creative solutions such as the UIDAI, UPI platform, National urban information system and land record digitisation. With India Stack and India Enterprise Architecture, there has been a significant push for public services which can be delivered using shared, open and modular digital platform technologies.
Analysts point out that digitalization has transformed India by enhancing governance, empowering individuals, spurring economic growth, and improving access to essential services. It has positioned India as a digital powerhouse and paved the way for further technological advancements and inclusive development.
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