India’s UPI is an excellent example of tech-boosting financial inclusion: IMF MD

New Delhi: India’s  UPI is an excellent example of tech-boosting financial inclusion, Kristalina Georgieva, managing director, IMF (International Monetary Fund) said on Wednesday.

Georgieva said that ‘Unified Payments Interface’ has helped boost financial inclusion in the country.

“It is an excellent example of technology boosting financial inclusion. Last month, this layer of India’s digital public infrastructure processed over 8 billion transactions. The system allows 400 million people in rural areas to participate with legacy ‘push-button’ cell phones,” she added.

The IMF has predicted that emerging markets and developing economies, including India and China, are expected to account for about 80% of global growth this year. “We see emerging markets and developing economies providing much of the momentum. We expect them to account for about four-fifths of global growth this year, with India alone expected to contribute more than 15 per cent, she added.

Georgieva also said that India is uniquely positioned to bring countries together beyond its role as a global growth engine. “In a world facing multiple challenges and rising geopolitical tensions, this leadership is critical — and beautifully captured in the theme of India’s G20 presidency: One Earth, One Family, One Future,” she said.

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