NITI Aayog, Mastercard release report on Connected Commerce

The NITI Aayog has released a report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’. NITI Aayog has released the report in collaboration with Mastercard. The report identifies the various challenges faced in accelerating digital financial inclusion in India and also provides recommendations for making digital services accessible to its 1.3 billion citizens.

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Key recommendations in the report

• The report includes strengthening the payment infrastructure to promote a level playing field for NBFCs and banks;
• Digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs;
• building information-sharing systems, including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds;
• enabling agricultural NBFCs to access low-cost capital and deploy a ‘physical (physical + digital) model for achieving better long-term digital outcomes.
• Digitising land records will also provide a major boost to the sector and to make city transit seamlessly accessible to all with minimal crowding and queues, leveraging existing smartphones and contactless cards, and aim for an inclusive, interoperable, and fully open system such as that of the London ‘Tube’.

Important takeaways for all competitive exams:

• NITI Aayog Formed: 1 January 2015.
• NITI Aayog Headquarters: New Delhi.
• NITI Aayog Chairperson: Narendra Modi.
• Mastercard Headquarters: New York, United States.
• Mastercard President: Michael Miebach.

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