Given that Indian economy is fast becoming digital and from opening a bank account, to making financial transactions every facility, an Aadhaar Authentication is required. Even the Supreme Court has been working on making Aadhaar mandatory. Imagine my shock when I was told that Aadhaar can be hacked as it has very poor security. My eyes popped out when I saw the video as given below.
Sometime back Prime Minister Narendra Modi announced an ambitious target of 175 GW by 2022 for renewable energy. India has a low consumption of energy and will need to increase it several fold in the coming decades. With the global community working on reducing carbon footprint and the commitment of each nation being already in public domain with the international community as Intended Nationally Determined Contribution (INDC), the pressures for improving energy efficiency and increasing share of non-fossil fuel generation has become more intense.
Professing Indianness has taken media spending to a new high and journalistic ethics to a new low. There are marketing as well as editorial solutions to 'nationality laundering'. A Chinese company of yesterday becomes an Indian company of today by simply advertising so. Uber CEO is happy to take on Indian nationality alongwith Indian Guest Editorship.
The Indian economy is largely dependent on cash. Only 5 per cent of the country's personal consumption expenditure is done electronically. A sharp acceleration of economic growth is not possible with such kind of dependence on cash. Overdependence on cash is a major hurdle and a radical thinking and coordinated efforts are needed to take electronic payments system to the masses.
The Indian economy is predominantly cash-driven with only 5 per cent of the country's Personal Consumption Expenditure done electronically. This shows that there is a huge unexplored market for payment companies. It will require all players across the payments value chain to create much greater innovation in payment services.
I appreciate that the Department of Electronics and Information Technology (DeitY) has announced the "Policy on Adoption of Open Source Software for Government of India" and also brought out the policy framework for rapid and effective adoption.
In India, we are encountering a unique situation. We decide on what technologies to be used without sometimes having a clarity on what are the services that we intend to deliver. It is dichotomous. Isn't it? It is my long-held belief that, it is government's job to define services and leave the technology choices to the market forces.
The debate over technology choices is not new. We have been talking about this for at least 15-20 years. Innovations have far surpassed this debate. Innovations are happening so fast that it has made the technology choice debate redundant. What technology to be used would be best determined by the markets and the users. It cannot and should not be done by regulation or regulators.