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The new unified taxation system, which is scheduled to be implemented later this year, will bring in millions of unorganised businesses on one platform. This would effectively, Nilekani believes, help them get loans using digitalised data.
Nilekani headed the empowered group on information technology infrastructure on GST.
Unified Payment System (UPI) used by 600 million-odd mobile users is also expected to boost the digital transactions. UPI was used by banks, but after demonetisation, the Union Government launched a common app called BHIM using this technology. “Already more than 11 million downloads have happened. While 250 million smartphone users can only use this app to do financial transactions without using debit or credit card, NPCI created USSD, also built on UPI infrastructure, for feature phones. That’s an important step for the cashless economy,” Nilekani said.
Here is a Direct Link to the article in Business Standard: