India's digitization program has taken a big jump following demonetization but the country has a "long way to go" before all its citizens are fully connected to banks, a noted entrepreneur said here today.

Expressing confidence in India's ongoing reforms and the government's efforts to improve the "ease of doing business", billionaire and founder of Global Citizen Forum (GCF), B K Modi said, "The digitization in the banking system is very strong".

Modi, however, said there was "a long way to go as not all Indians are fully connected to banks digitally".

Noting the "remarkedly well" performance of the Indian stock market post-demonetization, Modi said the Indian rupee had improved recently from a high of 68.5 to the US dollar back to 64.50 rate.

"These are some of the results of the monetary policy for replacing 1,000 and 500 Rupee notes since November last year," he said while announcing two National Day celebration plans starting on August 9 for Singapore and culminating with Indian National Day on August 15.

GCF is joining the Singapore Indian Chamber of Commerce and Industry (SICCI) in celebrating the Singapore and Indian National Days, the first such celebration between the two countries.

The Singapore-headquartered GCF and SICCI will host a day-long conference on "New India – Emerging Global Leader" where presentations will include Singapore's and India's perspectives on Smart City program in India. It will be held on August 10. – Money Control



Bharat exn


Read Current Edition of Communications Today