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After the ban, the Modi government is going to give another blow to the general public. In fact, Chief Executive Officer (CEO) of the Policy Commission, Amitabh Kant says that due to the growing prevalence of technology in India, digital transactions will be done through mobile wallet and biometric media and the transactions of ATM and credit-debit cards will be over.
On the occasion of launching Trade and Investment Services Facilities (TIFS) of PhD Chamber of Commerce and Industry (PhDCI) here on Friday evening, Kant said, "Technology will be a key contributor to India's development."
He said, "Physical banking in India is almost over and technology is being used at such a fast pace that in the next three to four years digital transactions will be only through mobile wallet and biometric mediums."
Kant said, "The practice of ATM, credit, debit cards will be completely eliminated."
He said that despite the economic slowdown in the world, India is growing at a rate of 7.6 percent.
Kant said, "The population of America and Europe will grow, while India's young population will be."
On the question of easing trade rules, he said, "Last year we had passed 1200 rules."
Kant said that India will continue to abide by the rules and regulations that have adverse effects on the investment coming in the country. He said that India will create conditions conducive to the expansion of its economy.
The CEO of the Policy Commission said, "Even though trumpets talk about the protectionism of the American economy, there is no discussion of protectionism here."
Kant said, "India believes in globalization and it will never talk of protectionism. As a result, India will emerge as an economy which will attract investment and development and will become an excellent center of economic engagement. "
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