New Delhi, Oct 14,2022: Finance Minister Nirmala Sitharaman has underlined the significance of technology transformation, which she said, was the main reason behind ensuring good governance in India.

Speaking on the topic “Technology, Finance and Governance: The Multiplier Effect” at the John Hopkins School of Advanced International Studies in Washington, the Finance Minister said, “Good governance in India is being achieved through technology transformation, especially in the last two years.”

It has also helped in scaling and integration of micro, small and medium enterprises in India, the Finance Minister said.

She told the gathering on Thursday that after overcoming initial hesitation, people in India and especially in rural areas, adopted technology.

In India, Sitharaman said, electricity supply is erratic, however, between 2014 and 2019, the (NDA) Government worked on providing electricity in villages and also to each rural household.

Once this was achieved, Sitharaman said that the next step was providing optic fibre to all panchayats across the country.

Today, she informed 80 per cent of panchayats have optic fibre connectivity.

The open source network created by the Government had helped small businesses, Sitharaman informed the select gathering of students and faculty members.

She also explained how the open network for digital commerce (ONDC), had helped in transforming trade and commerce and bank account aggregators have changed the dynamics of digital banking and commerce.

Digital payment interfaces like UPI are now being accepted in several countries, the Finance Minister said and even tax assessment as well as tax collection is being done online.

“These (UPI interfaces) are public goods and are affordable,” Sitharaman said, while highlighting the technological transformation in India.