Inclusive Finance with Money through Mobile mTm for Poverty Eradication and Nation Building.
Short link: http://wp.me/p1ZsI2-tf
By, P. Abraham Paul. email@example.com
Introduction: India is a young nation in continuous process of development. In spite of challenges that are unparalleled, our achievements are laudable.
However, the fruits of democracy are yet to reach all sections of society.
Economic gap between rich and poor need to be narrowed down considerably. One of the ways to achieve it is Financial Inclusion of people in the lower strata.
There was some good news that according to some recent statistics, poverty had come down in last few years. Even taking it at face value, it is still pathetic to know that about 25% of Country’s population are living in acute poverty.
Urgent need of the day is to take care of them first and then raise the index progressively; according to resources that country can afford. The first thing Government need to do towards it is to identify and know the poor in he country, quantify and classify them, with minimum flaws. Hope Aadhaar will be of help in this area spite of its teething problems.
Money through Mobile is one such readily implementable technology solutions.
Please see my article on ‘Money through Mobile (mTm) for Inclusive Growth in the following link.
Theme: Embrace technology solutions for realizing Financial Inclusion.
Scrap all subsidies to those who can afford without it. Use Direct Benefit Transfer route in lieu various subsidies to poor, and stop problem ridden Public Distribution system progressively using technology solutions such as Money through Mobile mTm as explained in my blogs above.
Mobilize and regulate Mobile Money Management using mTm.
India will soon have a billion phones (Mobile + landlines). An average money management of Rs. 10,000/- per month per phone will amount to country wide virtual money transaction of Rs. 120,000 billion which is above seven times of this years’ Union budgetary provision. It is time for Government /RBI to consider impact of that sort of virtual money movement can contribute to Indian economy and quickly mobilize and regulate it and tap its potential before it is too late.
Other blogs related to this topic can be seen in the following links:
1. Universal Exclusive Money Management by phone. http://wp.me/p1ZsI2-4g
2. Phones can save fuel, time and efforts, space and reduce cost of printing money. http://wp.me/p1ZsI2-8j
3. Universal Money Management by Phones for Financial inclusion, mCommerce and mGovernance. http://wp.me/p1ZsI2-ht
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