What did IMF say –

IMF senior appreciated India for its Direct benefit transfer scheme. Mauro was addressing a news conference during the 2022 annual meeting of the IMF and the World Bank Group in Washington. He said according to the sheer size of the country, India’s case is quite impressive. He also stated that there is a lot to learn from the country which is one of the most inspiring examples of the application of technology to solve complicated issues. One such technology is the use of the unique identification system aadhar.

DBT data of India –

India transferred Rs 5.52 trillion through DBT in 2020-21 when the pandemic hit the country, up nearly 45% from the previous financial year’s figure of Rs 3.81 trillion. In 2021-22, the DBT transfers rose to Rs 6.3 trillion, and in the present financial year so far (in six months), the total DBT transfer has been to the tune of Rs 2.82 trillion, as per the latest figures. In the last financial year, nearly 73 crore people received DBT benefits in cash and 105 crore people in kind — many of these beneficiaries received more than one benefit. A record number of 783 crore transactions took place in 2021-22 under the DBT and on average, over 90 lakh DBT payments are processed daily as per data of FY22.

What should other countries learn from India –

India is at the forefront of efficient use of technology, other countries also use various techniques in sending money through mobile banking to people who do not have a whole lot of money, but have a cell phone. According to Mauro, Being somewhat innovative in identifying people, processing their applications for transfers through digital means, and deploying funds through, again, mobile banking. This is something that countries can learn from each other.

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