The Reserve Bank of India's (RBI's) latest Report on Currency and Finance, published this week, focused on the implications of the global digital revolution, with emphasis on its impact on India. The digital economy in India currently represents about 10 per cent of gross domestic product and is projected to grow to 20 per cent by 2026. With one of the world's largest digitally connected populations, the report provided timely insights into the wide-ranging effects of digitisation on sectors such as banking, innovation, e-commerce, fintech, and digital trade in India. One significant aspect is the digitisation of the payments system. As the report noted, India leads globally in real-time payment volumes, with digital payments increasing at a compound annual growth rate of 50 per cent and 10 per cent in volumes and value terms, respectively, over the past seven years.
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