Top 6 Highly undervalued "I M Possible" shifts India implemented during recent times..

WHEN WE PUT OUR MIND TO IT, WE INDIANS CAN ACHIEVE ANYTHING..

???????????? ?????? ??????????????: To start a business in India today, for an average MSME , technically there are 58,172 compliances. The updates, amendments, changes on these compliances are 3,516 per annum.

?????????????????? ????????????: {Aghast} "How can India possibly solve this issue? It sounds horribly large and unsolvable. "

???????????? ?????? ??????????????: "We have done it before."

?????????????????? ????????????: {Raised Eyebrows}

???????????? ?????? ??????????????: In the 1990s, India decided to go digital by de materializing shares. An American agency wrote a report in 1995, and laughed, and said you guys want to do something that nobody in the world has done. Don't even try this....

So what did India do ?

"India wrote the Depositories Legislation, one of the finest pieces of legislation, in three nights, by hand. That legislation needed a constitutional amendment and with ratification from the states within a month. It happened and today millions of Shares can be transferred in a second."

So why can't we solve these barriers for MSMEs using today's cutting edge technology and sheer will power to find solution.

This was an inspiring excerpts from a brainstorming session of Economic Times Summit where former IAS officer Mr KP Krishnan was talking to a journalist.

I was pondering on this interesting conversation, and suddenly realized that how unforgiving we Indians are for our failures, and never really appreciates the mammoth tasks we have seen happening in front of us at a massive scale. And suddenly I realized that most of the legislation or big shifts which recently got implemented in India were considered impossible at one point.

The way Indian cricket team turned the table from 36 All Out to best-ever series victory in Australia. There is an inherent knack about the country and the way it deals with problem-solving, which is truly inspiring. Some like to call it "Jugaad", I see it as a blend of "India's Multiplier effect" & "I M Possible" attitude.

Here's my pick of Top 6 'I M Possible' feats from India in recent times:

1. Issuance of 125.7 Crore Aadhar Card with 4,216 Crore authentication till May 2020 (97% penetration)

2. Financial inclusion of bottom of pyramid by opening of 318 Mn bank accounts ($12 Bn deposits) in span of 3-4 years.

3. World largest direct benefit transfer (DBT) scheme connecting 40 Govt schemes to DBT with help of Aadhar & Jan Dhan. More than 40,000 Crore is transferred so far using direct benefit transfer, eradicating the middlemen.

4. Unified Payments Interface (UPI) recorded over 2.2 Bn transactions, & Rs 3.91 Trillion in value by Nov'20. General population has adopted digital payments as more of way of life even more then so-called developed nations

5. Biggest tax reform - GST (1 Nation 1 Tax) which replaced 17 taxes and 23 Central and States cesses to single national levy. It doubled the tax payer base to 1.24 Crore in 3 years

6. With Jio led boom, India added +104% jump in Internet subscribers in span of just 4 years (Touched 700 Mn )

I strongly feel some of these moves will have far-reaching impact in years to come. Some have already started seeing fruition.

Recently, Telecom Regulatory Authority of India (TRAI) attempted Blockchain solution to tackle the Pesky calls & SMS fraud with new regulations. India is already adopting futuristic tech (AI/ Blockchain) to solve today's problem.

This is what I call an 'Indian Multiplier Effect' coming from our rich demographics dividends and "I M Possible" attitude of hard-working sharp brains behind these ventures. And it gives me enough confidence that if we Indians really put our mind to something, We can achieve anything. Period!

#India #BigBang #Reforms #problemsolving #IMPossible