In 2010 Aadhaar was launched and everyone called it useless!
13yrs later now, it has become the primary catalyst for India's digital growth
The best part? In front of the whole world, the IMF set up India's example due to Aadhaar
Here's how Aadhaar became India's game-changer:
13yrs later now, it has become the primary catalyst for India's digital growth
The best part? In front of the whole world, the IMF set up India's example due to Aadhaar
Here's how Aadhaar became India's game-changer:
India has emerged as 'a bright light' at a time when the world is facing imminent prospects of a recession.
IMF has hailed it for its digital innovation and said the country is at the forefront of digitalization.
Letโs unravel the mystery of Indiaโs strong economic outlook!
IMF has hailed it for its digital innovation and said the country is at the forefront of digitalization.
Letโs unravel the mystery of Indiaโs strong economic outlook!
Humans love to associate themselves with a community
Our desire to find community is evident through many different psychological tendencies.
We have a sense of nationalism 'cause it gives us all a similar identity & we can relate to each other with this one collective feeling.
Our desire to find community is evident through many different psychological tendencies.
We have a sense of nationalism 'cause it gives us all a similar identity & we can relate to each other with this one collective feeling.
That's the concept behind introducing Aadhaar.
At its core, Aadhaar is a foundation for our economic and social lives.
The government wanted to give an identity to every Indian and promote inclusive growth.
At its core, Aadhaar is a foundation for our economic and social lives.
The government wanted to give an identity to every Indian and promote inclusive growth.
Adopted from the Social Security number widely used in the USA, Nandan Nilekani, co-founder of Infosys, led the Aadhaar team.
He termed it not just a number but an ambition.
Ambition to unite every Indian and bring them under one big umbrella.
He termed it not just a number but an ambition.
Ambition to unite every Indian and bring them under one big umbrella.
Currently, 99% of the Indian adult population holds an Aadhaar card as per the UIDAI claims.
According to the official figures, there are 131 crore Aadhaar card holders in India.
This shows that Indians welcomed Aadhaar with open hearts.
According to the official figures, there are 131 crore Aadhaar card holders in India.
This shows that Indians welcomed Aadhaar with open hearts.
Before Aadhaar, there were huge barriers to expanding economic participation.
Aadhaar has allowed people from different strata of society to participate in the countryโs economic life.
It has been a crucial enabler of inclusive financial services in India.
Aadhaar has allowed people from different strata of society to participate in the countryโs economic life.
It has been a crucial enabler of inclusive financial services in India.
As a result, bank account ownership has gone up from 17% to 80% since 2009
But the ride with our favorite identity card was not smooth, it was bumpy as hell.
Many have questioned the working of the system and if it's secure.
The govt even had to defend it in the Supreme Court.
But the ride with our favorite identity card was not smooth, it was bumpy as hell.
Many have questioned the working of the system and if it's secure.
The govt even had to defend it in the Supreme Court.
The Supreme Court declared privacy to be a fundamental right in 2017, and Aadhaar had the potential to violate it.
SC came up with a compromise in its judgment, preserving the best of Aadhaar while addressing privacy issues.
The judgment is consistent with what is feasible.
SC came up with a compromise in its judgment, preserving the best of Aadhaar while addressing privacy issues.
The judgment is consistent with what is feasible.
See, before Aadhaar, we had identity cards with basic details like name, age, and address, but Aadhaar holds our biometric data.
This attracted so much unwanted attention, and many tech critics started tearing down the whole infrastructure of Aadhaar.
This attracted so much unwanted attention, and many tech critics started tearing down the whole infrastructure of Aadhaar.
It is debatable whether an entity should hold so much important data of its citizens.
But the pros far outweigh the cons.
Economic inclusion and access to credit and benefits for those who need them should reach these people to elevate them from their condition.
But the pros far outweigh the cons.
Economic inclusion and access to credit and benefits for those who need them should reach these people to elevate them from their condition.
Any economy has properly developed only when there is hassle-free access to credit.
When people can borrow money, it can circulate constantly & widely, thus encouraging economic activity, & the economy can grow.
Our economic development in recent decades has been extraordinary.
When people can borrow money, it can circulate constantly & widely, thus encouraging economic activity, & the economy can grow.
Our economic development in recent decades has been extraordinary.
But the benefits did not touch everyone and this was not just a problem for the poor.
For the govt, there were massive costs in terms of fraud & loss of resources as they did not reach their intended beneficiaries.
Aadhar has helped eliminate such intermediaries and corruption.
For the govt, there were massive costs in terms of fraud & loss of resources as they did not reach their intended beneficiaries.
Aadhar has helped eliminate such intermediaries and corruption.
Cut to 2022, and we are now analyzing how this one nation, one identity card system became the flag bearer of Digital India
Despite all the chaos this system has created, itโs still holding its ground and helping lakhs of Indians seamlessly avail many benefits with just one card
Despite all the chaos this system has created, itโs still holding its ground and helping lakhs of Indians seamlessly avail many benefits with just one card
๐ Delivery of Service:
Whether itโs a digital service or a physical one, the cost and time taken to fulfill one order have reduced drastically.
In the case of mutual funds, from โน1500 to a negligible โน10 for authenticating a new user.
Whether itโs a digital service or a physical one, the cost and time taken to fulfill one order have reduced drastically.
In the case of mutual funds, from โน1500 to a negligible โน10 for authenticating a new user.
๐ Aadhaar Payments Bridge System: This system helps users receive money in the bank account linked to their Aadhaar.
They can even pay with just the help of their biometrics. So merchants can now accept payments from the customer of any bank by authenticating their biometrics.
They can even pay with just the help of their biometrics. So merchants can now accept payments from the customer of any bank by authenticating their biometrics.
๐ eSign by Aadhaar: We can now sign any documents digitally with the help of our Aadhaar card. Many financial institutions have adopted this methodology.
If you have opened a Demat account recently, you must have come across it.
If you have opened a Demat account recently, you must have come across it.
Why did the IMF mention Aadhaar in their report on India?
See, during the pandemic, when the govt wanted to release relief packages, Aadhaar played a pivotal role.
Itโs a hell of a job to transfer money to lakhs of account holders, all at the same time.
See, during the pandemic, when the govt wanted to release relief packages, Aadhaar played a pivotal role.
Itโs a hell of a job to transfer money to lakhs of account holders, all at the same time.
But when you have a uniform system and all the accounts are linked to Aadhaar โ it becomes a little easy!
Whether itโs transferring money to beneficiaries or speeding up the account opening process, when you have a uniform system at your helm, whole process becomes frictionless.
Whether itโs transferring money to beneficiaries or speeding up the account opening process, when you have a uniform system at your helm, whole process becomes frictionless.
The most important thing here is that this is just the first step in building the Indian stack.
Govt organizations like @India_Stack are working tirelessly to put India on the digital world map.
Itโs onwards and upwards from here ๐
Govt organizations like @India_Stack are working tirelessly to put India on the digital world map.
Itโs onwards and upwards from here ๐
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