India's Digital Initiatives Like UPI, ONDC Can Benefit Africa Immensely: Piyush Goyal

by Swarajya Staff - Jul 20, 2022 01:41 PM +05:30 IST
India's Digital Initiatives Like UPI, ONDC Can Benefit Africa Immensely: Piyush GoyalPiyush Goyal (Pic Via PIB Website)

Union Minister for Commerce and Industry Piyush Goyal has said that India's digital initiatives like Unified Payments Interface (UPI) and Open Network for Digital Commerce (ONDC) can immensely benefit Africa.

Addressing the Special Ministerial Session at the 17th CII Exim Bank Conclave on India-Africa Growth Partnership on Tuesday (19 July), Goyal emphasised upon the need for a trade and investment agreement between India and Africa.

He said that going forward, the economic outlook, in the long run, is going to be promising for both India and Africa, because this is where the markets and opportunities are present.

The minister said that the conclave will certainly have a huge impact on the engagements of India and Africa, both bilaterally and also strengthen investment interest.

“Every single engagement today demonstrates the immense possibilities between India and Africa. We will be able to offer new technologies that we are working in India that will help expand trade, commerce, business, investment and opportunities for Africa's youth,” the minister said, according to a Commerce Ministry release.

“India has a decisive leadership today. India's development partnership with Africa will be on terms that will be comfortable to Africa that will liberate its potential and not constrain its future. We want Africa to grow and prosper," he said.

The minister said that Prime Minister Narendra Modi has stated the Indian government’s commitment to the economic resurgence of Africa.

He said India’s experience with digital revolution to support Africa's growth, extend education, health, spread digital literacy and quality infrastructure could be harnessed.

Goyal said India’s startups and its digital innovations like UPI, ONDC etc. can benefit Africa immensely, according to the release.

He said that India is pursuing deeper engagement with several developed countries and that it recently concluded a Comprehensive Economic Partnership (CEPA) with UAE, and Economic Cooperation and Trade Agreement with Australia.

We are at an advanced stage of discussion with UK and are looking for an enhanced partnership with Canada, EU, Israel and other nations, he said.

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