India's Payments System Faster Than US, Europe And China, Says G20 Sherpa Amitabh Kant

According to an official release of Startup20 PRO, a new Engagement Group - Startup20 - has been established as part of the G20 India Presidency to support startups.

G20 Sherpa Amitabh Kant

Source : ANI

The former Niti Aayog CEO and G20 Sherpa of India, Amitabh Kant, while speaking at the inaugural session of G20 first inception meet in Hyderabad on Saturday hailed the central government's efforts in making possible for people to open bank accounts within minutes using the biometric system. He also said that India in the last 4 years is able to make payments faster than US, Europe and China

"Earlier, opening a bank a/c in India took 8-9 months whereas today, it's possible within a minute using biometrics. Since last 4 years, we do more fast payments compared to US, Europe & China, said G20 Sherpa Amitabh Kant, as reported by news agency ANI.

Earlier, opening a bank a/c in India took 8-9 months whereas today, it's possible within a minute using biometrics. Since last 4 years, we do more fast payments compared to US, Europe & China: Amitabh Kant, G20 Sherpa at the inaugural session of G20 first inception meet pic.twitter.com/YmlnApJPZc

— ANI (@ANI) January 28, 2023

Meanwhile, speaking at a press conference on Friday Kant said that India's G20 presidency will be decisive, inclusive and outcome-oriented. He also highlighted the importance of G20 and said that it comprises 85 per cent of the global GDP, 78 per cent of global trade and 2/3rds of the world's population, reported the news agency.

According to an official release of Startup20 PRO, a new Engagement Group - Startup20 - has been established as part of the G20 India Presidency to develop a global narrative for supporting startups and facilitating synergies among startups, corporations, investors, innovation agencies, and other key ecosystem stakeholders,

The Startup20 activities will span over five events, reported ANI.

The Inception Meet of Startup20 is a two-day event that will be held in Hyderabad till January 29. The summit event will happen in July 2023 in Gurugram with three intervening events that have been planned in different parts of India. The participating countries include the G20 countries as well as 9 observer countries from overseas, reported the news agency.

According to the press release by Startup20, about 80 delegates are expected to take part in the vent. Indian delegates likely to take part are around 100, including Incubators, Startups, Investors, and Industry Partners among others.