For India to realize its goal of a $5 trillion economy by 2025, it must adopt blockchain technology for international remittances.
Remittances from non-resident Indians (NRIs) are vital to the everyday livelihood of tens of millions of people in India to pay for things like food, rent and other necessities. They also make up a huge portion of our country’s balance of payments and help to stimulate domestic consumption levels in India, which in turn, supports many different industries and businesses. And yet, the average cost of remitting money to India is 5.63% of each transaction, well above the Sustainable Development Goal target of 3%. When you consider that India is the world’s largest recipient of remittances (at about ₹4.6 trillion a year), the need for a more efficient method for inbound remittances is clear.
If the government is serious about building India’s economy and bringing prosperity to all its citizens, it needs to fix the remittance problem. It can do so by adopting blockchain technology and digital assets for faster, low-cost, efficient remittances.
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https://www.livemint.com/Technology/HYeJAIqv6LEsbXtAepob4N/Using-blockchain-technology-to-build-Indias-economy.html
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