Potectionism needed to help domestic companies |
State Bank of India chairman Arundhati Bhattacharya said some level of protectionism is needed to safeguard national interest and also encourage entrepreneurs to build companies of global scale. She told the Wharton India Economic Forum. Bhattacharya was responding to a query on whether the Chinese model of building protective walls to help homegrown business is a good idea. Talking about demonetisation, she said the move has given a huge push to the digital economy. In SBI Buddy) we were having downloads of 6,000-7,000 a day and this now averages at 17,000-18,000. Our transactions at PoS were around 95 crore per day, which has surged to 410 crore daily now, while the average daily wallet transaction is over 6 crore now from 1 crore. Stating that digitisation can bring down cost of transactions, Bhattacharya, however, said it will happen over a period of time. However, Bhattacharya added that the country can be a complete cashless society.
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