“Cashless economy is the future of the country and it has the capacity to change the whole economic eco system of the nation. The problems faced by it are only transitory, as it holds lot of promise for growth, with the busting of black money,” said Rajiv Pratap Rudy, Union Minister of State for Skill Development and Entrepreneurship.

Addressing the gathering at ‘Digital Payment’, a presentation organised by CODISSIA and Indian Chamber of Commerce and Industry, Coimbatore, the Minister said that implementation of new generation reforms for the industry is on the cards, and the government is serious about taking industrial growth to the next level.

While conceding that the transitory phase after the demonetisation announcement has not been problem free, the minister said that in the long run, the law-abiding citizen who pays his tax, will have a chance to compete with the rest, due to measures taken by the government.

Rudi bemoaned the fact that India has a long way to go in skill development measures. While the skilled populace in a country like South Korea is 96 per cent, India’s skilled population stands at an abysmal 3.5 per cent. While Japan, Germany and the US have 68 per cent and 74 per cent and 55 per cent respectively, India has to take vast strides in bridging this gap in skilled work force.

“We have to hire skilled drivers from Peru to operate cranes and other heavy vehicles in mines. This situation should change. The engineering colleges and institutes should work closely with the industry to train and create an efficient work force,” said Rudy, who heads the country’s first Ministry for Skill Development.

While lauding the industrial enterprise in Coimbatore, Erode and Tiruppur, the Minister said that he is heartened to see a healthy industrial growth and development in west Tamil Nadu, and compared it with Bihar, his home state, which has no industries to boast of.

The Minister was handed over a memorandum in which 51 demands and proposals were listed by CODISSIA President V Sundararajulu, and ICCI, Coimbatore, Secretary Vanitha Mohan.

Udit Narain of Niti Agog made a presentation on digital payment, in which every aspect of digital money transactions and payment including Aadhar-enabled payment system in the absence of a bank account, and all aspects of Unified Payment Interfaces, including using of mobile wallet for as many as eight individual bank accounts was explained to the public. “Now, over 90 per cent debit card holders only use it for withdrawal of money, but a sea change has happened in the digital pay modes and methods after the demonetisation drive,” he said.