“Getting digital identity will stimulate growth”

Coimbatore : As we have physical identity, we must also have digital identity. This transformation is crucial for economic growth, particularly for the MSMEs, as digital payment mode is gaining traction at a fast pace.

The UPI (Unified Payment Interface) is the buzz word that indicates the direction the digital economy is taking. Macro- economic changes have spurred the growth in digital payments.

Digital payment in retail sector that stood at 40 per cent in 2021 is set to go up to 65 per cent by 2026. This changing trend was highlighted by Mr AR.Ramesh, CEO of Reliance Payment Solutions Ltd.,

He was delivering the chief guest address on “Digital Gateways—A Business Stimulant” at the National Management Day celebrations & Award ceremony organized by the Coimbatore Management Association (CMA) in Coimbatore.

The digital penetration is getting deeper and deeper, stronger and stronger as the number of internet subscribers in India has swelled to 837 millions. UPI has supercharged the digital payment adoption, integrating digital payment adoption in supply chain.

The UPI transactions that remained at Rs. 92 crores in 2018 had grown multifold to Rs.5,166 crore in 2022. It has surpassed other modes of transactions such as NEFT, IMPS, credit cards and debit cards.

Post-Covid-19 pandemic the digital transactions have surged significantly and have become a way of life. Another fall out of the pandemic is that the developed countries have adopted the China-Plus-One strategy. Elaborating the point, Mr Ramesh said that as the production and supply chain disruptions occurred during pandemic the world’s attention has now turned towards India, Malaysia, Thailand and so on.

Pace of digitization of economy, availability of skilled workforce, rising confidence among investors and relationship with global counterparts (India received FDI inflows of 84 billion dollars from 162 countries) work in favour of India, Mr Ramesh added.
CMA president Mr R.Varadarajan gave an insight into the genesis and growth of the Association over the years. The technocrats now have to don the role of managers too, and this transformation is happening in a subtle manner, he added.

On the occasion, the CMA honoured successful Entrepreneurs, Managers and Management faculty with prestigious awards. The awardees are:
CMA-DJ Professional Corporate Leader of the Year Award–Mr. Ramesh Babu Rangarajan, MD of Velan Valves India Pvt Ltd.,

CMA-Roots Entrepreneur of the Year Award — Mr. T. Sathish Kumar, CMD of Milky Mist Dairy Food Pvt Ltd.,

CMA-Mahendra SME Entrepreneur of the Year Award — Mr. M Ramakrishnan, MD of Thulasi Pharmacies India Pvt Ltd

CMA-GRG Woman Entrepreneur of the Year Award — Mrs. Poongodi Balan, ED of Prithivi Inner Wears Pvt Ltd

CMA-Quadra Start-up of the Year Award– Putchi

CMA-PSGIM GRD Management Faculty of the Year Award — Dr P Thirumurthy, Professor, School of Management, Periyar University

CMA–STC Management Researcher of the Year Award — Dr. D Susana, Associate Professor – PSG Institute of Management.

CMA –Punniyavathi Ranganathan Award From Sandfits For Business Sustainability — Krishnaveni Carbon Products Pvt Ltd, and

CMA-RVS Digital Transformation in Business Award — Janatics India Pvt Ltd.

CMA vice-president Dr Nithyanandan Devaraaj, Secretary Dr N.Raveendran, Treasurer Mr N.Krishnakumar and other office-bearers participated.