He pointed out how Aadhaar and UPI are going global. He said: “It has been developed at a scale, it has got good privacy, and security as well. You can easily see each one of these taking shape. Sometimes when history is being made, you don’t know what is going on.
Silicon Valley-based entrepreneur MR Rangaswami recently spoke to PTI about India, IT and other developments.
Rangaswami was quoted saying: “They (certain recent developments) seem on the surface very disconnected, like there’s going to be an IIT (Indian Institutes of Technology) in Abu Dhabi. Nepal is going to implement UPI (Unified Payments Interface) gateway and Aadhaar is being funded for Sri Lanka. But if you put it all together, you start seeing what the possibilities are.”
He pointed out how Aadhaar and UPI are going global. He said: “It has been developed at a scale, it has got good privacy, and security as well. You can easily see each one of these taking shape. Sometimes when history is being made, you don’t know what is going on. It’s like you’re in history. When you’re in history, you don’t know you can’t see it,” he said.
Aadhaar and UPI are initiatives that are proven with billions of transactions each day, are low-cost, and dependent on cloud data. “It can easily be taken to any country in the world…So I think all these initiatives are becoming global,” Rangaswami said.
He then mentioned that all this was “probably the beginning of India becoming a global pillar. Obviously, you start in your neighbourhood. But I can easily see it going to Africa, Southeast Asia, Latin America, lots of different places,” he said.
Upbeat about the prospects of Indian businesses doing well abroad, Rangaswami said: “When you look at the Adanis (Adani Group). They are buying ports in multiple countries, infrastructure projects. We’re buying airports and building them in other countries. You start seeing that happening. Then at the same time you see, (corporate leaders) like Mukesh Ambani with Reliance Jio; providing lowest cost (internet) data,” Rangaswami said
He also mentioned the fact that India was building infrastructure projects that could be taken to other countries. “Whether it’s 5G, whether it is data port, computers, smartphones, all that kind of stuff, or whether it’s ports, airports, roads. We are building more roads in India than any other country. We can take that and grow. So, you can see how the industry can play a huge role and start to do that right,” he said.
Upbeat about the prospects of Indian businesses doing well abroad, Rangaswami said: “When you look at the Adanis (Adani Group). They are buying ports in multiple countries, infrastructure projects. We’re buying airports and building them in other countries. You start seeing that happening.
He highlighted the fact that the Indian diaspora had contributed to India’s emergence on the global stage: “Look at 32 million of us living outside of India right, the remittances to India alone, which really helped the country, is close to USD100 billion a year. That has always been happening and will continue to increase,” he said.
The diaspora’s influence has been seen in three categories. The first was Indiaspora, a non-profit body he founded. The first section is 60 business leaders of Indian-origin running Fortune 500
corporations. He referred to them as “an asset”.
Then, there are the political leaders. “There are over 200 political leaders throughout the world of Indian origin: Prime Ministers, Presidents, Vice Presidents, Ministers. They could be a resource. They recently published a list of 100 philanthropists. When all this is taken together, the Indian
government initiatives, Indian private sector, industry initiatives and that of the diaspora, you can now see how over the next decade, India could really grow in stature not just as a global power; but a non-threatening power,” he said.
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