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Patanjali targets will reach 1 Lakh Crore Production by 2020, says Yoga guru turned businessman Baba Ramdev

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Yoga Guru Baba Ramdev, Youtube

New Delhi, Dec 6 : Yoga guru turned businessman Ramdev on Tuesday said his FMCG venture Patanjali Ayurved is targeting to shore up its production to Rs one lakh crore by 2020.

“Patanjali has been registering 100 percent growth for the last four years and this year too we have been growing at the same pace. Our target is to take our inhouse production to Rs 50,000 crore in the next two-three years and ultimately reach the target of Rs one lakh crore by 2020,” Ramdev said at the ‘Agenda Aaj Tak’ event here.

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The aim to end the hegemoney of international companies on the Indian economy, he said.

“Our imports consist of over Rs 25 lakh crore while another Rs 25 lakh crore is taken away by foreign companies. If we need to break this hegemoney and our dependence on foreign companies, we need in house prodcution of at least Rs.100 lakh crore. Our endeavour is to create and promote Indian entreprenurship,” said Ramdev.

While hailing the Narendra Modi government’s move to demonetise higher denomination notes, Ramdev said it was essential to continue taking further steps to check and prevent corruption and black money.

“Demonetisation has broken the back of terrorism and Naxalism (Maoism) as their entire funding was in black money. This move will effectively address the issue of black money. However, the government should continue to take further steps to ensure black money does not make a comeback to the system,” he said.

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Admitting that demonetisation has caused hardships for the common people, Ramdev said: “Maybe there was needed some more preparation for implementing the scheme but at the same time, it could have lead to leaking of information and the entire exercise would have failed.”

He also said that the government needed to reconsider its decision to introduce the Rs 2,000 notes. (IANS)

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Demonetisation, Aadhaar Spurred Digital Payments Growth: RBI

Pointing to a major area for improvement, the study showed that only three per cent of the population in India used the Internet to pay utility bills in 2017

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long term impact on Real Estate
Demonetisation aided with RERA and GST will put long term impact on Real Estate. Pixabay.

After the demonetisation of Rs 500 and Rs 1000 notes in 2016 pushed digital payments, Aadhaar-enabled electronic know your customer (eKYC) resulted in an exponential growth of such payments in the country, according to a new report by the Reserve Bank of India.

Transactions in which both the payer and the payee use digital modes to send and receive money are referred to as digital or electronic payments.

India recorded an accelerated growth rate of over 50 per cent in the volume of retail electronic payment transactions in the last four years, said the report titled “Benchmarking India’s Payment Systems”.

The growth in 2018-19 was largely due to the steep growth in Unified Payments Interface (UPI), it added.

“In India, the smartphone revolution has seen an explosion in digital payment options, from e-Money to the Unified Payments Interface (UPI) to a combination of the two. After demonetisation, the use of e-Money picked up on a very large scale,” the findings showed.

The digital landscape changed with higher usage of e-Money, UPI, Aadhaar Payments Bridge System (APBS), RuPay, and Bharat Bill Payment System (BBPS), among others.

With 3,459 million e-Money transactions, India was only behind Japan and the US (data on China not available) in 2017 with respect to volume of e-Money transactions, the report said.

The study revealed that over the years, the number of debit and credit cards also increased considerably in India.

Aadhaar Card Reader Logo. Source: Wikimedia

India had 331.60 million and 19.55 million debit and credit cards respectively at the end of 2012. The numbers grew to 861.7 million and 37.49 million respectively at the end of 2017.

By March 31, 2019, the number of debit and credit cards issued were 925 million and 47 million, respectively.

However, the study showed that the cost of digital transactions was a factor inhibiting their growth.

Merchants have to cash out or transfer to their banks accounts at a cost and at times these costs are passed on to the consumer.

“A few countries have tried to regulate costs to ensure that the charges are not usurious, but the jury is still out on whether such a regulation promotes the growth of digital payments. With banks pushing and merchants pulling, it isn’t clear if such caps will discourage the use of cash,” the report added.

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Pointing to a major area for improvement, the study showed that only three per cent of the population in India used the Internet to pay utility bills in 2017.

The report compared the payment ecosystem in India with the systems and usage trends in other major countries such as Australia, Brazil, Canada, China, France, Germany, Britain and the US. (IANS)