PremiumUnion Finance Minister Nirmala Sitharaman said that India is working with several countries. This came in response to a question from an Indian student at the University of Maryland, who wanted to have the UPI in the United States as well.
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Union Finance Minister Nirmala Sitharaman, who is on a visit to the United States for the annual meetings of the International Monetary Fund (IMF) and the World Bank, said that India is talking to different countries to make Rupay acceptable in their nations.
“Not just that, the UPI, the BHIM app, and NCPI are all now being worked in such a way that their systems in their respective country, however, robust or otherwise can talk to our system and the inter-operability itself will give strength for Indians expertise in those countries," she said as quoted by news agency PTI.
The finance minister also added that India is working with several countries. This came in response to a question from an Indian student at the University of Maryland, who wanted to have the UPI in the United States as well.
Sitharaman made the remarks at the prestigious Brookings Institute think-tank during a fireside chat with eminent economist Eshwar Prasad.
"I'm a student at the University of Maryland here. I am really proud of our UPI system in India. I just wanted to ask, what do you think are the future plans for the UPI system and how can we share it with the world? Specifically in the US, that's what I miss the most about India not having a UPI system in the US," the Indian student asked Sitharaman.
The finance minister replied, "We are talking to different countries. Singapore and UAE have all come forward now to make Rupay acceptable in their countries."
Speaking about India's next year budget, she said the upcoming annual budget of the country will have to be very carefully structured to sustain the country’s growth momentum.
“Specifics (of the next budget) may be difficult at this stage because it's a bit too early. But broadly, the growth priorities will be kept absolutely on the top. Even as I speak about the concerns that inflation brings before me. So, inflation concerns will have to be addressed. But then how would you manage growth would be the natural question," Sitharaman said.
India’s next annual budget is scheduled to be presented by FM Sitharaman before the Parliament next February and preparations for it are likely to begin in December.
(With PTI inputs)