Prime Minister of India, Mr. Narendra Modi has faced the scrutiny of public and economists over his financial debacle demonetization, as well as poorly executed GST. However, his focus on blockchain and its implementation could be the trump card for the upcoming 2019 elections.
The Indian government has been cautious over the crypto boom around the world, and have maintained a hard-stance over it. The finance minister while talking about the cryptocurrencies asserted that unless the technology becomes fool-proof people must refrain from investing or exchanging cryptocurrencies. The Indian government has already labeled the cryptocurrency as an illegal entity in the financial sector.
Mind you there is a big misconception among the public that the government has banned the cryptocurrency, however, that’s not true, the government just does not recognize digital asset as an entity, just like many other countries who are not sure of the security aspect of the cryptocurrencies.
PM Modi Talks Blockchain at Indian Science Congress
PM Modi while attending the Indian Science Congress, talked on various technical aspects and innovations which would shape the future of economies. While touching the various topics, Mr. Modi also mentioned the importance of blockchain and its implementation for the real world. He said,
“Bringing big data, AI and blockchain to solve India’s biggest challenges – healthcare, agriculture, and developmental needs can only be done by our scientists and engineers.”
However, this was not the first time Mr. Modi has mentioned Blockchain or talked of the topic in public. Only this last October, he was talking about the importance of Blockchain and how the implementation can take the lives of Indians new highs.
Mr. Modi has talked about the importance of Blockchain in the Agricultural field, and to be honest it is the need of the hour, as the condition of Indian Farmers has gone from bad to worse in the last 5 years of his tenures, with thousands of farmers committing suicide, since they couldn’t repay the loans through the production of the season.
Indian governance is plagued by middlemen and corrupt people, in absence of any real agricultural policies since independence, farmers are still at the lowest end of the chain. To give you a better perspective, every other occupation, be it teachers, politicians, industrialists or government employees, have seen their income increase by many folds since independence in 1947, however, the farmers are getting poorer every year, not even able to meet the basic amenities of food and water.
So, hopefully, the PM and the government realize that only talking about innovations at public events won’t change the reality at ground level, unless some solid path-breaking ideas like blockchain are implemented correctly.