NSE technical glitch cost us immensely, says FM Nirmala Sitharaman

Taking lessons from that, I would think seamless digital payments is something you have to clearly have a roadmap for, the FM said.

Finance Minister Nirmala Sitharaman on Monday asked civil accounts officers to have a clear road map for seamless digital payments, saying there were lessons to be learnt from the “technology-driven glitch” that happened at the National Stock Exchange (NSE) last week.

“Seamlessness of payments is more important... I will bring it here as an example to say even where complete foolproof systems are laid, you find in the NSE a couple of days ago when there was a glitch, a kind of technology-driven glitch, which nobody could have anticipated, but that glitch has cost us immensely and lessons are being learnt,” the minister said addressing the 45th Civil Accounts Day.

The NSE had on Wednesday halted trading on the stock exchange for nearly four hours due to a technical glitch.

“Maybe that was an issue of interoperability between the two exchanges, but that is the kind of thing where seamless digital payment is the goal that we have to aspire for.”

“That was also an example that tells us about how seamless payment modes or technology-driven platforms can face.

"So, taking lessons from that, I would think seamless digital payments is something you have to clearly have a roadmap for,” Sitharaman said.

She said the Controller General of Accounts (CGA), which is the bookkeeper of government accounts, had adopted great systemic reforms.

To keep government accounts transparent, the CGA will have to adapt and keep pace with changing technology to keep government accounts transparent.

The minister suggested that the CGA should move towards being more paperless and user friendly in its functioning and also aim for greater integration with the department of expenditure and states.

‘World looking at India for vaccines’

Sitharaman, addressing the CII Global Bio-India 2021 event separately, said the world was looking at India to supply much of the vaccines required for the pandemic.

“India is on the way to fulfilling this promise both for our population and the rest of the world.

"With a clarion call given by the prime minister for Atmanirbhar Bharat, the innovators and biotechnology industry have risen to the occasion.

"From large manufacturers to start-ups, the entire ecosystem has come together to provide solutions for India and the world.

"Today, India is self-sufficient on most of the products required to manage the pandemic,” she said.

In line with Atmanirbhar Bharat, India has taken a leading role in manufacturing diagnostics, medical equipment and vaccines.

“We were able to quickly build up our capacities for testing, take over 1 million samples for testing every day spanning over almost 1,900 laboratories across the country,” she said.

The finance minister said the government supported technology-driven 3,500-plus entrepreneurs, start-ups, and SMEs through various operational models of cooperation.

“A network of 55 bio-incubators with more than 550,000 sq feet of incubation space has been built, which has helped innovators to create a pool of intellectual wealth.

"As many as 260-plus IPs have been filed and supported the launch of 200-plus products and technologies in the market,” she said.

India stands as a powerful example for the world of how embracing a culture of science and innovation can deliver progress on public health goals both within India and globally, Sitharaman said.

Photograph: ANI Photo