India moving towards digitised payments : Niti Aayog

New Delhi, Nov 23 : Niti Aayog CEO Amitabh Kant on Wednesday said India is moving towards a totally digitized payment economy that will bring huge gains in the long term.

"There are long-term gains for the country. The country will move towards a totally digitised payment economy. It will move towards formalized economy," Kant said on the sidelines of a conference organised by India Energy Forum.

"It is a very mammoth and unprecedented thing. There will be some short-term issues. I don't think we need to worry about them," he said, commenting on the demonetisation of high value currency.

These are processes associated with the move away from a non-formal economy to a formal one, and people should, therefore, have patience and faith, he added.

Terming the withdraw of old Rs. 500 and 1,000 notes from circulation as "excellent" and a "good" move, Kant said there would be short-term issues but in the long-term there would be huge gains.