“A big part of our success is that we were just lucky to be at the right place, right time. Indian capital markets wouldn’t be what they are today without initiatives like Aadhaar, UPI & Digilocker. Growth in Indian digital transactions has been phenomenal thanks to the government,” the CEO of the unicorn company tweeted.

Kamath also attached a screenshot of the report which portrayed the formalisation of the Indian economy under which digital transactions and GST collections showed a rising trend from 2016 and 2018, respectively.

What does the Morgan Stanley report say

In the report published Monday, Morgan Stanley stated that the present India was different from its 2013 situation. “In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook,” it wrote.The report added that significant scepticism about India, particularly with overseas investors, ignores the significant changes that have taken place in the country since 2014, when the Narendra Modi-led BJP government came to power at the Centre.

Supply-side policy reforms, includingbringing corporate tax at par with peers and infrastructure investment picking pace, flexible inflation targeting, focus on FDI, Insolvency and Bankruptcy Code are among the 10 big changes in the last decade.

Institutions like the World Bank and International Monetary Fund (IMF) have hailed India’s digitalisation which has improved governance, increased economic growth and inclusive development, and enabled access to essential services.