> Master Card and Visa are failing, because we have something better in place.
Not entirely true, India has made payments cubersome to make a transfer through visa/mc, you need to go through lengthy 3d verification even then some cards are issued with International transaction disabled and there is no way to enable it on those card without changing your card to International debit card.
There is no way to purchase anything from an international website using UPI or Rupay card or many issued debit cards.
Secondly, getting merchant services to process foreign card is not easy and this makes building SaaS in India impossible unless you happen to be among few lucky people who have American companies registered to their name.
India needs to get rid of these protectionist policies and I've no idea why America doesn't put more pressure on India to open itself up to international market, not only does it improve quality of life of people of India but also enables local people to have quality tools through which they can produce better output.
Get all quality hardware/electronics/tools gadget at the price without any import duties or taxes and local makers win.
If Indians vote for me, I remove custom duties from electronics then from machineries and finally I remove tax from food items because there is only so much a person can eat. I don't understand why food items have to have taxes.
Right now, India is trapped in hand of few politically supported corporate houses who have all power to exploit Indian resources but closed to foreign companies.
If either way people of India loose, it's better to lose with multiple options in your hand.
America can easily make India change its way, put large tarrif on software outsourcing which goes to India and demand removal of traffic placed on Chinese/American goods.
Remove that crap policy which demands you must have Indian stake in corporation before you can setup shop in India because anyone can go go America and setup shop there, so why India is some special snowflake?
Indians can't buy German tools because and they've to do with locally made shoddy tools which results in crap quality of output.
This will not change in India why? Because every major political party depends on those industrial houses for their money and won't do anything which threatens their existence.
When people ask me why Ambani is so rich, what exactly did he invent or what exactly are they do which is comparable to world class production. I tell them they are rich because India is a protectionist country.
I am not from India but living in India for quite sometime before I lived in china and before that in Europe.
I see lots of desire in Indian people to make their work and life better but all tools are made twice as expensive as a result they are stuck with low quality local options who enrich few of the industrial houses who are in bed with political parties of India.