PM Modi upbeat about Netherland's investment in Indian economy: Kusters Engineering

Gandhinagar (Gujarat) [India], January 9 : Sumit Jain, Managing Director, Kusters Engineering on Tuesday said that Prime Minister Narendra Modi is upbeat about the Netherlands' involvement and investment in the Indian economy.

Kusters Engineering is one of 45 companies that signed up for the Vibrant Gujarat Global Summit in Gandhinagar.

Kusters India is into the services and sales of currency disintegration systems and banking automation products such as currency authentication and sorting machines, coin vending machines, bundle strapping machines, and bundle counting machines.

Speaking to ANI, Sumit Jain said, "He (PM Modi) was very upbeat about the Netherlands' involvement and investment in the Indian economy and he was looking at these initiatives that Dutch companies are doing in India to support the government to take financial inclusion to the last mile."

"Machines we build are sold to commercial banks; they are sold to cooperative banks, cooperative societies, agriculture, cooperative societies, and banking correspondent networks. We have around 200 engineers in India. There are 766 districts in India. We want to build employment for engineers based in every district in India. That's our plan for the future. Our plan is to have two engineering arms to support technology once the technologies are implemented and installed," he added.

Kusters Engineering is displaying two machines at the Trade Show exhibition.

Specifying the details about the machines, Jain said, "Our machine is all about the delivery of financial inclusion to rural India. This machine works basically with two networks, one is the banking correspondent network, wherein you can transfer money via another based on your mobile and you can also withdraw money through a micro ATM chip that is there with your ATM card or debit card."

"It also will be very helpful to automate the operations of primary agricultural credit societies, wherein the operations of these agricultural credit societies are now in the process of getting automated, wherein they will need hardware and software to completely digitise their records and do the service delivery through machines to self-service kiosks like the cash in cash out machines that you see behind me," he added.

He further stated that one can open an account for the villager in the credit society through these machines.

"On the other machine that we have here, you can open your account, do transactions online, and get your debit card issued online. Your eKYC can be done on the machine, and your statement password can be updated on the machine itself. So what happens is that these are all assisted by voice local in the vernacular language. So even if you are not able to manage the kiosk by reading it, there will be voice commands that will help you identify and operate the machines," he said.

On Vibrant Gujarat Global Summit 2024, Ambassador of the Netherlands to India Marisa Gerards says, "We have 45 companies who signed up for Vibrant Gujarat. These are companies that are already investing a lot in Gujarat, that are doing a lot of business already but also companies that are rather new. I think they are looking to strengthen their relations with India, they want to invest more."

"There will be a lot of business-to-business contacts.What I find interesting is that Gujarat is sometimes called the gateway to India and I think the Netherlands is sometimes called the gateway to Europe," she added.

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