Aadhaar -- a unique 12-digit number is assigned to about 99 per cent of adult Indian residents -- links some 84 government services and is used as an authenticating tool for giving pensions and money transfers.
Speaking at an Assocham event, Lavasa said Aadhaar can become the single identity proof for an array of services.
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While for long developed countries were admired for giving their citizens a single identity card, Aadhaar becoming a similar identity proof is "now a distinct possibility in India," he said.
Stating that Aadhaar has huge potential for changing many of the procedures for conducting business, he said, "I think this platform of Aadhaar which has been created should not be undermined. It is very important."
"Linked to Aadhaar is the whole gamut of public expenditure which is a matter of concern not only for those who want more efficiency of public spending, but also all of us who are concerned with transparency and removal of corruption," he said.
Using Aadhaar as platform, the government initiatives like direct benefit transfer of subsidies has achieved unprecedented success. "It has made a significant impact," he said.
Aadhaar, a unique 12-digit number backed by biometrics including fingerprint and iris scans stored in a central database, began in 2009 to target payments to the poor across hinterland.
World Bank in its World Development Report 2016 has lauded Aadhaar saying it "helps willing governments to promote the inclusion of disadvantaged groups."
Use of Aadhaar has now been extended for filing income tax return, opening bank account and buying a mobile SIM card.
Earlier this week the Supreme Court had observed that Aadhaar can be used for all "non-benefit schemes like opening of bank accounts", but it should not be made mandatory for availing benefits under social welfare schemes.
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