IS INDIA READY FOR CASHLESS ECONOMY

 Is India ready for a cashless economy?

  1. What do you mean by cashless economy?

  2. What is the need for a cashless economy?

  3. Why people don’t want cashless economy?

  4. How it is coming in our life

  5. How it will effect us if we go cashless?


Is India ready for cashless economy?


Go cashless! Go digital! Go paytm!

So what do you mean by these terms, it means we have to stop using hard copy of money that we call notes. Precisely, a cashless economy is a system where any types of money transactions are done through digital means.

So, why we need cashless economy and what are the advantages of it?

  1. Digital literacy can be increased. 

  2. Cashless economy will also help in transparency, counter tax evasions and reduce in black money formation. Also, expenditure on the manufacture, reprinting and circulation of currency notes can be avoided.

  3. Moreover, 45% of India’s GDP is influenced by informal economy. Therefore, Cashless economy will force informal sector to transform itself into formal sector.

  4. It will also help in attracting foreign investors and domestic investors to invest in India. 

  5. Problem of fake currency notes can be eliminated by digital payment.

  6. Tourists to India will have no need to struggle for physical cash.

  7. Atlast, it will create huge employment opportunities in banking and software industry.

 


Though there are a lot of advantages of cashless economy, then why people don’t want to change into cashless economy? Major reasons are: 

  • Transactions with cash are very convenient in daily life. Major part of Indian population is used to it. Moreover, a large part of Indian population is digital illiterates.

  • Insecurities of leaking private information and danger of cyber thefts is also a reason for fear as our most population lack digital awareness.

  • And the most important, rural people and people below poverty have no access to bank account or constant internet connection and most of them are illiterate, which can make their life very hard. Inequality could be increased. 

Therefore, first we have to make our major population, literate about cashless society and people in rural areas and who are below poverty must have constant access to internet. We have to show everyone, how cashless economy is efficient and better then hard cash economy and how other countries are also adapting it. Like Sweden, Germany, Belgium and Canada have 90% of population which uses cashless payments, And Asian countries like Japan and South Korea are also pretty close to become a cashless economy.

Digital India campaigns, DigiDhan campaign, Demonetizations, BHIM application are major steps of government to make India a cashless economy. Moreover, according to TRAI, approx. 82 out of 100 people in India own a mobile phone.

Hence, we can say India would be ready for cashless economy in forthcoming days.

-ANIRUDDHA KUMAR

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