Cashless India and Economic Growth- A Review
Author(s) : Sumesh P. S.Volume & Issue : VOLUME 6 / 2018 , ISSUE 2
Page(s) : 31-33
Abstract
An economy is said to be cashless when the transactions inside are done through means other than hard currency. Facilities like credit cards, debit cards, e-wallets and online fund transfers contribute to it. The central governments\\\'s increasing stress for the use of cashless means following demonetisation in November 2016 is widely believed to be a good sign for Indian economic growth. Following the demonetization policy, the dependence on online banking and e-wallets has increased remarkably, which further reduces the risk of theft and burglary in using hard cash. Mounting volume of black money in a corrupted economy will pull down the growth, cause higher unemployment rates and ultimately lower the living standards. Digitalizing the transactions in the economy is a solution for these economic hazards and believed to favour a fair growth. The present paper aims to study the importance of a cashless society in facilitating growth of the country and also brings out the challenges faced by our government to digitalize the economy.
Keywords
Information Technology, demonetisation, a cashless digitalized economy.
References
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