Authors : Prajwal Prafulrao Wadettiwar
Page Nos : 43-47
Description :
Given the debate surrounding India's economic growth, numerous large-scale projects have been introduced to support the Indian economy. One such step was made in 2015 when the Indian government began the Digital India campaign to encourage the cashless economy. Demonetization expedited this step, and later in 2020, Pandemic proved to be a blessing in disguise for the cashless economy. After demonetization, a dramatic shift was seen in the effort to make the Indian economy cashless, not just in metropolitan areas but also in rural areas. According to data published by the RBI, the number of digital transactions increased by 271%, or from 1.7 million to 6.3 million. A significant contributor to the growth of the cashless economy is the Covid-19 -19; many individuals who were previously unwilling to conduct business online have now shifted to using cashless methods of payment. According to data given by the RBI, digital payments increased by 30.19 percent in the year that ended March 2021, demonstrating the country's adoption and deepening of cashless transactions. The trends of cashless transactions in pre- and post-covid times are discussed in this research.
