India's Transition to a Cashless Economy

Abstract

Cash contribution to the Indian economy has been significant throughout the country's history in a variety of industries, including banking, e-commerce, consumer durables, biotechnology, automobiles, cement, and associated industries. But now is the moment to integrate the concept of "cashless" into all of these industries, which facilitates quicker, simpler, and more effective commerce. The efforts seek to boost the use of digital technology across a number of industries, including healthcare, education, and agriculture, as well as to foster an atmosphere that will support start-ups. The expansion of the digital ecosystem has been significantly aided by the rise in internet and smartphone use in India. Overall, the move towards a cashless economy in India promises enhanced financial inclusion, reduced corruption, and increased tax revenue. Government efforts and societal support indicate a promising trajectory towards a digitally empowered India.