Merit and Demerit of cashless economy
concept of cashless economy in India the credit goes to our Prime Minister Shri Narendra Modi. PM Modi have promoted and encouraged to Indian public to use cashless transaction for build great India.
After Note Ban, The PM Modi said in his speech ' cashless economy will increase the strength of India' and Indian economy will emerge as a biggest economy in the world. Modi is said today is time to cashless transaction because we are living in 21 century and young generation growing in technology world.
We need to change our mind thinking and move with technology step by step and give full support to our young generation. The PM Modi has encouraged people for cashless transaction after demonetization.
PM Modi decided to Note Ban decision to fighting with black money problem, corruption, Duplicate money, hawala business in India. These all problems were creating constraint in growing Indian economy. That's why Modi want get out from Note ban shock to public.
In the parivartan rally in Uttar Pradesh, Modi while addressing to public for cashless transaction and demanding for full support for country welfare. Modi said, today Indian using the internet and technology and smart phone.
According the report 503 million people using internet and our young generation discussing on social media (Facebook, Orkut, twitter, Gmail, yahoo etc.). In India by end of 2017, there will be 314 million mobile internet users, reports Mobile association India.
Merit of cashless economy
Today the young generation and senior citizens, businessmen, student and mostly all people are using smartphone. Everyone knows and every country knows that India is the fastest growing country in the world. In Asia, after china, India is the second largest country by economy point for view.
Here the meaning of cashless is no cash for transaction. Now people need to use E- banking system, online banking, Mobile banking service, Debit and credit cards, mobile wallet, e-wallet.
It is easy for business and record. It will maintain your transaction record and transparency in business for any scam.
It provides you new way for international world. Cashless transaction will be easy for trace or there would be less chance for corruption. It will increase the GDP growth.
The PM Modi has announced new mobile banking application (fund transfer and cashless transaction) for smart phone user in eve of New Year 2017. Many countries are using cashless economy and cashless transaction like France, Canada, UK, Sweden, Australia etc.
Demerit of cashless economy
The concept of cashless economy for India is good and transparency in revenue. The government is comparing our country to other country for cashless economy. We are literally aware about that reality of India especially; Illiteracy rate and poverty in rural areas. What about those citizen of India who are not educated and senior citizens, women no idea about E-banking or internet.
These people are unable to understand the technology service. Those people who are using Thumb, unable to sign and unable to read or write, how they could be made eligible for cashless economy.
Other countries have better literacy and most of people aware and understand E-banking system.
Cashless system would be good for urban area not rural area.
Cashless system can create problems in future like cyber security, hacking, password protection and for this government need to build strong cyber security system.
The effect of demonetization will be evident only after one and two year in India. And both the merits and demerits of cashless economy are left to the future. Nonetheless, India is the country of youth power; country of younger generation, cashless economy would be great boon for Indian economy.
-Sanyog varshney
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