Developmentalism wasn’t at its strong hold in our economy, still, India managed to survive a dozen of Global crisis that shook other world powers. So what possibly cured the Indian economic pillars might have slight anticipatory abilities, which kept our economy run under pressure. But Indians highly hinged on old school tech to row with the flow, papers still rule the economy while other countries have already stepped their foot on 2nd generation economy. A cashless or a digital economy was the call of development and as usual, we are so lazy to accept the transition. A fiscal collateral damage is obvious in every great revolution & one happened in India tailing the note ban, rather than moving on, still, some adamantly criticize the action which in fact was a financial milestone India’s history.
A blunt transition from cash to cashlessness might be a blunter, but thanks to our Finance ministry for their astute anticipation. The note ban was bridged after laying proper foundation caring the majority. However, the diversity of opinions towed along with democratic rights indeed gave freedom to wrongly criticize the apparent dilemma. 67% of India is still underdeveloped or too far from being a city, some are endeavoring, but the filthy corruption and selfishness pull the progress back to theground. The population was indeed a humongous challenge to take care, the act of note ban would have been easy in a comparably smaller country, but in India, it demands a lot of perseveration. However, the implementation kept a keen eye to distribute the load equally to the public, where government and officials took the major bite to ease of the excess misery.
Digital economy doesn’t carry a ‘punch’ or an entertainment for the public, so their requirement is always kept with a question mark. It simply took a decade for our relations to turn digital, social media never baffled with a question about ‘How’, but the same crowd hesitates to invite the digitalization of Indian economy. Where do we need a repair? Media always manage to plot fiscal scoops as a tragedy, which might be one factor that prevents many from taking the first step. But what happened to the logic we brought up? Adding to the fact India’s cashless transactions employ a two-step verification which adds an extra shield for thetransaction. If you can check the statistics, online finance frauds usually won’t affect the customer as everything is recorded and monitored, in most cases banks cover it by insurance and police might catch the hacker even before they could spend it.
Still, resistance accepting the modern tech prevent themiddle-aged population from enjoying digitalization, but it’s just a matter of time. According to a survey, 79% of people below 30 years as on 2016 are technologically educated and use new gen techs to meet their needs. It is very gratifying for the future India, so rather than letting loose bogus claims we shall try to spread the word among others. The demonetization is cleverly played, physical cash pulled out might be enough to meet basic needs and if you catch up further needs, it shall be met with card transaction and other e-options without any restriction. So, now there is anecessity which would demand people to get acquainted with digital economy & its handling. Moreover, Government is devoted reaching thepublic to help them. Many rural computer centers and respective governmental agencies are planning campaigns to invite people into thedigital economy. But for youth, setting apart the inertia might make a change which could draw others to construct a nation of hope!