Cashless Economy and Sustainable Development in India

Abstract

This study shows that the introduction of a cashless economy in India can be seen as a step in the right direction. It helps in the growth and development of the Indian economy. The digital India program is a flagship program of the Government of India with the vision to transform India into a digitally empowered society and knowledge economy.
“Faceless, paperless, cashless” is one of the professed roles of digital India. The cashless economy will help in curbing black money, counter feit’s fake currency, fighting against terrorism, reduce cash related robbery helps in improving growth of our country. The demonetisation announcement in 2016 is a revolutionary move towards the cashless economy and Sustainable development. The study also helps in determining the factors which influence the people to switch from cash towards cashless payments and what are the challenges and benefits people avail while using any digital mode of payment.