More than two years of India’s monetary policy has passed – which removed high value banknotes from the economy – became a reality. That bold step got mixed with support, confusion and criticism. Remuneration was only part of India’s larger, strategic digital transformation. Since then, institutional and economic development has accelerated in many ways in India and some of these changes are reactive and corrective.
Despite the monopolization and significant increase in digital payments since issuing one billion debit cards by Indian banks, many Indian consumers still rely on cash transactions. Although no one can make any country cashless of India, but the formal economy has succeeded in reducing all the currency through the channel and reducing the lack of lack of money in the Indian economy and reducing the lack of money. Compared to the current demand of cash with the historical rate of the economy’s growth rate, we have calculated that Indian economy is operating at less than $ 33 billion in cash without the estimated value. Obviously, the behavioral changes needed to complete a major digital banking transition were not occurring overnight or even during a one-year period.
In the meantime, the world’s second most populous country and the digital backbone of the largest democracy has developed. When compared with the status quo five years ago, then our opinion – one of us is academic and the other is a technical entrepreneur who has worked with and with the Indian government – whether leap into the fourth industrial revolution with the Indian government it is in the center of that change.
While the developed nations invest to compete at the top end of innovation, India is choosing to do things differently and in the process, it is creating playbook for digital and real-time on ground effects.
As the Reserve Bank of India (RBI) has said in its report the Reserve and the settlement system in India: Vision – 2019-2021, the payment and settlement system are the backbone of any economy! And in a master stroke, this is where India decided to start its unprecedented journey of changing the 1.3+ billion life with the technology dissolution.
And, the conversion of India’s digital payment story is not less than inspirational, especially when you see what impact it is creating at the ground level. Inspired by progressive regulatory policies, due to the increase of mobile internet usage, increasing the growth of a strong ecosystem of non-banking players like Paytm and, most importantly, the difference between players, India becomes a global case study of massive digital transformation changes has gone.
As the nation celebrates Digital India, we are well prepared for the next level. According to a study by Assocham and PWC India, in less than four years from now, digital payments will be more than double to reach $ 135.8 billion (currently) to $ 135.2 billion, which is a 20.2 percent migrating CAGR Is growing on.
If India has to become a processing hub for the world, then we have to focus on the growing capabilities, R & D should never like before and should create a correct transformational policy framework that gives us the entire data value chain – from competitive to competitive advantage Allows effectiveness There is no answer in any part of the ecosystem and as we go to the next phase of Digital India, in order to create a progressive policy framework for governance, industry and academies, it will need to cooperate more effectively than ever before And provide adequate legacy for innovation without compromising security.
But above all, we must ensure that we develop new ways of thinking, which is full of aspiration, hope, confidence, courage and urgency. We have to ensure that we can do all we can to change the new mindset of change and culture. Ironically, this may sound, culture and capabilities in the digital era will be our greatest strength.