Having a digital and a cashless economy is Prime Minister Narendra Modi’s goal for the year 2017. Demonetization is said to be the Indian Government’s first big step towards eliminating corruption and black money in the country.
Prime Minister Narendra Modi has acknowledged the fact that it may not be possible to have a cashless society immediately, but steps have to be taken to reach this target as soon as possible. In his latest address “Mann ki baat”, over All India Radio, he asked people to learn to run their daily lives and businesses without cash. He appealed to people to learn how a digital economy functions and works, to learn to use internet banking, to learn to use the various apps, learn about card payments and other modes of electronic payments and make a contribution in taking India towards becoming a digital economy.
A major concern for many people has been that they now have to buy an expensive smart phone in order to embrace the digital economy. The Prime Minister said that to make money transactions like transferring money, one does not necessarily need an internet connection. These can be done from feature phones, .i.e. the ones being used by many people all over the country are good enough for their bank transactions. He made an important point that transferring money has now become easier than sending a joke on Whatsapp.
The Government’s steps have caused a lot of hardships to the people all over the country and has severely hit many businesses across the country. Although the move has been opposed quite vocally by the opposition parties, the people at large believe that the step taken by Prime Minister Narendra Modi is in the right direction. They believe that this step may have caused temporary hardships, but it will surely pay off in the longer run.