India will be a cashless country by 2020.
After the demonetization Indian business sector was a slow move for a year, and the market was watching closely by the world financial market, some Indian economists state that the demonetization was a mistake done by Modi government and it will kill the business sector of India. But after a year the Indian economy proved that the demonetization decision was right and some of the Indian economist was against the demonetization just for political revenge. Today the India GDP is reached 6.4 % and it impacted the finance market very positively. After the success of the demonetization the Modi government decided to move forward to make a clean Indian economy and the next step is cashless economy!
Cashless economy or a plastic money world to clean the corruption entirely from the country! Once the cash completely removed from the market its not easy to take money the one is doing the corruption! We have to agree that the corruption is so much high in the government administrative system and it affected like a cancer to the country. Most of the industry professionals from finance sector in India that agree 43% of the government sector are affected by the corruption diseases. People are used to it by now! Says Nina a shop owner from Mumbai, India. “It’s not easy to treat the corruption in a day, the government has also limitation to remove if fast”. Most of the people are interested in cashless economy and waiting to welcome the corruption free country.
If you travel round the country you can feel the amount of corruption is that involved in the country. As we waiting for a cab in Bandra, Mumbai, a biker riding his bike without a helmet (it’s a crime in India riding a bike without helmet) and the ask him to stop and after a negotiation with the cope the biker paid him 100 bucks and escaped from the punishable offence. The actual fine is driving a bike without a helmet is Rs.500 and the biker settled with the cope for just Rs.100. As we came to know its very common in all part of India and the most corrupted government system is Police. Its not only in the area of traffic violation, they take money from the road side vendors for doing business in the road that’s not legal place to do any business. You have to pay for the police to collect your passport that newly issued by the passport authority. And it’s like their right! so they ask and take it without any shame!
We travel to another state in India called Kerala. It’s know tourist place in India, while traveling in the city we asked the cab driver about corruption status in the city. As he was a driver the first thing came out from his mouth is about police, so we understand that the police and corruption are made for each other in the country. According to him most of the government sector is corrupted here, and he had a bad experience with a village officer. According to him for his son education purpose he went a village office to get his income certificate and to get that out he had payed a Rs.1000 to the officer. As he came to know that we are from an international media he is not ready to stop his bad experience with the corrupted government officials. The way we move forward he showed as public waiting area for bus, it just made with four pillars and asbestos sheet and on it they mentioned the construction cost of Rs. 40,000,00 (62000 USD) according to the driver this can be done in Rs. 5,000,00 and the balance amount are divided between the authorities.
The frustrated public want to an end to it, they are happy to welcome the plastic currency, they know it will be some trouble in the beginning, but the people of India is ready to take the pain to kill the corruption from the nation. They know it will have some issue doing shopping from small shop or road side vendors, but most of them want to implement it as soon as possible.
According to the government 2018 to 2020 will be the tough time to implement the cashless system in the country without any negative impact to the economy. Implementing new financial system to welcome the cashless country.