Digital Payments will Change the Indian Economy

7month ago (02-16) admin Blockchain News 524℃


Digital Payments will Change the Indian Economy

New Delhi, Feb 16 (IANS) Union Minister of State for Finance Arjun Ram Meghwal on Thursday said the transition towards digital and cashless economy will boost India's GDP numbers and also help prevent tax evasion and move towards compliance.

"Digital and cashless transactions will boost Gross Domestic Product growth in a meaningful transition for the Indian economy," Meghwal said here while addressing a conference on 'Digital and Cashless Economy: A New Paradigm for NextGen Businesses' organised by the Confederation of Indian Industry (CII).

"We have to change to a tax-compliant society if India needs to grow and move forward," he said.

He said India is on the verge of a transition from a largely cash economy to a less cash and a more digital economy, and added that the November 8 demonetisation was in accordance with the general public's will to move towards a corruption-free society.

"Promotion of a digital economy has had a transformative impact and the people of India have supported the initiative. Digital payments is the way forward towards a cashless economy," he added.

Migration to digital payments has generated significant benefits for the common man and the government was taking initiatives to spread awareness on this count, Meghwal said.

"The government is empowering people in non-urban and rural areas to enable them to adopt technology. Embracing digital and cashless economy is the collective responsibility of the government, citizens as well as the corporate sector," he said.

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