Cashless Economy: Epitomizing the Role of Various Institutions in Promoting Digital Literacy

Abstract

It was a move that could have brought India’s economy to a shuddering halt. Indeed, the seemingly endless queues outside banks, and the difficulty of spending cash at shops and stalls may have seemed like it did. But the decision to demonetize the 500 and 1,000 rupee notes was just one in a series of moves that will push India towards a digital economy. The demonetization was implemented with the aim of eliminating societal corruption and counterfeit currency. But the move was sudden, happening overnight. The two notes accounted for 86% of the bank notes in circulation in India, and retailers and consumers were forced to look immediately for options. Many turned to digital paying systems. The digital money strategy has been laid out by Prime Minister Modi’s government from its early days in power, via a string of major decisions. The vision of Digital India aims to transform the country into a digitally empowered society and knowledge economy. Digital literacy assumes paramount importance at an individual level for truly and fully leveraging the potential of the Digital India programme. It provides citizens with the ability to fully exploit the digital technologies to empower themselves. It helps them seek better livelihood opportunities and become economically secure. Digital India campaign is a new concept which has a potential of transforming India into a knowledge economy powered by digital connectivity and the technological opportunities. Digitization of India will not only increase the efficiency of the government and public sector but also bring growth in the economy. Thus this paper focuses on role of Various Institutions in Promoting Digital Literacy in present scenario.