India is the fastest developing economy of the world.The Indian economy is the seventh biggest economy of the world in terms of GDPand third biggest by purchasing power parity (PPP) after US and China. TheIndian economy has seen a great deal of changes from acting self-dependent toopening its entryway for worldwide exchanging by introducing LPG (Liberalization,Privatization and Globalization) in 1991 under the Finance Minister Mr ManmohanSingh. And from that point of time, India is growing at a great pace. Asindicated by the most recent Economic Survey 2015-16, the Indian economy willkeep on growing more than 7% in 2016-17. As indicated by Fitch Ratings Agency,India’s Gross Domestic Product (GDP) will probably develop by 7.7% in FY2016-17 and gradually increase to 8% by FY 2018-19, driven by the gradual usageof changes in the economy, higher disposable income and change in financialaction.
The current strides of the Indian government have indicated positiveoutcomes in the growth of the GDP. As indicated by a Goldman Sachs report inSeptember 2015, India could develop at a potential 8% from financial 2016 to2020 if provided great implementation of advancement in the banking sector,technology adaptation, urbanization and other changes.The 1990s likewise observed the passage of innovationin India and individuals started using PCs and computerization overwhelmed eacharea and now we can see the virtual world that exists and anything can occur init from joining the world to start a war if not took care of legitimately.
Butin a developing country like India the process of digital soundness has beenmoderate and got a tremendous push to go computerized when the demonetizationshook everybody. In spite of the fact that there have been different activitiestaken by our Honorable Prime Minister Mr. Narendra Modi, for example, Make InIndia, Swatch Bharat Abhiyan, Digital India and so forth. However, it wasduring cash crunch when individuals began perceiving the advantages of beingcarefully stable and how valuable it is.
Our administration has accentuatedcontinuous cashless as it will make exchanges smoother and transparent anddispenses with the presence of parallel economy which postures risk to thepeace in our nation and furthermore helped in their financial inclusion planand has seen that demonetization has made the accounts opened underPradhanMantri Jan Dhan Yojana operational. As appropriately said by RajatGandhi on financial inclusion “Regardless of what number of banks may openand what number of boots you have on the ground, if the individual does notknow about the financial options that are available to him, policies, plans andbudgetary instruments will mean pretty much nothing.