16 MAY,2021 | MEDC
At around 14.6% of GDP, currency in circulation in India is currently at its highest in a decade. People seem to be stocking up in anticipation of Covid-related medical emergencies, even as the prolonged lockdown has shut down many parts of India, and mobility curbs are imposed to prevent the virus from spreading. It shows that in times of crisis, cash in circulation rises as people emphasize liquidity and security. However, digital payments have also risen manifold following demonetization in late 2016. This reveals the dichotomy in peoples’ monetary behaviour through the protracted and unprecedented situation created by Covid. Despite rising emphasis on digital transactions, over two-thirds of rural commercial dealings continue to be in cash. India is not going to be a cashless economy anytime soon … the most we can do is to keep reducing our dependence on paper money.
*Photo Credit: Google
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra