Mr Modi, Why the Ruthless Rush towards Digital India? - Views on News from Equitymaster

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Mr Modi, Why the Ruthless Rush towards Digital India?
Jan 5, 2017

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Last evening, I was out for dinner with two friends. One of my friends paid the bill. I offered him the new Rs 500 note to settle my share. But he pushed my hand away...

  • I don't have enough change. Paytm Karo...

My friend mimicked the Paytm jingle for effect. I nodded in affirmation.

Two minutes later, I had transferred the exact amount due to my friend's Paytm wallet. Life never seemed so easy. I'm a happy consumer. Everything at my fingertips.


Yes, there's a big BUT...

And I see it more clearly when I wear the hat of a free-thinking economist, rather than a fat and happy consumer.

Mind you, this is not your government-issue economist's hat...but the tattered hat of the common man's economist.

The common man's economist within me has some serious reservations against Mr Modi's ruthless rush towards his mega ambition of a Digital India...a cashless economy.

If you are a reader of Vivek Kaul's Inner Circle - a premium weekly newsletter offering global insights on the world of money - you already know that the war on cash is not unique to India. This is a concerted worldwide megatrend. Governments and central bankers across the globe are working on a war footing to uproot physical cash from the financial system.

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