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There is no magical on-off switch that will allow India to transform into cashless economy

India falls well short of the pre-requisites needed to become a digital economy.

Subhashis Banerjee /TheWire 

The demonetisation step of the Modi government, for the most part, appears to be hugely problematic. Several expert commentators – including Ajay Shah, Prabhat Patnaik, Swaminathan Aiyer, Manmohan Singh and several others – have pointed out that given the high dependence on cash transactions in the Indian economy, the resulting liquidity crunch, the diminished purchasing power and the reduced ability to transact is likely to badly hurt the macroeconomy and the damage to the informal sector – especially to small firms and retailers – is likely to be severe and ...


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First Published: Thu, December 15 2016. 11:40 IST