Independence Day speech: PM Narendra Modi again pushes for digital cash

Today is the era of IT and let's move ahead on the path of digital transaction, says PM Modi

Prime Minister Narendra Modi on Tuesday again urged people to embrace the digital lifestyle, almost nine months after launching the demonetisation missile on black money.

In his Independence Day address, the PM emphasised on promoting digital economy. “Today is the era of IT (information technology) and let’s move ahead on the path of digital transaction. Let us lead from the front, promote digital economy and adopt the BHIM app,” he said. In the past one year, he said, digital transactions have grown 34 per cent and hoped the country would transition from physical to digital currency.

Reserve Bank of India (RBI) provisional data since April showed the growth of electronic payments has been muted. From a high of Rs 1.5 lakh crore in March, the value of transactions has gone down to Rs 1.07 lakh crore in July. It was around Rs 1.13 lakh crore in June. However, apps such as BHIM are seeing traction as the number of downloads on the portal has gone up to 50 million since it was launched in April this year. Many experts, however, said there were problems with execution.