A Study of Cashless Economy after Demonetization and its Impact on Economic Growth with Special Reference to Sustainable Development Goals
Dr Mohd. O. Ahmad
Associate Professor,
Dr. D. Y. Patil B-School
Dr Khalid Arshad
Associate Professor,
Dr. D. Y. Patil B-School
ABSTRACT
This paper explores the cashless economy in India, emphasizing technology's role in sustainability and entrepreneurship, highlighting the shift towards electronic payments and innovative opportunities for sustainability and entrepreneurship. cashless economy promotes sustainability by reducing environmental impact, conserving resources, minimizing paper currency usage, aligning with sustainable development principles and encouraging responsible consumption and production patterns. The cashless economy fosters entrepreneurial ventures, innovation, job creation, and economic growth by enabling digital payment solutions, mobile applications, and technology-driven financial services, and cashless economy promotes digital financial inclusion, enabling underprivileged and unbanked populations to participate in the digital financial ecosystem through mobile banking, UPI, and digital wallets, contributing to poverty alleviation and socio-economic development. The cashless economy requires innovative payment solutions and financial technologies, including secure digital platforms, fraud prevention measures, data privacy, and cybersecurity. Entrepreneurs and technology companies drive these advancements, enhancing user experience and strengthening the financial ecosystem. This shift fosters sustainability and entrepreneurship, reducing reliance on physical currency and promoting digital payment solutions. Continuous investment in technological advancements, regulatory frameworks, and digital infrastructure is crucial for a thriving and innovative digital economy in India.
KEYWORDS: Sustainability, Innovative opportunities, Environmental impact, Resource conservation, Paper currency usage, Sustainable development principles, Responsible consumption, Technology-driven financial services, Digital financial inclusion, Underprivileged populations, Socio-economic development, Financial technologies, Cybersecurity, Physical currency, Digital infrastructure
