Ruminating on cashless economy under the weight of demonetization

Why dreaming cash less economy is a utopian idea ? Is India prepared for a full fledged digital econmy ? Is cashless economy the right objective ? With cashless transactions accounting to just 2 per cent, dreaming of cash-less economy is little better than nonsense Despite the rise in smart phone and internet access, by global standard, the penetration is less. Despite the rise in the level of literacy, India is still home to the largest population of illiterate adults in the world .The Huge percentage of uneducated population is also very high .Digital transactions are both risky and also costly . A massive security breach of 32 lakh debit cards, just months before demonetization was reported and that speaks of the security of digital payments. At a time when banking facilities are miles away from your house especially when you happen to live in remote, hilly regions where the nearest bank facility is easily 50-60 km away in the plains and there is no guarantee of receiving money even if one covers that distance what is the fun in advocating the role of machines ? To talk of a cashless economy in a country where the banking net work does not cover more than 30 % of population and the internet connectivity is also limited and the formal credit has consistently failed the rural people and hence dependent on the money lender is sheer supreme economic nonsense to talk in Milton Friedman language Is cashless economy the priority area? Why are the right priorities of the people , not understood Does any one talk about other indicators of health education sanitation social security and job prospects and compare with other countries ? This is a land of poverty and escalating inequality..No safe drinking water facility exists there is no water management at all .Not only the States but also the centre does politics over river water sharing and the corporate and politicians make money out of it. once the water is bottled and the nature’s bounty is for sale and the pipe line is replaced by diesel driven lorries water politics has become very real and it has emerged as the fountain head of corruption..All these generate black money; every one is aware of this. First we shall give basic education, and make a sincere attempt towards inclusive growth as also inclusive banking and make digital transaction free from cyber crime. Other things will automatically follow . ---