The impact of scams reaches far and wide into our society, affecting the economy of the nation as a whole. India has been home to several scams, resulting to losses amounting to lakhs crores coal scam and of rupees to the economy. Some of the scams include the spectrum scam, UTI Scam, Fodder scam, and many others. Implication of these scams create a great impact in terms of political stability, economic sentiments and repute of the country. When an unpredictable event like scam occurs, only few people tend to make money but many suffer.
The Government on a promise to end corruption initiated many bold steps to eradicate black money from the economy. One such biggest move was the demonetization, a transformative programme which is aimed at stronger and more movable digital economy. Many people were tremendously affected by the demonetization scheme which eliminated the large denomination. The fact is that most of the poor people were elated by this move. With demonetization scheme, the strong will of the poor and their honesty have been widely recognized. However, the Government need to have a closer look on the areas where the notes of high and mighty are exchanged. Since Banks are dealing with large chunk of money, they assume the authority, that they possess more money power.
Another big change to witness is – in Uttar Pradesh, a Yogi is being elected as the chief Minister. Now his only task will be to combat corruption, clean the record room with dusty files, and to clean the streets and offices. In the quest to have a clean and better society, probably there is no better person than a Yogi. Because only the simplest leaders have the potential to work with total commitment. However, he will definitely achieve and thrive in it. So let’s look forward to things that could happen in this direction for a better tomorrow. Since the Prime Minister is precising more on key factors of business, many people are free from the burden of offering bribe to the Bureaucrats for getting their work done.
The push towards digitalization of payments is another bold step which results in more people coming under the legitimate financial system. Moving towards a digital economy is not an easy task. There will be many hitches in the way. For instance, many people are not familiar with some major digital learning concepts and platforms, however they can be trained. Younger generations who are quite digital familiar can help out the older ones and the rural sector.
Digital transactions will help bring transparency into the system. The long term future of the Start-up and e-commerce sector in India looks robust with more and more people coming on digital platform. Thus, the move from a cash economy to a digital one will have long-term benefits for the economy, ushering in transparency and a faster adoption of digital payments. Moreover, one of the major challenges that remain in priority is the attitude of people at large. Certain set of attitudes need to be completely changed for the overall well-being. Digital India can be achieved only with the continuous support of the people. And definitely things will happen sooner than later.
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