(JKPSC) Elaborate the role of digitization of Indian Economy through apps like UPI, Bhim, G pay ete in consolidation and growth of Indian economy.

Integrating digital technologies into various sectors of the Indian economy improves efficiency, transparency, and quality. Digital payment apps like UPI, Bhim, G Pay, etc. have helped condense and grow the Indian economy. Here are some ways digitization has affected India’s economy:

  • Digital payment apps have made transactions faster and more convenient, reducing cash and checks.
  • Digital payment apps reduce fraud and corruption by recording transactions.
  • Financial inclusion: Digital payment apps make financial services more accessible, especially in rural areas where traditional banking is unavailable.
  • Small businesses can accept payments more easily with digital payment apps, increasing revenue and growth.
  • Foreign investment has increased due to the digitization of the Indian economy, which has boosted economic growth.

India’s digital payments have grown due to UPI, Bhim, G Pay, etc. From Rs 2,071 crore in FY 2017-18 to Rs 5,554 crore in FY 2020-21, digital payment transactions in India have grown multifold.  In conclusion, digital payment apps like UPI, Bhim, G Pay, etc. have helped consolidate and grow the Indian economy. 

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