SIGNIFICANCE OF CASHLESS ECONOMY AND GROWTH OF DIGITAL INDIA IN COVID-19 PANDEMIC

Cashless economy is the term that everyone uses to describe the situation where the flow of cash does not exist within the economy. All the transactions take place through electronic channels or given the name digital transactions. Going cashless eases, one’s life. It also helps formalize the transactions. Further, it helps to curb corruption. And also, the flow of black money results in an increase in economic growth. The cashless Economy in India has been amplified with the Indian Government’s initiative of Digital India. This is a flagship programed with a vision to transform India into a digitally empowered society and knowledge economy. The data was collected through a structured questionnaire and with the help of books, journals, reports, etc., The study illustrates the complete shift of consumer behavior from cash to a cashless economy in the pandemic and its direct influence the rate of such a shift toward digital transactions in India.