With 500 & 1000 notes out of the market for timebeing, there is a major demand for money into the market. Investors being terrified on their end are going pull to their money out and purchase gold and other stones. Market is going into a deflation mode and will need a pull to get back onto a growth rate targets. That pull could be a GST implementation combined with haywired politics in upcoming elections or US removing sanctions from Middle East.
In between all the heywired situations, there's always a solution common man is always looking into.Is current infrastructure the answer? surely not. Even with all the planning and pickles, exhanging 18 Trillion rupees worth currency in 45 days is going to be a tough job. There are tons of tool out their where a common man can look into to cope up with the situation. Fintechs in India were always looked with the idea of a sidekick models in cash-driven Indian economy ; they can become mainstream now!
According to a Google report, Digital payments were only 2% of total transactions made in India. Most of the trades are wrongly following the trend of trying to be out of a tax bracket.And for an economy of such size, keeping tracks becomes a menace when most of the transactions are unaccounted.
Its time to come clean and switch to digital economy completely, and not just to a wallet or payment technology.There are various ends where a digital economy will take shape; banking ,insurance, credit or ecommerce are just the beginning. A need of unification and innovation has spirited into this hazy mist ; this could be in terms of a revamped stack or a complete new dimension.Best option right now is to stick to a balanced stack, customized to ones needs.
Far too long, Indians had been afraid of exposing their businesses to tax departments even when they haven nothing to hide from.Only thinking about short term benefits, most are into non-sustainable business models.I mean,the very act of saving 10-15% VAT of their sales has put businesses round the country on the brink of closure now.
If this wouldn't bring the change in India's ill famed economy , I can't say what will!