Mains Marathon Daily Current Affairs Questions and Answer Writing – November 2

Digitization is something that makes your world and the environment near you digitized so that everyone is digitally connected and perform his or her work with ease .
Digitization makes everyone connected digitally as a result of which it is an ease for the gov.to find and distribute his various welfare schemes to the needy,and cashless society is among one of them which has its pros and cons .By making a society cashless it is evident that individual in particular and society in general gets benefitted .cashless society also helps in the growth of GDP as indicated by several studies due to avoiding of several expenses that were incurred in a cash society.for example ,RBI incurred pretty quite expenses for the circulation of notes in the economy but as the society becomes cashless ,it can be avoided.Furthermore real estate which is an area of great black money flouting in it and the rising prices accompanied by the effect of these issues is a matter of concern which can be settled not completely but quite effectively by becoming cashless in these sectors which involve huge flouting of money on a day to day basis and by the effect of these measures rising prices can be constrained and help to make the transactions transparent.Today cash to GDP ratio in India is somewhat 12.47% ,in China it is 9%,in Brazil it is 4% so we can analyse from this that how economies are trying hard to become cashless because by virtue of this they are able to detect and stop various menaces affecting their welfare policies ,Growth and sustainable developments.one study from IMF shows that by becoming cashless a developing nation can achieve .8% growth in its GDP while a developed one can .3%.Also it brings financial inclusion and sustainable development to the society by connecting digitally .

But,cashless society also has some limitations and if these limitations ignored it is not possible to a achieve the desired success .
First we have to provide or connect everyone digitally which is a basic requirement of becoming cashless and to reap the fruits of it.
Govts. have to cut fees and levies which are at high rates so that it become possible for the common man to access the digital arena .
Govts. have to provide digital literacy or awareness among the masses without which it is not possible to get ahead.
So,cashless society is a good movement if applied effectively with suitable policies among the masses but first basic obstacle has to be removed.