How Digital Currency Can Shape the Economy Of India

We all know that India is a country with a population of 1.3 billion and is continuously adding. And in the Indian parliamentary system there are only 543 members (the lower house) who represents the view of entire population, which is very less. Because it is almost impossible for the few member to bring the ambit under one roof.
Because of the above reason there are various problems that remained unsolved since independence and no concrete solution could be found.
The Government of India under the leadership of Prime Minister Mr. Narendra Modi has taken the initiative to bring the entire nation under one roof through digitization.
The initiative includes plans to connect rural areas with high-speed internet networks. Digital India consists of three core components, (a) development of secure and stable digital infrastructure, (b) delivering government services digitally, and (c) universal digital literacy.

For this Adhaar card (It is a 12-digit unique identity number based on their bio metric and demographic data.) is being issued to all the citizens of India and these are being connected digitally and the entire data base will be available with the Government agencies. They will have the exact numbers of the number of poor (The people living below poverty line, and above poverty line, the number of middle income group and rich people) in India and who needs to be benefited.

Our democratic system was such that people never used to receive the benefit which was issued from the Centre if 100 bucks was allotted from the Centre the real needy used to receive only 15 the rest used to go to the middle man. And this created a lot of unrest in the society. The objective of digital India is to make sure that the poor receives the money which is allotted to them by the Centre.
For the people to receive the benefit it needs a huge banking network which is a very tedious and a herculean task as it will require a huge infrastructure but mobile banking can help this to a major extent where money will be transferred to its account number through mobile transfer, but they may not have the physical money.

Here digital coin can come to the rescue of the government if it can have its own coin then it can transfer the coin directly to the people who are in need of money all they will need is a digital wallet . The biggest advantage is that 1.05 billion people have mobile set with them and more than 50% have smart phone. All the government have to do is give a small training to open blockchain account and how to transfer digital coin to other blockchain account. There will be no need for the central bank to spend huge money on infrastructure and printing notes. The central Bank will be able to maintain the entire data base of the transaction for which it will require few hundred experts which is not difficult.
The advantage of the common people will be that they will not need to stand in long queue it simply will receive sms saying the coin has reached and once the common man receives the money it will have huge impact in the economy and create lot of employment because it will create a consumer market.

Many people since they are not connected of bank and do not have proper documents and proper income sources, they fall in the trap of money lenders with huge interest rates. Govt. and banks are also unable to give them loans once they are connected the loans amount can be transferred to their wallet with low interest rates and this will have an additional impact of their economy. Black money transaction will be easily monitored. Tax collection will be smooth, in one common digital wallet created by the govt.
The farmers can receive direct payment to their banks by selling their produce which they used to sell to the middleman and sometimes had to bribe corrupt Govt. officials and never used to get rates.
Fake notes cannot be generated since the Govt. knows how much of the coin is in circulation it will be able to monitor the move and on every transaction can collect a small amount of tax thus telling its citizen not to do any tedious paper work to file its return.