Not Ready for Cashless: The Indian Example

Credit and Finance for MSMEs: The MSME sector in India accounts for four-fifths of India’s employment sector, 40 per cent of the 6.3 crore Indian MSMEs are involved in exports, and it contributes a whopping 30 per cent to the country’s GDP. Despite showing such promising statistics and importance for the growth of the Indian economy, the sector is the most vulnerable to factors that disrupt cash flow, growth, and ease of doing business.

The pandemic has worsened the state for these Indian MSMEs that were already grappling with circumstances that emerged post demonetization and a subsequent cash flow crunch as the sector majorly dealt in cash. Most Indian businesses are still feeling the prolonged Covid effects as most B2B companies are reeling under the pressure of delayed payments. The following factors are the reasons why India’s poor payment culture has led to impact MSMEs:

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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