India Economic Survey 2017:

As people return to cash, no major effect on digital payments The initiative invoked mixed reactions from different sectors. While companies in the fin-tech segment posted record transactions, segments such as e-commerce witnessed major blip in transactions volumes.  Digital transactions among new users increased sharply even as the transactions made by existing users grew in line with historical trend, post the government announced the demonetisation drive, said the Economic Survey 2016-17 tabled in the Parliament on Tuesday.

 It highlighted that once the cash was back in supply, some people returned to using cash as their primary mode of transaction. However, it stressed that the same did not have a major effect on the digital drive, which is expected to continue. Prime Minister Narendra Modi on November 8 announced the demonisation of Rs 500 and Rs 1,000 currency notes in a drive to fight corruption, black money and make India a cashless economy. The initiative invoked mixed reactions from different sectors. While companies in the fin-tech segment posted record transactions, segments such as e-commerce witnessed major blip in transactions volumes. "Demonetisation has short term cost, long term benefits. However poor don't have much digital access. Thus faster remonetisation of the economy is needed," admitted India's CEA Arvind Subramanian in his speech on Tuesday

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