The Indian economy is predominantly cash-driven. Despite being a global leader in software and IT-enabled services, almost 95 per cent of India’s Personal Consumption Expenditure takes place in cash. The Country spends Rs 4,000 to 4,500 crore in printing currency. Dependence on cash impedes economic growth. Just converting cash transactions into electronic form would add 0.5 to 1.5 per cent to the GDP, as per several studies. Extensive use of the Internet and Information Technology would stimulate overall economic growth and help curb leakages and corruption.
The CAII National Mission on e-Economy strives to address the issues related to the use of the Internet and modern technology in the economic transactions. It will bring all stakeholders—government, industry and civil society—on one platform to find optimum solution for the challenges facing the electronic payments and settlements system and related areas.