Forbes believes Prime Minister Modi's real motivation is a desire to leapfrog the cash generation to digital payment solutions----a significant step in the development of India and the emergence of a truly cashless economy.
"This is a public sector innovation unthought of in history. A cultural-economic revolution in the making!" exclaimed Monishankar Prasad, a New Delhi-based author and editor, about India's demonetization initiative and subsequent drive towards developing a cashless economy. The biggest problem with India suddenly removing 86% of its currency from circulation without having an adequate supply of new notes ready to take their place is that fact that India is more reliant on cash than almost any other country on earth. Suddenly, hundreds of millions of people were left without the means to engage economically, to buy the things they wanted and needed, and myriad businesses were left without a readily available mechanism to receive payment for their goods, to buy supplies, or pay their staff.