It seems the JAM trinity of Jan Dhan Yojana, Aadhaar and Mobile(JAM) is just the start.
While this trinity was supposed to make the other impossible trinity of Low Fiscal Deficit, High Growth and Low Inflation more possible, It has taken us only so far.
Direct Benefit Transfer to citizens, UPI Cashless Payments between people/businesses and the efficiency of Goods and Services Tax has the potential to take the nation forward in the times to come.
DBT-UPI-GST trinity to supercharge the economy.
Trends suggest so. With the total number of digital payment transactions reaching 18,737 crore in FY 2023-24, while the transaction value stands at ₹3,659 lakh crore.
In other words, We are doing 187 billion transactions every year. In the first half of 2024, UPI transaction volume in India saw a 52% surge, reaching 78970 crore transactions, while the transaction value increased by 40% to Rs 116.63 trillion
