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International Journal of Trend in Scientific Research and International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

shook everyone. Although there have been various shook everyone. Although there have been various the problem. Sources for the secondary data are Sources for the secondary data are
initiatives taken by our Honorable Prime Minister Mr initiatives taken by our Honorable Prime Minister Mr originated from the various sources like special originated from the various sources like special
Narendar Modi such as Make In India, Swatch Bharat In India, Swatch Bharat investigation team report, newspaper and Reserve investigation team report, newspaper and Reserve
Abhiyan, Digital India etc. But it was during this Abhiyan, Digital India etc. But it was during this bank of India (RBI) websites.
money crunch when people started recognizing the money crunch when people started recognizing the
benefits of being digitally sound and how useful it is. benefits of being digitally sound and how useful it is. Digital World and Digital IndiaDigital World and Digital India:
Our government has emphasized ongoing cashless as Our government has emphasized ongoing cashless as In the Global Information Technology report 2017 In the Global Information Technology report 2017
it will make transactions smoother and transparent smoother and transparent published by World Economic Forum India Ranked at by World Economic Forum India Ranked at
st
and eliminates the existence of parallel economy and eliminates the existence of parallel economy 91 position in Network Readiness Index among 139 position in Network Readiness Index among 139
which poses threat to the peace in our country and which poses threat to the peace in our country and countries slip down by 2 positions in the overall countries slip down by 2 positions in the overall
also helped in their financial inclusion plan and has also helped in their financial inclusion plan and has ranking. The change is marginal but this drop is an ranking. The change is marginal but this drop is an
seen that demonetization has made the accounts seen that demonetization has made the accounts indicator of our slower pace than other countries. In indicator of our slower pace than other countries. In
opened under Pradhan Mantri Jan Dhan Yojana an Dhan Yojana the overview given the World Economic Forum, the ew given the World Economic Forum, the
operational. As rightly said by Rajat Gandhi on operational. As rightly said by Rajat Gandhi on lack of infrastructure (based on which it is ranked lack of infrastructure (based on which it is ranked
financial inclusion “No matter how many banks may financial inclusion “No matter how many banks may 114th) and low levels of skills among the population 114th) and low levels of skills among the population
open and how many boots you have on the ground, if open and how many boots you have on the ground, if (101st) remain the key bottlenecks to widespread ICT (101st) remain the key bottlenecks to widespread ICT
the person does not know about the financial options the person does not know about the financial options adoption, especially in terms of individual usage adoption, especially in terms of individual usage
that are open to him, policies, schemesthat are open to him, policies, schemes and financial (120th). A third of the Indian population is still A third of the Indian population is still
instruments will mean little. It is important for a instruments will mean little. It is important for a illiterate (95th) and a similar share of youth is not illiterate (95th) and a similar share of youth is not
person to know what to look for and only then think person to know what to look for and only then think enrolled in secondary education (103rd). India’s enrolled in secondary education (103rd). India’s
of the benefits that he can obtain from it. ” Thus this of the benefits that he can obtain from it. ” Thus this performance in terms of providing online services and performance in terms of providing online services and
makes the financial literacy all the more important. makes the financial literacy all the more important. allowing e-participation has so far been in line with participation has so far been in line with
Financial inclusion is a quantitative term and financial ntitative term and financial that of peer countries, but not the global best. Only 15 t of peer countries, but not the global best. Only 15
literacy is more about the quality. Financial literacy literacy is more about the quality. Financial literacy out of 100 households have access to the Internet and out of 100 households have access to the Internet and
focuses on the understanding one should have to how focuses on the understanding one should have to how mobile broadband remains a privilege of the few, with mobile broadband remains a privilege of the few, with
to use and manage the money efficiently and reduce to use and manage the money efficiently and reduce only 5.5 subscriptions for every 100 people. This is in only 5.5 subscriptions for every 100 people. This is in
the risk and save their money from environmental the risk and save their money from environmental spite of the fact that affordability hspite of the fact that affordability has long been one of
changes such as changes in the economy, inflation etc. ges in the economy, inflation etc. the strengths of the Indian ICT ecosystem, with the the strengths of the Indian ICT ecosystem, with the
With the demonetization people have also realised With the demonetization people have also realised country ranking 8th this year in this area. There is a country ranking 8th this year in this area. There is a
how important it has become for them to know about how important it has become for them to know about deep divide that persists between welldeep divide that persists between well-connected
their money and what affects it the most and how they their money and what affects it the most and how they metropolitan hubs and remote rural areas, where even metropolitan hubs and remote rural areas, where even
can protect. During this phase digital awareness has can protect. During this phase digital awareness has the most basic infrastructure is insufficient. The re is insufficient. The
also gained importance and people are also willing to mportance and people are also willing to Digital India initiative started by our honorable Prime Digital India initiative started by our honorable Prime
learn the new modes available for them to manage learn the new modes available for them to manage Minister Mr. Narendra Modi is one of the necessary Minister Mr. Narendra Modi is one of the necessary
their money in the cashless way. During this time the their money in the cashless way. During this time the steps needed for our economy to compete with the steps needed for our economy to compete with the
online payment options have helped people to survive online payment options have helped people to survive digitalization transition going on around the world digitalization transition going on around the world
the cash crunch they faced and have also become the the cash crunch they faced and have also become the and aims to close the gap by fostering investment in p by fostering investment in
digital infrastructure, improving digital literacy, and igital infrastructure, improving digital literacy, and
driving force for digital literacy and financial literacy.force for digital literacy and financial literacy. d
i increasingly providing online services to citizens.ncreasingly providing online services to citizens.
II. OBJECTIVE OF THE STUDYOBJECTIVE OF THE STUDY
1. To understand the obstacles in the path of To understand the obstacles in the path of
digitalization and the economic growth. digitalization and the economic growth.
2. To understand how every step taken towards To understand how every step taken towards
financial literacy is affected by various factorfinancial literacy is affected by various factors and
how they are interrelated and interdependent. how they are interrelated and interdependent.
3. To understand the requirement of financial To understand the requirement of financial
literacy.

III. RESEARCH METHODOLOGYRESEARCH METHODOLOGY
The study is exploratory and quantitative in nature. The study is exploratory and quantitative in nature.
D
Digitalization and GDP Growthigitalization and GDP Growth:
The secondary information is used for the analysis of The secondary information is used for the analysis of
I
Impact of digitalization on a country can be assessed mpact of digitalization on a country can be assessed
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