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Why cash is still king in Indian economy
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Collapse of credit confidence post-GST and now Covid has played a role, besides illicit Chinese imports
The riddle of a dramatic and record surge in currency-in-circulation (CiC) despite large contraction in GDP during FY 2021 and exponential growth in digital payments calls for an explanation.
CiC/GDP and CiC/demand deposits ratios are at record levels. Actually, higher cash-intensity of the economy evolved with a steady increase in mis-invoiced/illicit import from China since mid-2000s. Average CiC growth rate was higher than nominal GDP growth during 2001-20, whereas it was lower during 1980s.