However, business tycoon and chairperson of Godrej Group, Adi Godrej, is little skeptical as how good the idea of cashless economy would work in India.
The 74-year-old business leader, one of the very few from the corporate world to speak on the issue of demonetisation, said that cashless economy will be difficult to implement in rural areas.
In an interview to The Indian Express, Godrej said, "No economy in the world is a cashless economy. All economies, even advanced economies, which have a lot of transactions online, etc, use quite a lot of cash. So to try and get into a cashless economy situation especially in rural India, etc, to my mind, will be very difficult."
He added that "a cashless economy is trying to achieve too much too soon".
However, the chairperson of Godrej Group said the government's demonetisation decision would be good for the country in the medium to long term.