Digital boom hasn't killed cash as currency-to-GDP ratio rises again to 11.4%

The currency with the public in India has grown nearly 12% in the fiscal year 2026, outpacing nominal GDP growth. This increase has led to a rise in the currency-to-GDP ratio to 11.4%. This development suggests that despite the digital boom, cash remains a widely used and preferred form of payment in the country. The continued expansion of UPI transactions at over 20% also indicates a coexistence of digital and cash payments in the Indian economy.

Why it matters

The currency-to-GDP ratio has risen again to 11. 4%, indicating that cash is still a widely used currency in India.

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