The greatest scope for consolidation lies in the excessive government consumption expenditure. Switching expenditure from consumption to investment is also essential if provision is to be made for the future and the obligation of drawing up a budget that conforms to the constitution is to be met.
Launched in 2016, UPI has emerged as the most popular and preferred payment mode in India pioneering Person to Person (P2P) as well as Person to Merchant (P2M) transactions in India accounting for 75% of the total digital payments. The volume of UPI transactions has increased multifold from 0.45 crore in January 2017 to 804 crore in January 2023.