Digitization to Accountability: India’s Model Harnessing Data, Technology and Integrity for National Growth

Abstract

India is rapidly transforming form paper money to digital means of finance supported by JAM (Jan-Dhan, Adhaar and Mobile) trinity, digital payments through Unified Payment Interface (UPI), GST e-invoicing and ongoing pilot Central Bank Digital Currency (CBDC). This move has improved transaction velocity, financial inclusion and welfare distribution. As velocity increased in digital transactions, various vulnerabilities like cyber enabled frauds, fake tax credit, and illicit cross border money flows have emerged. This study adopts mixed method approach combining secondary research from recent global literature, industry reports and regulatory publications with analysis of transaction trends and case studies. Findings indicate that digitization helps efficiency and scale but requires advanced forensic accounting, AI enabled anomaly detection and regulatory framework to mitigate risks. With 19.47 billion transactions amounting ₹25.08 lakh crore in July 2025, the paper argues for institution strengthening through technology enabled analytics and policy integration to support India’s financial flow towards Viksit Bharat@2047, eventually improve GDP of the nation, reduce systematic leakages, corruption and support ‘Sustainable Development Goal - 9 Industry, Innovation and Infrastructure’(NPCI, 2025) (PIB, 2024) (RBI, 2025) (Bain, 2025)