1Research Scholar, Department of Humanities and Social Sciences, Indian Institute of Technology Roorkee, Roorkee-247667, Uttarakhand, India
2Assistant Professor, Department of Humanities and Social Sciences, Indian Institute of Technology Roorkee, Roorkee-247667, Uttarakhand, India
*(Corresponding author) email id: d.bharat@hs.iitr.ac.in
JEL Classification Code: E26, Q01
Existing literature demonstrates how financial innovation, including digital payments and fintech services, can accelerate the attainment of Sustainable Development Goal (SDG) 8 (Ozili, 2023b). In November 2022, the Reserve Bank of India launched a Central Bank Digital Currency (CBDC) pilot project. Unlike cryptocurrencies, CBDC is a digital currency issued by central banks to improve financial inclusion, transparency, and monetary policy. This paper examines the Central Bank Digital Currency's (CBDC) pivotal role in advancing economic growth and decent work in India. This paper argues that CBDC, as a financial innovation, can play a vital role in achieving SDG 8 by increasing transparency in payments and making better monetary policy decisions. However, the inadequate infrastructure and educational disparities within the population may create hurdles to fruitful outcomes of CBDC in India (Ma, 2023). Sandhu et al. (2023) find that trust and transparency play a pivotal role in the acceptance of CBDC. We also recommend to explore the use of CBDC as a means to advance progress toward SDG 8.
SDG 8, CBDC, Decent work, Economic growth, India
