India is the home to over 10,000 Fintech companies working in diverse sectors and segments. India’s Fintech ecosystem is the third largest in the world and growing at 14 per cent CAGR
Our Bureau
New Delhi
Emphasising the significance of the Fintech ecosystem, Chief Economic Advisor V Anantha Nageswaran on Thursday stated that the swift development of Fintech solutions will significantly transform income, savings, and wealth creation in India, ultimately contributing to social stability.
Speaking at the ninth edition of the Global Economic Summit held in Mumbai, CEA Nageswaran said rapidly evolving Fintech solutions will have a transformative impact on income, savings and wealth creation in India and contribute to social stability.
Nageswaran highlighted that there is huge potential for growth of the Fintech sector in a large country like India.
He referred to key Fintech developments that have positioned India as a model for other countries in leveraging technology to promote financial inclusion, streamline government services and foster innovation in the financial sector.
The continued growth and evolution of India’s Fintech ecosystem are likely to have far-reaching impact on the country’s economic development and global Fintech landscape, Nageswaran noted.
Nageswaran put forth key statistics on the Fintech sector. “India’s Digital lending market was valued at USD 270 billion in 2022. Similarly, the Wealth-Tech market is anticipated to grow to USD 237 billion by 2030, driven by a rising base of retail investors enabled by fintech innovations like robo-advisors and micro-investing platforms.”
India is the home to over 10,000 Fintech companies working in diverse sectors and segments. India’s Fintech ecosystem is the third largest in the world and growing at 14 per cent CAGR. RBI recently floated a draft Framework for recognition of Self-Regulatory Organisation (SRO) for the Fintech sector for stakeholder consultation.
The government is actively working to develop the Fintech ecosystem as it signed a USD 23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).
One of the world’s largest annual fintech conferences, the Global Fintech Fest (GFF) will be back soon with its fifth edition. GFF 2024 is scheduled from August 28-30, at the Jio World Convention Centre, Mumbai. The theme of this year’s conference is ‘Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient’.
Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).
Piyush Goyal asks footwear industry to aim USD 50 billion export by 2030
Union Commerce Minister Piyush Goyal, speaking at the India International Footwear Fair (IIFF) 2024 on Thursday, asked the footwear manufacturers to aim USD 50 billion export target by 2030.
As per industry estimates, India’s footwear exports are now at a mere USD 2 billion.
India is the world’s second-largest manufacturer of footwear, and Goyal said the country has to become the world’s largest manufacturer going ahead.
“Today you are creating more than 40 lakh jobs. My own sense is, this will go up to 1 crore jobs. You have the ability. We have the market. We have the world market to capture,” he told the industry people. “It only needs a little bit of self-confidence, open mind to accept change. Change is always a little difficult initially.”
Footwear sector almost contributes 2 per cent to GDP, and it employs 40 per cent women. Nearly 90-95 per cent of the manufacturers are MSMEs.
“My doors, the doors of my ministry, or any other wing of the government, led by Prime Minister Modi, is always there for you, is always there to support you, You have unique capabilities, whether it’s traditional footwear, whether it’s modern footwear, both leather or non-leather, whether it’s open shoes, sandals, kolhapuri chappals, track shoes, or high-quality leather wear.”
“I think India is poised to be a market leader in the world in each of these sectors.”
Goyal requested the footwear markers to leverage the free trade agreements (FTAs) that India has already signed with various countries. “As we enter into more and more FTAs, please leverage our FTAs and work to make the Indian brands truly global.”
During the footwear fair, the minister announced that he will ensure a footwear council is constituted.
