Fintech growth will transform income and wealth creation, boost social stability: CEA Nageswaran
Aug 08, 2024
Mumbai (Maharashtra) [India], August 8 : 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).
