Highlights

  • FM: Fintech poses a unique opportunity for sustainable growth
  • FM: 1 in 4 start-ups in India belong to fintech sector
  • At $31 bn in 2021, India has the 3rd largest fintech market in the world

Latest news

Russian billionaire's 'colour-changing' yacht resurfaces after 2 weeks off the radar amid sanctions hunt

Russian billionaire's 'colour-changing' yacht resurfaces after 2 weeks off the radar amid sanctions hunt

This military drone with AI attacks enemies without operator's command; in high demand, says firm | KARGU

This military drone with AI attacks enemies without operator's command; in high demand, says firm | KARGU

Five bodies found in a well: 3 women, a baby & 4-yr-old found dead in Jaipur days after going missing

Five bodies found in a well: 3 women, a baby & 4-yr-old found dead in Jaipur days after going missing

Hockey Asia Cup 2022: Pawan, Manjeet score as India defeat Japan by 2-1 in Super 4s

Hockey Asia Cup 2022: Pawan, Manjeet score as India defeat Japan by 2-1 in Super 4s

Daughter scams father? Allegedly stole ₹2 lakh from bank account; how Delhi police caught her

Daughter scams father? Allegedly stole ₹2 lakh from bank account; how Delhi police caught her

Decoded | FM Nirmala Sitharaman's outreach at Silicon Valley: Be part of India's growth story

Speaking at a round table hosted by the CII and the USIBC, Nirmala Sitharaman pitched for collaboration with the US in financial services and emerging technologies.

Come, be part of the India growth story. This was Union Finance Minister Nirmala Sitharaman's message to investors in Silicon Valley, as she wrapped up her trip to the United States.

Speaking at a round table hosted by the CII and the US Chamber of Commerce’s US-India Business Council (USIBC), Nirmala Sitharaman pitched for collaboration with the US in financial services and emerging technologies.

Also watch | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?

She said fintech represents a unique opportunity for sustainable and inclusive growth.

"India has the largest start up ecosystem...1 in 4 start-ups belong to fintech and increasingly becoming unicorns. 20 unicorns belonging to fintech in last 2-3 years. Digital adoption rate in India as of 2019 was 85% whereas globally it was 64%," said the Finance Minister.

There's a fintech revolution happening in India, and as a country that runs the largest financial inclusion programme in the world, and has highest fintech adoption rate globally, India has a lot to offer.

Also watch | Finance Minister Nirmala Sitharaman at IMF: India is a leader in digital adoption

India is home to one of the fastest growing fintech markets. At $31 billion in 2021, it's the 3rd largest in world, after the US and China. India's fintech market size is estimated to grow at a CAGR of 20% to reach $138 billion by 2023.

Global leaders from the fintech sector, from the USIBC and the CII member companies also feel fintech can power a free and prosperous Indo-Pacific.

Ambassador Atul Keshap, former diplomat and President of USIBC says, innovation around fintech will be a critical to reach $500 billion in annual trade between the US and India. The fintech sector also offers the chance to meet the needs of Generation Z and Millennials, who are tech-savvy in financial management across all economic categories, including insurance, loan repayment, and purchase or sale or investment of financial assets.

Also watch | Money laundering, terror financing - biggest risk of crypto: FM Sitharaman

Another big area of focus for the Finance Minister the US semiconductor players. Some call it the ‘brain’ of modern electronics, while others call it the ‘heart.’ Nirmala Sitharaman met representatives of the semiconductor industry in the US urging them to invest in India.

Last year, the govt also approved a $10bn production-linked incentive scheme to boost semiconductor manufacturing in the country, in a bid to position India as a global hub for hi-tech production. The move is starting to show results. The govt has received five proposals for setting up of semiconductor fabrication and display fabrication units worth Rs 1.53 lakh crore. Not just that, the semiconductor market of India is estimated to touch $63 billion by 2026, as per reports.

Also watch | The US-India 2+2 dialogue amid Russia-Ukraine crisis: What next for India-US ties?

With a growth forecast of almost 8% in FY 2023, India is likely to remain the world’s fastest growing major economy over the next few years. With healthy FDI inflows, and the macroeconomic outlook looking stable, the Indian economy is showing steady recovery, post the pandemic.

At a critical time for geo-strategic and geo-economic convergence, the govt hopes that the India-US trade partnership, can make the case for democracy through shared prosperity.

Up Next

Decoded | FM Nirmala Sitharaman's outreach at Silicon Valley: Be part of India's growth story

Decoded | FM Nirmala Sitharaman's outreach at Silicon Valley: Be part of India's growth story

Decoded | India invites foreign investment as Davos World Economic Forum reflects global conflict

Decoded | India invites foreign investment as Davos World Economic Forum reflects global conflict

The India Story Episode 8 | Quad vs China: ‘Game on’ in the Indo-Pacific?

The India Story Episode 8 | Quad vs China: ‘Game on’ in the Indo-Pacific?

Decoded | Texas school shooting: the problem with America's gun culture

Decoded | Texas school shooting: the problem with America's gun culture

Decoded | Quad Summit 2022: Can the Quad counter China in the Indo Pacific?

Decoded | Quad Summit 2022: Can the Quad counter China in the Indo Pacific?

The India Story Episode 7 | Global inflation woes: Can India’s economy emerge victorious?

The India Story Episode 7 | Global inflation woes: Can India’s economy emerge victorious?

More videos

Decoded | Sedition law explained: Time for 'colonial baggage' to go?

Decoded | Sedition law explained: Time for 'colonial baggage' to go?

The India Story Episode 6 | Is foreign education viable in a post-Covid world?

The India Story Episode 6 | Is foreign education viable in a post-Covid world?

The EJ Tech Show: Realme GT 2, OnePlus Nord CE 2 Lite, OnePlus Nord Buds reviewed

The EJ Tech Show: Realme GT 2, OnePlus Nord CE 2 Lite, OnePlus Nord Buds reviewed

The India Story Episode 5 | Judicial reforms: Long overdue for swift justice?

The India Story Episode 5 | Judicial reforms: Long overdue for swift justice?

The EJ Tech Show: Realme GT Neo 3 Review, OnePlus Nord CE 2 Lite First Look

The EJ Tech Show: Realme GT Neo 3 Review, OnePlus Nord CE 2 Lite First Look

The India Story Episode 4 | Will Elon Musk be able to solve Twitter's disinformation problem?

The India Story Episode 4 | Will Elon Musk be able to solve Twitter's disinformation problem?

Decoded | Russia-Ukraine war: are we heading towards disinformation dystopia?

Decoded | Russia-Ukraine war: are we heading towards disinformation dystopia?

The EJ Tech Show: Samsung Galaxy Book2 Pro 360 and Samsung Galaxy A73 5G reviewed!

The EJ Tech Show: Samsung Galaxy Book2 Pro 360 and Samsung Galaxy A73 5G reviewed!

The India Story Episode 3 | UK PM in India, FM in US signals India is 'open for business'

The India Story Episode 3 | UK PM in India, FM in US signals India is 'open for business'

Decoded | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?

Decoded | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.