India’s Fintech Adoption At 80% Compared To 64% Globally: MoS Som Parkash
Speaking at a conference, Som Parkash, Minister of State for Commerce & Industry, Govt. of India, said that India’s fintech adoption is at 80 per cent as compared to world’s adoption of 64 per cent.
During the FinTech Festival India MoS Som Parkash, Minister of State for Commerce & Industry, Govt. of India, said, “India’s fintech adoption is at 80 per cent as compared to world’s adoption of 64 per cent. Economic events such as demonetization, GST implementation and latest covid induced lockdown has made the Indian public tech savvy even in the informal sector. India is the best investment destination in the world despite of the three covid waves. Now, it is time to convert fintech initiatives into fintech revolution to make every Indian citizen empowered financially.”
Elaborating on inequality, climate and economic instability, Dr. V. Anantha Nageswaran, Chief Economic Adviser, Government of India, said, “Behavioural change in the private sector which includes the ordinary household will have a huge bearing on the success of climate change mitigation. Today many countries globally have shifted their focus from energy transition to energy security. But it is not just about resources, getting the private sector to finance sustainability initiatives is crucial. However, with interest rates on the rise, multilateral institutions such as the World Bank, European Investment Bank etc. should consider providing first loss guarantee or back stops, which will lower the cost of funds. Additionally multilateral financial institutions can also tweak their operating models and become risk managers for the private sector to crowd in private capital.”
“India has already announced the National Hydrogen Mission and we are the leaders of the International Solar Alliance, but right now cracking the ‘storage’ aspect will be most significant as it will offer a huge boost to decarbonisation efforts. Our country has very well laid out plants all the way until 2030 backed with ambitious targets for the share of renewable energy and therefore building concrete plants beyond 2030 to 2070 is going to be extremely crucial”, Dr. Nageswaran added.
The two-day conference is being attended by leading industry stalwarts such as Sarbvir Singh, Chief Executive Officer, Policybazaar; Suhail Sameer, Chief Executive Officer, BharatPe; Raghu Ramanujam, Director of Product, Flipkart; Mridul Gupta, Chief Operating Officer, CoinDCX; Santosh Kumar, Innovation Head, Citi Markets India; Hitesh Sachdev, Head – Startup Engagement & Investments, ICICI Bank and Sunit Vakharia, Head - Consumer Banking Technology India, DBS Bank amongst others.
At the event, a variety of discussions are being held on macro-economics, sustainable future, crypto & blockchain technology, Web3, InsurTech, RegTech, financial inclusion, CBDC, cloud adoption, metaverse, NFT’s, finance and payment app security and more.
