TWTW Weekly Wrap Up: 2-8 Oct
Last Week’s Latest
Focused Story Of The Week #1: Empowering Solar Energy – India’s Green Tomorrow
India, at the forefront of innovation-led growth in renewable energy, has accelerated significantly and is currently regarded as one of the major economies with the fastest energy transition. Since 2014, India has attracted more than USD 42 billion in investments in the renewable energy sector, spurring an increase in investments and initiatives that are accelerating the nation's shift to greener energy sources.
In an effort directed towards expanding India’s capacity for solar energy and encouraging ‘Make in India’ for reducing dependency on import, the government has released a new PLI scheme with an allocated budget of Rs 195 billion (USD 2.4 billion). The advantages of this PLI scheme would aid in increasing the competitiveness of solar PV modules made in India.
Achieving sustainable development goals and addressing climate change challenges are imperative for India's economy as it strives to become the third-largest economy by 2030 and achieving the 5 trillion economy goal. With a strong emphasis on clean energy for India, the solar energy sector not only has contributed towards reducing the consumption of fossil fuels for power generation but has also created an ecosystem for renewable energy startups to prosper, providing a sustainable future to both – the startups and India.
“With the government’s support and India’s need for a green revolution, solar energy will play a pivotal role in building a cleaner & greener tomorrow for India.”
Focused Story Of The Week #2: AI, A Catalyst To The Growth Of The Fintech Industry
According to BlueWeave Consulting, the market for AI in fintech is predicted to rise and reach USD 28.11 billion by 2028. Customer demand for real-time information, rapidly rising demand for process automation and rising demand for payment and lending personalisation in the BFSI sector are all having a significant impact on the growth of AI in the fintech market.
AI in fintech has helped improve data security and provides various security options such as securing passwords and safer and encrypted transactions. AI also plays a major role in customer experience and service as well. Thanks to AI, clients today receive quicker responses from banks on their queries in a hassle-free manner, something which has traditionally held the industry back for many years. Another major boon that AI has given to the fintech industry is its ability to automate processes, thus saving a lot of time and efforts whilst also reducing the scope of human error. Processes like loan approvals have become simpler and optimised thanks to AI.
AI streamlines operations across the board and efficiently completes repetitive jobs while tackling difficult activities with significant insights. It improves the customer experience, saves time, and allows businesses to make more informed decisions. It does not come as a surprise, that AI in fintech alone is expected to grow rapidly in the coming years and further drive the growth of the industry itself.
“AI’s ability to address the issues of the common man is what makes it a game changer in the FinTech Industry”
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