Page 36 - The Indian EYE 081624

BUSINESS EYE AUGUST 16, 2024 | The Indian Eye 36

Govt. hopes that fintech growth will

transform income and wealth creation,

boost social stability

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 Self-Regulatory Organisation (SRO)
for the Fintech sector for stakeholder
New Delhi
consultation.
mphasising the significance of The government is actively work-
the Fintech ecosystem, Chief ing to develop the Fintech ecosystem
EEconomic Advisor V Anan- as it signed a USD 23 million loan
tha Nageswaran on Thursday stated agreement to enhance access to qual-
that the swift development of Fintech ity fintech education, research, and
solutions will significantly transform innovation at the Gujarat Interna-
income, savings, and wealth creation tional Finance Tec-City (GIFT-City).
in India, ultimately contributing to One of the world’s largest an-
social stability. nual fintech conferences, the Glob-
Speaking at the ninth edition of al Fintech Fest (GFF) will be back
the Global Economic Summit held soon with its fifth edition. GFF 2024
in Mumbai, CEA Nageswaran said is scheduled from August 28-30, at
rapidly evolving Fintech solutions will the Jio World Convention Centre,
have a transformative impact on in- Mumbai. The theme of this year’s
come, savings and wealth creation in conference is ‘Blueprint for the Next
India and contribute to social stability. Decade of Finance: Responsible AI |
Nageswaran highlighted that Inclusive | Resilient’.
there is huge potential for growth of Chief Economic Adviser to the Government of India, Dr V. Anantha Nageswaran (ANI) Global Fintech Fest (GFF) 2024
the Fintech sector in a large country is presented by the Ministry of Elec-
like India. tronics and Information Technology
He referred to key Fintech de- the country’s economic development tors enabled by fintech innovations (MeitY), Ministry of External Affairs,
velopments that have positioned In- and global Fintech landscape, Nag- like robo-advisors and micro-invest- Department of Financial Services
dia as a model for other countries in eswaran noted. ing platforms.” (DFS), Reserve Bank of India (RBI)
leveraging technology to promote fi- Nageswaran put forth key sta- India is the home to over 10,000 and International Financial Services
nancial inclusion, streamline govern- tistics on the Fintech sector. “India’s Fintech companies working in di- Centres Authority (IFSCA). The
ment services and foster innovation in Digital lending market was valued verse sectors and segments. India’s conference is jointly organised by the
the financial sector. at USD 270 billion in 2022. Similarly, Fintech ecosystem is the third largest Payments Council of India (PCI), the
The continued growth and evolu- the Wealth-Tech market is anticipated in the world and growing at 14 per National Payments Corporation of
tion of India’s Fintech ecosystem are to grow to USD 237 billion by 2030, cent CAGR. RBI recently floated a India (NPCI), and the Fintech Con-
likely to have far-reaching impact on driven by a rising base of retail inves- draft Framework for recognition of vergence Council (FCC).

Piyush Goyal asks footwear industry to aim USD 50 billion export by 2030

nion Commerce Minister Pi- turer going ahead. 95 per cent of the manufacturers are market leader in the world in each
yush Goyal, speaking at the “Today you are creating more MSMEs. of these sectors.”
UIndia International Foot- than 40 lakh jobs. My own sense is, “My doors, the doors of my min- Goyal requested the footwear
wear Fair (IIFF) 2024 on Thursday, this will go up to 1 crore jobs. You istry, or any other wing of the govern- markers to leverage the free trade
asked the footwear manufacturers have the ability. We have the market. ment, led by Prime Minister Modi, is agreements (FTAs) that India has
to aim USD 50 billion export target We have the world market to cap- always there for you, is always there already signed with various coun-
by 2030. ture,” he told the industry people. to support you, You have unique tries. “As we enter into more and
As per industry estimates, In- “It only needs a little bit of self-con- capabilities, whether it’s traditional more FTAs, please leverage our
dia’s footwear exports are now at a fidence, open mind to accept change. footwear, whether it’s modern foot- FTAs and work to make the Indian
mere USD 2 billion. Change is always a little difficult ini- wear, both leather or non-leather, brands truly global.”
India is the world’s second-larg- tially.” whether it’s open shoes, sandals, During the footwear fair, the
est manufacturer of footwear, and Footwear sector almost contrib- kolhapuri chappals, track shoes, or minister announced that he will
Goyal said the country has to be- utes 2 per cent to GDP, and it em- high-quality leather wear.” ensure a footwear council is consti-
come the world’s largest manufac- ploys 40 per cent women. Nearly 90- “I think India is poised to be a tuted.

www.TheIndianEYE.com