In Silicon Valley, Union Finance Minister Nirmala Sitharaman invited investors to be a part of the country’s growth story, advocating cooperation with the US in financial services and emerging technologies.
Speaking at a roundtable organized by the Confederation of Indian Industry (CII) and the US-India Business Council (USIBC) of the US Chamber of Commerce, he said that Financial Technology (Fintech) represents a unique opportunity for sustainable and inclusive growth. .
“With a growth forecast of around 8 per cent in FY2023, India is likely to remain the world’s fastest growing major economy over the next few years, driven by the continued expansion of its technology and start-up ecosystem, Ms Sitharaman said. A group of eminent corporate executives in Silicon Valley.
“US-India collaboration in financial services and emerging technologies will support increased investment and innovation, and fintech represents a unique opportunity for sustainable and inclusive growth,” the finance minister said in an appeal to key investors to be part of India’s growth story. invited to.
Moderated by USIBC President Atul Keshap, the Executive Assembly was also attended by Dr. V Ananth Nageswaran, Chief Economic Adviser to the Government of India; Taranjit Singh Sandhu, Indian Ambassador to the United States of America; Rajat Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance; and Nilesh Shah, Chairman, CII National Financial Markets Committee.
“A fintech revolution is happening in India. As a country that runs the largest financial inclusion program in the world, with the highest fintech adoption rate globally, the highest number of real-time online transactions globally, India has a lot to offer to the world,” Mr. Sandhu said.
“The financial sector in India has seen recent PM-guided and FM-led reforms. We expect US venture capitalists, endowment funds and asset management companies to start their new journeys or expand and grow existing operations and partner. Let’s look to India,” he said.
Mr Keshap said the discussion emphasized that innovation around fintech will be critical for the US and India to reach USD500 billion in annual trade.
“Global leaders from USIBC and CII member companies in these regions shared an ambitious vision of how fintech can power a free and prosperous Indo-Pacific. What I Want to Build Business Leaders, VCs and Institutional Investors I stand in strong support of what I am doing. That vision is possible,” he said.
‘Vibrant Start-up Ecosystem in India’
“As a hub of innovation with a vibrant start-up ecosystem, India is full of opportunities for investors. India is one of the fastest growing fintech markets in the world, with transaction value estimated to grow at a CAGR of 20 per cent. To reach USD 138 billion by 2023,” Shah said.
“Under the leadership of Finance Minister Sitharaman, India has continued its accelerated growth despite the external shocks of COVID-19 and global conflicts, and has high hopes for its continued success in the roundtable for those looking to invest in India’s expanding fintech market.” are,” he said. ,
Businesses and funds that participated in the event included Blackstone, Brevet Capital, Citi, Nova Credit, Western Digital, Palo Alto Networks, Regents of the University of California, Lightspeed House Ventures, Insight Partners, Morgan Stanley, Powerhouse Ventures, Bloom Ventures. , Bo Capital and Nasdaq.