Digitisation, Job Creation, GDP Growth: How Fintech Firms Are Contributing to India’s 5 Trillion Economy
CEOs of some of the fintech firms in India spoke to India.com and talked about how their firms are contributing to the country’s 5 trillion economy objective.
New Delhi: Going in line with the Central government’s objective, fintech firms across the country are making various efforts to make the country a 5 trillion economy. With the rapid digitization, these fintech firms are trying to bridge the urban-rural divide to foster financial inclusivity. These firms are not only simplifying the traditional banking but also introducing innovative solutions that cater to the nuanced needs of the Indian populace.
CEOs of some of the fintech firms in India spoke to India.com and talked about how their firms are contributing to the country’s 5 trillion economy objective.
Sanchit Malik, Co-Founder and CEO of Pazcare, told India.com that fintech companies are poised to play a pivotal role in propelling India towards its ambitious 5 trillion economy target.
“These companies are democratising financial services, ensuring that even the remotest parts of the country have access to banking, lending, insurance, and wealth management tools,” he said.
He said by leveraging technologies such as AI and blockchain, fintech entities are enhancing security, reducing fraud, and streamlining transactions. “By offering microloans, easy payment gateways, and digital-only banking services, they are nurturing entrepreneurship and SME growth. As these enterprises grow, they’ll undoubtedly contribute significantly to job creation, GDP growth, and the broader economic prosperity of India,” he added.
Atish Shelar, Chief Operating Officer (COO) of Tech Fini, said fntech, or financial technology, companies have the potential to play a significant role in India’s journey towards achieving a $5 trillion economy.
“India’s fintech sector has been growing rapidly in recent years, and it can contribute to the economy in several ways,” he said.
He said the fintech companies have the potential to drive financial inclusion, increase digital transactions, and promote economic growth across various sectors. “By leveraging technology and innovation, fintech can contribute significantly to India’s goal of becoming a $5 trillion economy,” he said.
Aalesh Avlani, Founder & Director of Credit Wise Capital said the fintech enterprises stand as the dynamic force propelling India towards its ambitious $5 trillion economic milestone.
“With the help and support from Government, NBFCs and Fintech’s have successfully been able to drive financial inclusion and innovation by offering customised solutions to end customers as well as MSME’s. This expansion of credit access fuels investment, employment, and foreign investments,” he said.
Yogi Sadana, Founder & CEO of Zype said fintech firms in India have brought a larger segment of the population into the financial ecosystem, whether it is insurance, banking, payments, or wealth management.
“With increased reach, constant innovation, and ease of usability for end customers, we can expect more economic participation from the underserved segments. Fintech’s will significantly contribute to India’s $5 trillion economy with increased credit access, digital payments, and increased efficiency due the growth and innovation we are witnessing,” he said.
Atul Parakh, CEO of Bigul, said in India’s journey to a $5 trillion economy, Fintech, supported by MFIs and NBFCs, leads the charge.
“Presently at $3.1 trillion, the roadmap demands a 10% annual growth. With 39,000 startups and 33 unicorns, India houses the world’s third-largest startup ecosystem, projected to employ 3.25 million by 2025, valued over $500 billion. Fintechs meet rising financial demands, surpassing global adoption rates. NBFCs, particularly, serve underserved sectors like MSMEs, vital for employment. They ensure credit inclusivity, tailoring solutions for marginalized segments. India’s booming Fintech hub not only generates jobs but also revolutionizes financial inclusivity, pivotal for India’s economic ambitions.” – Atul Parekh, CEO of Bigul,” he said.
