Nirmala Sitharaman, the Union Finance Minister, welcomed investors to be a part of the country’s economic narrative while appealing for partnership with the United States in financial services and new technologies in Silicon Valley.
She said financial technology (fintech) provides a unique potential for sustainable and inclusive growth during a round table held by the Confederation of Indian Industry (CII) and the US Chamber of Commerce’s US-India Business Council (USIBC).
“India is set to remain the world’s fastest-expanding major economy over the next several years, propelled by the continuous expansion of its technology and start-up ecosystems,” Sitharaman told a gathering of renowned business leaders in Silicon Valley.
“The US-India partnership in financial services and new technologies will promote more investment and innovation, and fintech provides a unique potential for sustainable and inclusive growth,” the finance minister said as she welcomed top investors to join India’s economic narrative.
Dr. V Ananth Nageswaran, Chief Economic Adviser, Government of India; Taranjit Singh Sandhu, Indian Ambassador to the United States; Rajat Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance; and Nilesh Shah, chairman, CII National Committee on Financial Markets were among those who attended the executive meeting, which was moderated by Atul Keshap, president, USIBC.
“In India, a fintech revolution is underway. India has a lot to give the world, from running the world’s largest financial inclusion program to having the world’s highest fintech adoption rate to having the world’s greatest number of real-time online transactions, ” Sandhu said.
“India’s financial industry has lately undergone PM-led and FM-led reforms. We believe that US venture capitalists, endowment funds, and asset management firms would consider India as a place to launch new ventures or expand current operations, as well as collaborate and grow, ” he stated
Keshap stated that the conversation emphasized the importance of fintech innovation in achieving USD500 billion in yearly commerce between the United States and India.
“The USIBC and CII member businesses’ global leaders in these disciplines shared an ambitious vision for how fintech can enable a free and vibrant Indo-Pacific. I wholeheartedly endorse what business leaders, venture capitalists, and institutional investors are doing to make that vision a reality ” he added.
India has a thriving start-up environment:
“India offers a plethora of investment options as a hotspot of the invention with a thriving start-up environment. With transaction values expected to expand at a CAGR of 20% to reach USD138 billion by 2023, India is home to one of the world’s fastest-growing fintech marketplaces, “Shah stated.
“Despite the external shocks of COVID-19 and worldwide wars, India’s fast development has continued under Finance Minister Sitharaman’s leadership, and the round table delegates eager to invest in India’s developing fintech business have high hopes for its future success,” he added.
Blackstone, Brevet Capital, Citi, Nova Credit, Western Digital, Palo Alto Networks, The Regents of the University of California, Lightspeed House Ventures, Insight Partners, Morgan Stanley, Powerhouse Ventures, Blume Ventures, Bow Capital, and Nasdaq were among the companies and funds that attended the event.
