India should be relatively happier & comfortable seeing growth forecasts: CEA Nageswaran
V Anantha Nageswaran, India’s Chief Economic Advisor, was speaking at ASSOCHAM’s international fintech summit, where he also highlighted the opportunities and challenges lying ahead for the fintech sector.
- Jun 9, 2022,
- Updated Jun 9, 2022 3:10 PM IST
V Anantha Nageswaran, India’s Chief Economic Advisor, while speaking at ASSOCHAM’s India International Fintech Summit, said that many countries, including India, is facing challenges on the economic front but seeing forecasts of various organisations India should be relatively happier and comfortable.
“I must say, India is relatively better placed to deal with the economic challenges,” the CEA said.
Talking about the fintech ecosystem in India and the world, he said, “Globally, we saw record global investments coming in fintech ecosystem in 2021.” He went on to add that the fintech sector grew rapidly than expected.
Nageswaran was talking about the lessons drawn from the fintech revolution and pointed out that the government acts as an enabler of citizen centric services. He believes that this is a key factor driving the rise of public digital platforms in India. In addition to this, he added that rapid reduction in mobile internet tariffs along with favourable demographic played a vital role in the growth of the fintech sector in India.
“The emergence of fintech has strengthened the financial sector by reducing the cost and friction related to information asymmetry coupled with broadening access to financial services,” Nageswaran added further. Suggesting the way forward, Nageswaran said that the policymakers should develop comprehensive global standards for more robust oversight of fintech firms and decentralised finance (DeFi) platforms, in order to take advantage of their benefits while mitigating their risks.
Highlighting the risks, CEA Nageswaran said that two risks in fintech -- data privacy and consumer protection -- is something that everyone needs to focus on. However, Nageswaran believes that the fintech space is all set to grow even further in the future.
Also Read: Amazon thwarted 2.5 mn attempts to create offerings, seized 3 mn counterfeit products in 2021
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V Anantha Nageswaran, India’s Chief Economic Advisor, while speaking at ASSOCHAM’s India International Fintech Summit, said that many countries, including India, is facing challenges on the economic front but seeing forecasts of various organisations India should be relatively happier and comfortable.
“I must say, India is relatively better placed to deal with the economic challenges,” the CEA said.
Talking about the fintech ecosystem in India and the world, he said, “Globally, we saw record global investments coming in fintech ecosystem in 2021.” He went on to add that the fintech sector grew rapidly than expected.
Nageswaran was talking about the lessons drawn from the fintech revolution and pointed out that the government acts as an enabler of citizen centric services. He believes that this is a key factor driving the rise of public digital platforms in India. In addition to this, he added that rapid reduction in mobile internet tariffs along with favourable demographic played a vital role in the growth of the fintech sector in India.
“The emergence of fintech has strengthened the financial sector by reducing the cost and friction related to information asymmetry coupled with broadening access to financial services,” Nageswaran added further. Suggesting the way forward, Nageswaran said that the policymakers should develop comprehensive global standards for more robust oversight of fintech firms and decentralised finance (DeFi) platforms, in order to take advantage of their benefits while mitigating their risks.
Highlighting the risks, CEA Nageswaran said that two risks in fintech -- data privacy and consumer protection -- is something that everyone needs to focus on. However, Nageswaran believes that the fintech space is all set to grow even further in the future.
Also Read: Amazon thwarted 2.5 mn attempts to create offerings, seized 3 mn counterfeit products in 2021
Also Read: IMF asks cash-strapped Pakistan to renegotiate CPEC energy deals: Report