Unique opportunity for sustainable and inclusive growth: Financial Minister at Silicon Valley
At Silicon Valley Finance Minister Nirmala Sitharaman called investors to be a part of the country’s growth story while expressing for collaboration with the US in financial services and emerging technologies. At round table which was hosted by the Confederation of Indian Industry (CII) and the US chamber of Commerce’s US-India business council (USIBC), she spokes that- Financial Technology constitutes a unique opportunity for sustainable and inclusive growth and the US-India collaboration in financial services and emerging technologies will assist increased investment and innovation. Sitharaman further told to a group of flagrant corporate executives in the Valley – “With a growth prognosis of almost 8% in FY 2023, India is likely to remain the world’s speedy growing major economy over the next few years, driven by the continued breadth of its technology and start-up ecosystems.”
Confederation of Indian Industry, a non-governmental, not-for-profit organization, Industry-led and managed association for more than 25 years has been involved in shaping India’s development with 62 officers, 10 centre’s of excellence in India and 8 abroad officers in Australia, Egypt, Germany, Indonesia, Singapore, United Arab Emirates, United Kingdom and United States, including Institutional Partnerships with 394 correspondent organizations in 133 countries, CII serves as the core of Indian Industry and the International business community.
At the insistence of U.S. and Indian governments, the U.S.-India business council (USIBC) which was established in 1975 represents 100s of top global companies operating across the United States and the Indo-pacific. In the midst of dynamic growth within the U.S.-India commercial partnership USIBC serves as the premier voice of Industry and creates link between businesses and governments across both the countries. Observing that U.S.-India trade is progressively driven by new business hubs, USIBC is also focused on building up connections between cities and states. Proficiency and impact of USIBC’s is enhanced by being a part of U.S. chamber of commerce, whose thousand of member companies represent the power of free enterprise to strengthen the peace, freedom and security of people around the globe.
The executive assembly was also joined by Dr. V Ananth Nageswaran, chief economic advisor, Government of India; Taranjit Singh Sandhu, Indian Ambassador to the United States; Rajat Mishra, additional Secretary, Department of Economic Affairs, Ministry of Finance; Nilesh Shah, Chairman, CII National committee of Financial Markets, Moderated by Atul Keshap, President, USIBC.
Amongst the ministers, Taranjit Singh Sandhu propounded- Fintech revolution is happening in India. As a Country that runs the largest financial inclusion Project in the world to the country that has highest fintech adoption rate globally to the highest number of real time online transaction globally, India has lot to offer to the earth. The financial sector in India has contemporarily seen PM-guided and FM-led reforms. We hope that the US venture capitalists, asset management companies look at India to begin their new Journey or Scale up existing operations and Partner and Grow.
Atul Keshap added that the discussion reinforced that innovation around fintech will be censorious to reach USD500 billion in annual trade between the US and India. “Worldwide leaders from the USIBC and the CII member companies, in these areas exchanged an aspiring view for how fintech can power a free and prosperous Indo-Pacific”.Nilesh shah propounded that” India is full of opportunities for investors, as a hotbed of innovation with a vibrant start-up ecosystem. India is home to one of the rapid growing financial technology markets in the world, with transaction values approximated to grow at a CAGR of 20 per cent to reach USD138 billion by 2023."Further added that- "Under the leadership of Finance Minister Sitharaman, India has continued its expedited growth despite the external shocks of COVID-19 and global conflicts, and the round table attendees looking to invest in India's enlarging financial technology market hold high expectations for its continued success. "Nova Credit, Brevet Capital, Citi, Blackstone, Western Digital, Palo Alto Networks, The Regents of the University of California, Morgan Stanley, Light speed House Ventures, Bow Capital and Nasdaq, Insight Partners, Powerhouse Ventures, Blume Ventures, were some of the corporations who participated in such an event among the others.