Chief Economic Advisor (CEA) V Anantha Nageswaran stated on Thursday that the development of fintech solutions can have a revolutionary effect on income, savings, and wealth creation in India, ultimately contributing to social stability in the nation.
At the Global Economic Summit on Fintech held in Mumbai, Nageswaran stated, “The industry participants, in the course of their businesses, must accentuate the positives and be cognisant of the challenges that a potent combination of finance and technology can together pose to social stability and to the fortunes of low—and middle-income people.” He took part in the occasion electronically.
Financial literacy is something that is understood in theory for its usefulness globally, not just in India, but it is established by market participants, he said.
He continued by saying that India’s advancements in the fintech sector have made the nation a role model for other nations looking to use technology to boost financial inclusion, expedite government processes, and foster financial sector innovation.
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