Be Part of India’s Growth Story: Silicon Valley’s Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman of Silicon Valley has invited investors to be part of the country’s growth story while proposing collaboration with the United States in financial services and emerging technologies.
Speaking at a roundtable organized by the Confederation of Indian Industry (CII) and the US-India Business Council (USIBC) of the United States Chamber of Commerce, she said that financial technology (fintech ) represents a unique opportunity for sustainable and inclusive growth.
“With a growth forecast of nearly 8% for FY2023, India is likely to remain the world’s fastest growing major economy in the coming years, driven by the continued expansion of its technology ecosystems and start-ups,” said Sitharaman. a group of prominent Silicon Valley business leaders.
“U.S.-India collaboration in financial services and emerging technologies will support increased investment and innovation, and fintech represents a unique opportunity for sustainable and inclusive growth,” the finance minister said, inviting leading investors to be part of the Indian growth story.
Moderated by Atul Keshap, President of USIBC, the executives’ meeting was also joined by Dr. V Ananth Nageswaran, Chief Economic Advisor to the Government of India; Taranjit Singh Sandhu, Ambassador of India to the United States; Rajat Mishra, Assistant Secretary, Department of Economic Affairs, Ministry of Finance; and Nilesh Shah, Chairman, CII National Committee on Financial Markets.
“There is a fintech revolution underway in India. As the country that runs the largest financial inclusion program in the world, the country that has the highest fintech adoption rate in the world and the largest number of real-time online transactions in the world, India has a lot to offer the world,” Mr. Sandhu said.
“The financial sector in India has recently seen reforms guided by the PM and led by the FM. We hope that US venture capital firms, endowments and asset management companies will look to India to begin their new journey or scale up existing operations and partner and grow,” he said.
Mr Keshap said the discussion reinforced that innovation around fintech will be key to achieving $500 billion in annual trade between the US and India.
“Global leaders in these fields from USIBC and CII member companies have shared an ambitious vision of how fintech can power a free and prosperous Indo-Pacific. I strongly support what business leaders, VCs and institutional investors are doing to make this vision possible,” he said.
“A dynamic start-up ecosystem in India”
“As a hotbed of innovation with a vibrant start-up ecosystem, India is brimming with opportunities for investors. India is home to one of the fastest growing fintech markets in the world, with transaction values estimated at a CAGR of 20% to reach $138 billion by 2023,” Shah said.
“Under the leadership of Finance Minister Sitharaman, India has continued its accelerated growth despite the external shocks of COVID-19 and global conflicts, and roundtable participants looking to invest in India’s booming market for fintech has high expectations for its continued success,” he said.
Companies and funds that participated in the event included 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.