New Delhi: Chief Economic Adviser (CEA) Krishnamurthy Subramanian has said that India would be most distinctive and different from the rest of the world in terms of technology-led growth.
In his address at the Global Fintech Fest on Thursday, Mr Subramanian stated that the Centre is creating digital infrastructure as a public good which will integrate more people into the formal sector.
He also said that the benefits of the technology can be utilized by financial services sector and labour markets.
The Chief Economic Adviser emphasized on the need to invest and use data-intensive modelling among banks and financial institutions, not just for retail lending but also to widen the scope to include SME (small and medium enterprise) lending, corporate lending and large ticket lending.
“By joining hands with the banks, they can become far more profitable,” Mr Subramanian added.
The CEA urged banks and financial institutions either to build data-analytical model or join hands with FinTech companies to provide credit to the retail sector.
He asked the private sector to focus on sustainable capitalism for long-term value creation.
P Vasudevan, Chief General Manager, Payments and Settlement Systems, Reserve Bank of India (RBI), said that the easy access to technology is driving growth like never before.
The Global FinTech Fest has been organized by Fintech Convergence Council (FCC) and Payments Council of India (PCI), the two Councils of Internet and Mobile Association of India (IAMAI), along with National Payments Corporation of India (NPCI).