Mumbai: Fintech solutions can help generate 30 million jobs in the Micro, small and medium enterprises (MSMEs) sector by 2047, according to Vijay Kalantri, the President of All India Association of Industries (AIAI).
“MSMEs are the key pillars to attain inclusive economic growth. Today, MSMEs contribute 29 per cent to GDP, 45 per cent to exports and generate at least 110 million jobs; Fintech solutions can bridge MSME credit gap, which is pegged at $20 trillion in India."
"With better access to finance through fintech solutions, the share of MSMEs in GDP and exports can be enhanced to 40 per cent and 50 per cent respectively and this has potential to create 30 million jobs in the country,” said Kalantri in the run up to the 9th Global Economic Summit from August 8-10, 2024 being hosted by World Trade Center-Mumbai and All India Association of Industries (AIAI).
The Maharashtra government will showcase the MSME ecosystem in the state and facilitate fruitful partnership between small scale enterprises and fintech ecosystem in the state.
“India is already a global leader in digital public infrastructure and digital payments with 12.5 billion UPI transactions, 1.4 billion Aadhar authentications and 700 million Jan Dhan bank accounts to achieve financial inclusion in Tier 2 and Tier 3 cities. India, with its vast talent pool, has the potential to emerge as a global leader in data centers and related fields such as cyber security, cloud technology, and data insurance."
"Digital assets and tokenization will be another focus area wherein experts at the summit will discuss the need for global collaboration in regulatory harmonizations and tax certainties to support the sector,” said Kalantri.
The Summit will discuss the decline in the number of Fintech Unicorns in India in recent times. The number of Fintech Unicorns in India has fallen from 32 to 17 in the last two years.
Distinguished speakers at the Summit will shed light on the Road to Profitability as many of the Fintech Unicorns in India are loss making.
Of the 17 Fintech unicorns, two are headquartered in Mumbai. The city has received $15 billion fintech investment so far and there are 766 fintech investors in the city.
The Summit will lay emphasis on developing world-class incubation and accelerator ecosystems to churn out more fintech unicorns, generate more jobs and enhance fintech’s contribution to GDP.
Published 22 July 2024, 11:10 IST