India stands out for technology-driven growth: CEA Krishnamurthy Subramanian

CEA Krishnamurthy Subramanian urged the private sector to focus on sustainable capitalism.

New Delhi: Chief Economic Adviser (CEA) Krishnamurthy Subramanian said India would be most distinctive and different from the rest of the world in terms of technology-driven growth.

Speaking at the Global Fintech Fest on Thursday, Mr. Subramanian stated that the center is creating a digital infrastructure as a public good that will integrate more people into the formal sector.

He also said that the benefits of technology can be enjoyed by the financial services sector and labor markets.

The Chief Economic Adviser emphasized the need to invest and leverage data-intensive modeling at banks and financial institutions, not only for retail lending but also to expand the scope to SME (small and medium-sized), corporate, and large exposures loans.

“By partnering with the banks, they can become much more profitable,” added Mr. Subramanian.

The CEA urged banks and financial institutions to either build a data analytics model or partner with FinTech companies to provide credit to retailers.

He urged 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 easy access to technology is driving growth like never before.

The Global FinTech Fest was organized by the Fintech Convergence Council (FCC) and the Payments Council of India (PCI), the two Councils of Internet and Mobile Association of India (IAMAI), and the National Payments Corporation of India (NPCI).