THE YEAR WAS 1991, India found itself teetering on the edge of a perilous economic precipice. Yet, from this crisis emerged the New Economic Policy. Led by then Finance Minister Manmohan Singh, India embraced the pillars of liberalisation, privatisation, and globalisation. Industrial licensing and trade restrictions were abolished, empowering industries to diversify and flourish. Public sector undertakings were privatised, freeing them from political interference. Tariffs were reduced, inviting global trade and investment. The reforms unleashed unprecedented growth, with sectors like aviation and telecom thriving. The License Raj crumbled, giving birth to a vibrant business ecosystem.
As the echoes of the transformative reforms of 1991 reverberated through the years, a new wave of revolution now sweeps across India, heralding a promise to democratise finance for every citizen. At the forefront of this movement are the dynamic fintech companies, leading the charge towards a more inclusive and accessible financial landscape in 2023 and beyond.
Global Scope, India Focus
A recent report by BCG and QED Investors projects remarkable growth for the global fintech industry, anticipating a six-fold increase in revenues from $245 billion to $1.5 trillion by 2030. The sector is expected to capture up to 7 per cent of global financial services revenue, with banking fintechs comprising a quarter of all banking valuations worldwide.
This story is from the 29 July 2023 edition of Businessworld India.
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This story is from the 29 July 2023 edition of Businessworld India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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