 "India's High Commissioner to Bangladesh, Harsh Vardhan Shringla. Photo: ANI Twitter Handle")
In India, we are distinctly aware of the disruptions that this pandemic has caused in the global supply chains. But our response to this disruption is far from turning isolationist or protectionist. We are well aware that while globalisation is here to stay, its norms, however, may become different. The idea is, therefore, to make our systems and our markets highly adaptive to the changing scenarios. We are cognisant of the potential role we can play in a world that is looking at highly uncertain times. To this extent, and to induce reliability into our systems, we are fast developing our production and supply chains to fill in the gaps in the global supply chains, where we have the potential to do so.
India’s prowess in the IT sector has been established over the last two decades. The IT and BPM sectors of India account for over 55 per cent of the total global outsourcing market. The sector has continued to record double-digit growth despite the static growth in global tech spending. The sector is an important growth driver and contributed nearly 10 per cent to the country’s GDP. Known for its cost competitiveness and high-quality services across the world, the IT & BPM industry in India has made a significant contribution to transforming the perception of India in the world economy.
Fintech has been identified as a new and emerging area of bilateral and multilateral cooperation. The IMF had last year identified financial innovation as an important aspect of our future in the digital age. It was also highlighted that most countries see Fintech as transformative for financial inclusion, which promotes growth, opens access for poor and rural communities through lowered costs and facilitates women’s participation in the formal economy. This offers an opportune moment for India’s tech-based companies and start-ups looking for opportunities across the world. Even though there has been negative impact of the current crisis on the Fintech sector, recent trends look promising. There was an increase of around 40 per cent in the funding received by the Indian Fintech sector in the first quarter of 2020.
In the MEA, we are planning to build on our domestic successes in the Fintech sector in a structured manner and utilise the significant capabilities that have been evolved and developed in the domestic government, public and private sectors in executing similar digital platforms and e-governance initiatives in friendly and partner countries as part of Development Partnership Frameworks to project India’s soft power and for commercial benefits. We are planning to undertake pilot projects... on a wider scale. We are working with several countries on making our digital payment systems interoperable. Countries like Singapore have already launched some of our digital payment systems such as Rupay and BHIM. You would also recall that in 2018, the Prime Minister had launched a global digital platform, APIX, to connect Fintech companies and financial institutions.
India’s prowess in the IT sector has been established over the last two decades. The IT and BPM sectors of India account for over 55 per cent of the total global outsourcing market. The sector has continued to record double-digit growth despite the static growth in global tech spending. The sector is an important growth driver and contributed nearly 10 per cent to the country’s GDP. Known for its cost competitiveness and high-quality services across the world, the IT & BPM industry in India has made a significant contribution to transforming the perception of India in the world economy.
Fintech has been identified as a new and emerging area of bilateral and multilateral cooperation. The IMF had last year identified financial innovation as an important aspect of our future in the digital age. It was also highlighted that most countries see Fintech as transformative for financial inclusion, which promotes growth, opens access for poor and rural communities through lowered costs and facilitates women’s participation in the formal economy. This offers an opportune moment for India’s tech-based companies and start-ups looking for opportunities across the world. Even though there has been negative impact of the current crisis on the Fintech sector, recent trends look promising. There was an increase of around 40 per cent in the funding received by the Indian Fintech sector in the first quarter of 2020.
In the MEA, we are planning to build on our domestic successes in the Fintech sector in a structured manner and utilise the significant capabilities that have been evolved and developed in the domestic government, public and private sectors in executing similar digital platforms and e-governance initiatives in friendly and partner countries as part of Development Partnership Frameworks to project India’s soft power and for commercial benefits. We are planning to undertake pilot projects... on a wider scale. We are working with several countries on making our digital payment systems interoperable. Countries like Singapore have already launched some of our digital payment systems such as Rupay and BHIM. You would also recall that in 2018, the Prime Minister had launched a global digital platform, APIX, to connect Fintech companies and financial institutions.
