homeeconomy NewsDigital India is going to contribute 25 30% to India’s $25 trillion economy in a few years, says KV Kamath
Digital India is going to contribute 25-30% to India’s $25 trillion economy in a few years, says KV Kamath
Ability of fintech's to disrupt and collaborate is enormous, and they have an opportunity to scale in India and globally, he said. Talking about startups he mentioned that the sector need to think how they can partner with global players.
India will be a $25 trillion economy in 25 years and digital India will drive 20-25 percent of this growth said KV Kamath, NaBFID Chairman, in a conversation with CNBC-TV18 at the Global Fintech Fest 2023.
He said that fintechs must use the power of digital India to their benefit. "The ability of fintechs to disrupt and collaborate is enormous, and they have an opportunity to scale in India and globally," he said.
Talking about startups he mentioned that the sector needs to think about how they can partner with global players.
Kamath thinks there's virtually no area where India is behind in digital today. He lauded the nation's rapid advancement across various digital domains, showcasing India's growing influence on the global stage.
Kamath said: "We still struggle to believe we use the largest quantity of data at the lowest price." This observation underscores India's unique position as a data powerhouse while offering affordable access to its citizens, making digital services pervasive and accessible to all.
The NaBFID Chairman also emphasised the importance of profitability in the fintech sector. He stated, "There is no growth without profit. If there is, it will be short-lived." This remark underscores the critical role that profitability plays in ensuring the sustainability and long-term success of fintech companies. Kamath's words come at a time when many startups prioritise growth over profits, sparking debates about their financial sustainability.
Kamath further noted, "We've been able to roll out data at a price never seen before, which makes it pervasive." This achievement reflects India's commitment to digital inclusion and its success in democratizing access to technology, which is essential for the country's continued economic growth and development.
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