At the 9th Global Economic Summit on ‘Fintech: Accelerating the Digital Revolution,’ held from August 8-10, 2024, Maharashtra’s Minister for Industries, Uday Samant, articulated a bold vision to elevate micro, small, and medium enterprises (MSMEs) and startups to the level of ultra-mega projects. This strategic commitment is part of Maharashtra’s broader ambition to transform Mumbai into a leading global fintech hub.
The summit, organized by the World Trade Center Mumbai (WTC Mumbai) and the All India Association of Industries (AIAI), was inaugurated by Samant, who emphasized the critical role fintech plays in revolutionizing the financial services sector.
Samant, speaking to Zee Business media, pledged that the government would provide the same level of support to MSMEs and startups as it does to large-scale projects.
He underscored the importance of these enterprises as the backbone of the economy and reiterated Maharashtra’s goal to contribute significantly to India’s target of becoming a USD 5 trillion economy, with aspirations of achieving a USD 1 trillion economy at the state level.
V. Anantha Nageswaran, Chief Economic Advisor to the Government of India, highlighted India’s prominent position in the global fintech landscape, noting that the country is the third-largest fintech service provider with a fintech adoption rate of 87 percent. The sector’s rapid growth is reflected in the substantial increase in digital lending, with the market projected to have grown from USD 270 billion in 2022 to USD 350 billion last year.
Nidhi Choudhari, CEO and Nodal Officer at Maharashtra State Innovation Society, outlined the state’s extensive support for fintech startups, including grants, patents, and funding through various initiatives. Meanwhile, Ashish Shah, Director of Country Programmes at the International Trade Centre, Geneva, emphasized Mumbai’s rapid growth and its potential to become a global fintech leader. Vijay Kalantri and Rupa Naik further advocated for enhanced MSME funding and bridging the credit gap to spur business expansion and job creation.
The summit underscored Maharashtra’s commitment to leveraging fintech to drive economic growth and support its vibrant startup ecosystem.
