In the shimmering corridors of the Global Fintech Fest 2023, KV Kamath, the Chairman of NaBFID, dropped a staggering prediction: India is on track to become a $25 trillion economy in the next 25 years. And the real kicker? A whopping 20-25% of this growth, he believes, will be fueled by the relentless march of Digital India.
What Happened? Kamath’s message to fintechs was crystal clear: harness the burgeoning power of Digital India. “The fintech landscape is brimming with potential. Their capacity to disrupt, innovate, and more importantly, collaborate, is unparalleled. The global stage is set, and India’s fintechs have a golden ticket to scale both domestically and internationally,” he opined during his conversation with CNBC-TV18.
But it’s not just about scaling. Kamath, with his seasoned insights, nudged startups to think beyond borders, urging them to explore synergies with global players.
In a world rapidly going digital, Kamath confidently stated that India isn’t just keeping pace; it’s leading the charge. “It’s almost surreal,” he remarked, “India consumes the largest chunk of data globally, and yet, we do it at prices that are astonishingly low.” This isn’t just a testament to India’s digital prowess but also highlights the nation’s commitment to making digital amenities accessible to every citizen.
Warning for startups: However, Kamath didn’t shy away from addressing the elephant in the room. In an era where many startups are chasing growth at the expense of profits, he emphasized the undeniable link between profitability and sustainable growth. “A growth trajectory devoid of profits,” he cautioned, “is a fleeting mirage.”
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Reflecting on India’s digital milestones, Kamath celebrated the country’s ability to offer data at unprecedented prices, ensuring it reaches every nook and cranny. This, he believes, is a testament to India’s dedication to digital inclusivity and democratizing tech access – crucial pillars for the nation’s envisioned economic ascent.
Cover Image by CNI Confederação Nacional da Indústria on Flickr
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