(MENAFN- KNN India)
Mumbai, Aug 23 (KNN)
Maharashtra's Minister for Industries, Uday Samant, has announced a comprehensive initiative to bolster micro, small, and medium enterprises (MSMEs) and start-ups, with the aim of elevating these sectors to the status of ultra-mega projects.
This move is part of a broader strategy to establish Mumbai as a global fintech hub.
The announcement came during the 9th Global Economic Summit on 'Fintech: Accelerating the Digital Revolution,' held at the World Trade Center Mumbai.
The event, organised by the World Trade Center Mumbai and the All India Association of Industries (AIAI), brought together key figures from government, industry, and international organisations.
Minister Samant emphasised the transformative potential of fintech for MSMEs and startups, stating, "Our government will extend the same level of support to MSME and startup projects as we do for ultra-mega projects."
He outlined Maharashtra's ambition to significantly contribute to India's target of becoming a USD 5 trillion economy, with the state aiming for a USD 1 trillion economy itself.
V. Anantha Nageswaran, Chief Economic Advisor, Government of India, highlighted India's rapid growth in the fintech sector, noting that the country is now the world's third-largest fintech service provider with an adoption rate of 87 percent, surpassing the global average of 64 percent.
Nidhi Choudhari, CEO of Maharashtra State Innovation Society, detailed the state's support mechanisms for fintech startups, including assistance with patents, quality certification, and access to dedicated funds.
International perspectives were provided by Ashish Shah of the International Trade Centre, Geneva, who identified Mumbai as the second fastest-growing fintech ecosystem globally. He also pointed out potential opportunities for Indian fintech companies in Africa.
Industry leaders, including representatives from IDBI Bank and State Bank of India, discussed the role of technology in shaping the fintech landscape and its impact on credit delivery to MSMEs.
The summit concluded with a shared vision of Mumbai's potential to become a leading global fintech hub, supported by a robust ecosystem of innovation and investment.
This initiative is expected to play a crucial role in bridging the significant credit gap faced by the MSME sector in India, potentially facilitating business expansion and job creation.
(KNN Bureau)
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