- Lates_blog
- 30 Dec 19
- KredX,Newsletter

India is right now in a transition phase of 'financial development'. Favourable governmental measures and the nation's statistical profile have reinforced the foundation to expand on the nation's development story.
Standing at $2.8 trillion at present, the Indian economy is assessed to join the $5 trillion club by 2024. The push, in fact, is triggered by the burgeoning MSME sector and the latest innovation in the fintech landscape. However, to achieve the five-trillion dollar vision in five years, India's nominal GDP must grow at 12.4% compounded annually, with an underlying assumption of the rupee-dollar rate remaining stable at around the same level.
Heading into such a situation, it is safe to say that India's stride to emerge as a financial behemoth in the upcoming years is driven by the paramount role of Fintech and MSME in creating wealth, increasing prosperity among the populace, thereby achieving inclusive growth.
Post the exponential rate of embracing digital payments across India, the introduction of economic reforms like UPI, GST, and insolvency and bankruptcy code to build and nurture a transparent, robust, and healthy ecosystem has put fintech companies in the epicentre of driving growth and development in the nation.
Innovative ideas and products are presumed to be the sole factor in providing growth impetus to the economy and the country as a whole. In economic terms, innovation attributes to the growth and application of ideas and technologies that improve goods and services or rather make production all the more efficient.