South leads fintech sector, says FM Nirmala Sitharaman

CHENNAI: Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman on Thursday appreciated the South Indian states have demonstrated a leading advantage in setting up fintech-related activities.

Delivering an inaugural address at the 114th annual general meeting of the Southern India Chamber of Commerce and Industry (SICCI), Nirmala said, “Startups today benefit from a diverse pool of talent with different skill sets from across the country.

South Indian states have already demonstrated a leading advantage in setting up fintech-related activities. Global capability centres are relocating here because of the demonstrated strengths in these areas.”

Meanwhile, the minister said that it was time to also tap into the youth from the rest of the country, harness their talents, and train them to contribute to the nation’s growth.

Pointing out the World Bank’s report, the Finance Minister said that a few days ago, the World Bank reiterated that India will grow at 7 per cent.

“This is purely because of stable policy making, and visionary leadership, which together with the efforts of entrepreneurs and industries, is making sure that in some sunrise sectors India has the lead,” she said, adding that this advantage, along with the production linked incentives to 13 -14 sunrise sectors, is resulting in rapid growth, whether it is renewable energy, green ammonia, or green hydrogen. India has proven to the world that we are leaders in solar energy, she noted.