The roadmap for 2047, includes an average growth of 7% to 7.5%; rise of domestic savings to 31% of GDP; rise in credit-to-GDP ratio to 130% among others, said Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance on Friday.
A focus on financial sector reforms aimed at creating stability, resilience and efficiency in the financial sector, and based on technology and digitisation would contribute greatly towards stimulating inclusive growth and help India to emerge as a developed country by 2047, Mr. Joshi said.
The senior officer was speaking during the session on “Strategizing India’s Prosperity: Next Gen Reforms” at ‘The Global Economic Policy Forum 2023’ organised by the Department of Economic Affairs, Ministry of Finance, Government of India and the Confederation of Indian Industry (CII).
He emphasised on the increased use of artificial intelligence (AI), decentralised financing, data-based lending, emergence of India as a fintech nation among others, Mr. Joshi said.
He further underpinned the significance of digital public infrastructure for promoting financial inclusion, citing the example of UPI as a game-changing initiative which has gone global. Other initiatives such as Pradhan Mantri Jan Dhan Yojana, Jan Dhan Trinity; the evolution of fintech, and the move towards formalisation of the economy; among others are other landmark reforms.
For the MSMEs, schemes such as the MUDRA scheme and Credit Guarantee Fund Trust for Micro and Small Enterprises (MSMEs) would go a long way to address their credit-related concerns. Cyber security and protection of digital public infrastructure is an area of concern for which expenditure on financial security should be scaled up and attention be given to data protection as given in the Digital Personal Data Protection (DPDP) Act, he added.
Mr. Joshi said the rich macro fundamentals would lead to a rise in per capita income, a robust financial services sector with a highly competitive banking sector with India’s global footprint across continents, lower intermediation costs, efficient access to MSME credit, deepened stock, bond and commodity market; data-driven financial system, etc.
