New Delhi, Jan 13 (KNN) In yesterday's India Banking Conclave organised by the Council for International Economic Understanding, Union Minister Rajeev Chandrasekhar shed light on the significant role played by the structural reforms in India's financial and banking sector over the past decade.

Holding multiple portfolios, including Skill Development & Entrepreneurship, Electronics & IT, and Jal Shakti, Minister Chandrasekhar emphasised how these reforms have been a driving force behind the country's overall economic growth, unlocking unprecedented opportunities for startups.

Aligning with Prime Minister Narendra Modi's vision of 'Viksit Bharat 2047,' Chandrasekhar reflected on the remarkable progress achieved since 2012. He recalled raising concerns about the dysfunctionality and risk concentration in the Indian financial sector, as highlighted in the Credit Suisse report 'House of Debt.'

A decade ago, Chandrasekhar pointed out that despite having ideas and determination, obtaining credit and capital was a formidable challenge.

However, he highlighted the transformative journey of India over the past ten years, attributing it to the Modi Government's tectonic and deep structural changes, particularly in the financial sector, which he described as the catalyst, foundation, and fuel for an economy reimagining its ambitions.

The Minister elaborated on qualitative and quantitative changes, noting the inclusive nature of today's financial sector, with tech and UPI facilitating microloan disbursals.

He highlighted the expanded borrower ecosystem, contributing to growth, investment, and job creation in both conventional industries and the dynamic field of entrepreneurship.

Chandrasekhar proudly mentioned India's current landscape, boasting over 1 lakh startups and close to 111 unicorns, showcasing a significant departure from traditional banking models.

Emphasising the hallmark of the Narendra Modi Government in policy-making, Chandrasekhar stressed the importance of extensive consultations, ensuring future-ready tech sector policies, such as the DPDP or IT rules.

In concluding remarks, the Minister underscored the government's commitment to ensuring a safe and trusted internet for all digital citizens.

He emphasised the need for guardrails in every tech-related innovation, fostering legal accountability in fintech and other platforms as the nation moves forward in its journey of innovation and digitisation.

(KNN Bureau)