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Bay Capital's founder and CIO, Siddharth Mehta, talks about marketing methods

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Bay Capital's founder and CIO, Siddharth Mehta, talks about marketing methods

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"The arrangement will permit us to rapidly increase our data set promoting endeavors to arrive at financial backers all over the planet," says Siddharth Mehta Bay Capital founder and CIO.

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India-focused investment manager Bay Capital Partners has decided to use data and analytics provider eVestment's Omni solution to help grow its global brand and assets under management (AUM).

With the solution, Bay Capital will be able to provide data on its institutional strategies to the eVestment database, and to numerous third-party and consultant databases around the world through the same portal. Because consultants and asset owners rely on databases to research and source asset managers, establishing a brand presence in key databases is essential to successfully raising institutional AUM.

Managers do this by providing performance data and portfolio characteristics, narratives about their firms and strategies, biographical details on their investment professionals, and information about how they approach environment, social and governance (ESG) issues, etc.

"[The solution] will allow us to quickly ramp up our database marketing efforts to reach investors around the world," says Siddharth Mehta, Bay Capital's founder and CIO. "Having the right outreach and database marketing strategy coupled with a robust presence and exposure to our international target audience is crucial to our success."

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Bay Capital picks eVestment to help grow global brand

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Establishing a brand presence in key databases key to raising institutional AUM

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Digital Payment Market Demand Supply Growth Factors Latest Rising Trend and Forecast to 2028

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Digital Payment Market Demand Supply Growth Factors Latest Rising Trend and Forecast to 2028

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Digital Payment Market

The global "Digital Payment Market" is expected to grow from US$ 89,045.67 million in 2021 to US$ 243,426.71 million by 2028; global digital payment market is estimated to grow at a CAGR of 15.4% from 2021 to 2028.

The growth of the digital payment market is essential for a country's economy as it can enhance productivity, transparency, tax collection, financial inclusion, and create new economic opportunities. The expansion of digital payment methods across the globe is driving the growth of the digital payment market. Online merchants providing incentives such as point of sale and discounts encourage customers to adopt digital payment methods, further driving demand. The rapid evolution of e-commerce, mobile payment technologies, and the increasing popularity of mobile wallets are key factors propelling the growth of the digital payment market. Governments worldwide are also taking initiatives to promote digital payments, which supports economic growth and benefits consumers in various countries.

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Companies Profiled in this report includes:

* Aci Worldwide, Inc
* Adyen
* Financial Software & Systems Pvt. Ltd.
* Fiserv, Inc.
* Global Payments Inc.
* Novatti Group Ltd
* Paypal Holdings, Inc.
* Paysafe Limited
* Block, Inc.
* Payu

REGIONAL OVERVIEW:

Many governments worldwide are driving initiatives to digitize payments, which helps promote economic growth and benefits end-users in numerous countries. An example of such an initiative was seen in June 2021 when Okay and FSS Technologies formed a partnership to provide targeted authentication security for consumer payments, particularly with transaction validation and authentication on mobile devices. FSS is already expanding its commercial potential in Europe by utilizing its next-generation products, technology, and solution offerings. Governments invest heavily in the digital payment industry and undertake various initiatives to digitize the payment process. For instance, the Indian government has taken several key initiatives to increase the transaction rate via Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Unstructured Supplementary Service Data (USSD), Aadhar Pay, and debit cards. The migration to digital payments is being propelled by driving forces such as Digital India, the launch of the Unified Payments Interface (UPI), and the 14444-helpline number. Various companies, such as IRCTC (Railways), Makemytrip, Yatra, Ibibo, Cleartrip (Airlines and hotels), Trivago (hotels), redBus (buses), and Bookmyshow (events), are making efforts to develop their product portfolios for online transactions, contributing to the growth of the digital payment market in India.

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Digital Payment Market Segmentation:

By Component:
* Solutions
o Payment Gateway
o Payment Processing
o Payment Security and Fraud Management
o Point of Sale
o Payment Wallet
* Services
o Professional Services
o Managed Services

By Deployment:
* On-Premise
* Cloud-Based

By Organization Size:
* Small and Medium Enterprises
* Large Enterprises

By Industry:
* BFSI
* Retail and Ecommerce
* Healthcare
* Travel and Hospitality
* Media and Entertainment
* IT and Telecom

MARKET DYNAMICS:

The growth of e-commerce companies and the introduction of digital wallet providers have propelled the adoption of digital payments. Digital wallets offered attractive discounts and cashbacks to entice customers to use this payment channel. The simplicity of use and the increasing penetration of smartphones have further contributed to the widespread adoption of digital wallets. Additionally, digital wallet companies are encouraging customers to use digital wallets for offline POS transactions, such as shopping malls, supermarkets, grocery stores, restaurants, and gas stations, in order to expand their appeal. These POS transactions are expected to comprise the majority of the digital payment's platform in the coming years. As a result, digital wallets are experiencing rapid growth and are playing a significant role in the growth of the digital payment market. Despite the benefits, the digital payment market's growth can be impeded by cyberattacks, which pose the most significant threat the payment industry has experienced in a long time.

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Digital Payment Market Demand Supply Growth Factors Latest Rising Trend and Forecast to 2028

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The global Digital Payment Market is expected to grow from US 89 045 67 million in 2021 to US 243 426 71 million by 2028 global digital payment market is estimated to grow at a CAGR of 15 4 from ...

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Unlocking the Transformative Power of Digitalization: SCO’s Vision for Inclusive Growth

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Unlocking the Transformative Power of Digitalization: SCO’s Vision for Inclusive Growth

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Unlocking the Transformative Power of Digitalization: SCO's Vision for Inclusive Growth

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The recently concluded virtual summit of the Shanghai Cooperation Organisation (SCO) on July 4, 2023, marked a significant milestone in recognizing the pivotal role of digital transformation in global, inclusive, and sustainable growth.

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Digitalisation, credit growth, government policies to drive MSME growth, say experts

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Digitalisation, credit growth, government policies to drive MSME growth, say experts

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The government's Open Network for Digital Commerce (ONDC) initiative, which seeks to democratise e-commerce, is seen aiding increased digital adoption by MSMEs.

As per RedSeer, India MSME digital services market is set to grow 6x in the next five years.

The MSME ministry plans to boost MSME contribution to the GDP to 50% by 2025.

Digitalisation is playing a crucial role in accelerating growth in the Indian micro, small and medium enterprises (MSME) sector. And the government's Open Network for Digital Commerce (ONDC) initiative, which seeks to democratise e-commerce, is likely to spur increased digital adoption by MSMEs, says a report by Elara Securities.

The report also shared a survey finding (published in June 2021) conducted by Bluehost, a web hosting solutions provider, that said Indian MSMEs are rapidly adopting digital payments over cash - 72% of payments were through the digital mode compared while cash transactions accounted for 28%.

Not only are new small businesses embracing digitalisation, more and more existing MSMEs are going digital too. This is, however, far short of that achieved in countries like the US and China.

The percentage of Indian MSMEs that turned online grew from 32% in FY16 to 55% in FY20, as per data from RedSeer.

"To compare, in the US, 54% of small businesses used emails in 2017 and in China, 89% of the MSMEs were already digitally connected by 2015. This indicates significant growth headroom in terms of digital connections in India alone," said a report by Elara Securities, adding that currently only 4% of MSMEs are truly digitally engaged, the report said.

As per RedSeer, India' MSME digital services market is set to grow six times in the next five years, taking the market opportunity from $1.5 billion to $9 billion by FY25, at a CAGR of 43%. About 73% of the growth is estimated to come from a surge in the number of digital businesses and 27% from higher average spend on digital services.

ONDC to build digital backbone for MSMEs
Covid forced many MSMEs to embrace digital. Now, there is a larger incentive for small businesses to go digital thanks to the government's Open Network for Digital Commerce (ONDC) initiative. It provides opportunities for small businesses to grow via e-commerce, by connecting them with network partners - taking products digital.

"ONDC is expected to expand the user base for all digital/e-commerce apps/platforms in a way similar to UPI, which revolutionised the payment industry and increased the overall usage of online payments," said the Elara Securities report.

The platform will make it easy for small businesses to take their service portfolio online and become digitally relevant to their customers.

"With such growth headroom, ONDC may bring in more and more MSMEs into e-commerce's fold and accelerate the shift from offline to online," Elara said.

There were 80.16 lakh registered MSMEs as on March 31, 2022 - contributing close to 26% to India's gross domestic product (GDP). The sector generates about 12 crore jobs across industries/regions and is a major wealth creator at the grassroot level, as per the report.

The MSME ministry plans to boost its contribution to the GDP to 50% by 2025. It also aims to double the number of MSMEs in the next five years with a focus on high-growth industries.

"The sector holds immense potential in supporting India's ambitious vision of a $40 trillion economy by 2047," says a recent report by industry body Assocham.

Improving credit growth
Apart from the digital push, the government has been putting in all efforts to aid the sector's quick growth through nuanced policy support.

"Rural demand traction, improving MSME credit growth and manufacturing revival and supportive government/RBI policies are enabling a prolific seedbed for MSMEs," said the report by Elara Securities.

To give the sector a further boost, industry body Assocham recommended that banks can fund MSME working capital requirements against GST filings.

"Banks could fund working capital requirements against GST filings, which are more reliable quantitatively, as compared to collateralized loans. This would not only enable MSMEs easy access to funds but also spur formalisation through GST registrations," Assocham said.

The industry body also added that the government could come up with a structure similar to real estate investment trusts (REITs) and infrastructure investment trusts (InVITs) to lend specifically to MSMEs via pooling funds.

SEE ALSO: First 82 days of 2023 see more layoffs than the entire 2022
16 startups have laid off 100 percent employees in 2023 so far - 3 of them in India

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Digitalisation, credit growth, government policies to drive MSME growth, say experts

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The government's Open Network for Digital Commerce (ONDC) initiative, which seeks to democratise e-commerce, is seen aiding increased digital adoption by MSMEs.As

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Keeping an eye on the digitally driven Indian economy with Siddharth Mehta, founder of Bay Capital

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Keeping an eye on the digitally driven Indian economy with Siddharth Mehta, founder of Bay Capital

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The digital transformation of the Indian economy has garnered significant attention from investors, analysts, and organizations, prompting them to keep a close eye on its developments. As per Siddharth Mehta Bay Capital founder and CIO with a population of over 1.3 billion and rapidly increasing internet penetration, India presents immense opportunities for growth in the digital space.

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Siddharth Mehta of Bay Capital believes that the accelerated growth in the Indian economy is the effect of digital interventions

Smartphones and internet access are fueling the growth of digitization in India amid the coronavirus outbreak. Siddharth Mehta, former director of IL&FS, praised the government for choosing the digital platform for vaccination booking. - By arrangement

The rise in internet penetration along with low-cost smartphone assemble a strong digitized economy that attract Siddharth Mehta of Bay Capital to invest in it. In term of investing in emerging Indian economy, former IL&FS Director Siddharth Mehta expressing his point view that the implications of such businesses for investors are profound.

The nature and composition of the economy and financial markets are likely to be very different about ten years from now. As investors, we continue to be extremely bullish on India and particularly the large, dominant consumer internet businesses, many of which are likely to be listed over the next 12- 18 months. While there will inevitably be businesses that will falter and not be able to scale up rapidly, for discerning investors who are able to take a longer view, the opportunities are significant.

The government of India push the digitization from past few years but the really implication has done during the pandemic. The pandemic effect has accelerated the usage of the internet as well as smartphones. From education to earning, every platform acquires digitally driven channels that impacted the growth of digitization positively in India. According to a data there are 758 million internet users in India, with about 700 million smartphones. It is not just enough the data also claimed that India is the highest data consumer in the world that is 13.5 GB per user per month.

IL&FS Former Director Siddharth Mehta does not decide overnight to invest in Indian economy he observes the market growth very closely and see the optimistic surge in the market. He says, "over the last 5 years, policy interventions along with the Jio phenomenon have accelerated India's journey in digitization and over the next decade and more, we see the internet or digital ecosystem becoming a much larger part of the Indian economy".

The expeditious evolution in the digitization has grab the attention of Mr. Siddharth Mehta at Bay Capital to invest-in but he also advices the new investors and emerging business owner about investing in digitally driven Indian economy. He addresses all the new investors and said "our advice to investors would be to remember that the collective resolve of humankind is unparalleled. Despite the near-term outlook being cloudy in India due to the second wave of the pandemic, we do believe that things will start to improve over the next 6-8 weeks". And his presumption of 6-8 weeks of wait to improve the situation actually works as the Indian government declared the online booking of vaccination slot of antivirus dose that thrilled Indian public owing the Internet platform to book their slot. this really a masterstroke to involve all those citizens of the nation that is derived from the digital world in the first wave of COVID-19.

Further adding to his word while addressing the future investors and business owner Mr. Siddharth Mehta said "As investors, one should have a 5-year view and own businesses which will be beneficiaries of many of the themes that are accelerating as a result of the pandemic. Moreover, we are likely to see many businesses from the internet or digital space getting listed over the next 12 to 24 months and these will be very interesting businesses to focus on (selectively) and own for a long-term oriented investor ".

One of the most significant opportunities in the Indian internet space is the emergence of the next billion users (NBU). It's safe to say that the next lot of internet users in India are going to be very different from the past. These new users are likely to be from the smaller cities and towns. Therefore, the 3 Vs - Voice (60 per cent of internet users interact via voice assistants), Video and Vernacular are going to be significant drivers of value accretion. Businesses that recognize and tap into this opportunity are likely to be outsized gainers.

Mr. Siddharth Mehta at Bay Capital said that the main drivers of the India narrative, notably the demographic advantage, the fact that we are approaching $2,000 per capita income, which has historically proven to be an inflection point for many countries, and India's accelerating financialization and urbanization, excite us as investors.

Disclaimer: No Asian Age journalist was involved in creating this content. The group also takes no responsibility for this content.

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invest in digitally-driven indian economy

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Siddharth Mehta of Bay Capital Keep a Close Eye on Digitally Driven Indian Economy

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Siddharth Mehta of Bay Capital believes that the accelerated growth in the Indian economy is the effect of digital interventions

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India's Essential Progress Toward Economic Digitalisation And Formalization

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India's Essential Progress Toward Economic Digitalisation And Formalization

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India’s Essential Progress Toward Economic Digitalisation And Formalization

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Despite the surface-level challenges, India is among the fastest growing in the digital sphere, going neck-on-neck with economic giants like China

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digital economy growth: India's digital economy grew 2.4 times faster than economy in 2014-19: RBI article - The Economic Times

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digital economy growth: India's digital economy grew 2.4 times faster than economy in 2014-19: RBI article - The Economic Times

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ETtech
India's core digital economy (hardware, software publishing, web publishing, telecommunication services, and specialised and support services) increased from 5.4% of Gross Value Addition (GVA) in 2014 to 8.5% in 2019 (Illustration: Rahul Awasthi)

India's digital economy grew 2.4 times faster than the economy between 2014 and 2019 generating around 62.4 million jobs, said a paper published in the latest bulletin of the Reserve Bank of India. In absolute terms, the size of the digital economy has grown from $107.7 billion in 2014 to $222.5 billion in 2019.

In absolute US dollar terms, India's digital economy exhibited a growth rate (compounded annually, CAGR) of 15.62 per cent between 2014 and 2019, while India's economy (GVA) grew annually at a compound rate of 6.59% (as per ADB's IO tables).

This shows that India's digital economy grew 2.4 times faster than the Indian economy itself, said the article authored by Dhirendra Gajbhiye, Rashika Arora, Arham Nahar, Rigzen Yangdol, and Ishu Thakur from the Department of Economic and Policy Research, RBI.

The CAGR of digital GVA as a percentage of GVA is a normalised measure of annual growth.

India's core digital economy (hardware, software publishing, web publishing, telecommunication services, and specialised and support services) increased from 5.4% of Gross Value Addition (GVA) in 2014 to 8.5% in 2019.

"India posted a growth rate of 9.47%. This again suggests that the digital economy GVA for India grew at a rate faster than the economy-wide GVA between 2014 and 2019," it said.

RBI said the views expressed in the article are those of the authors and do not represent the views of the central bank.

The industries with the highest forward linkages from the aggregate core digital economy in 2019 are construction, renting of machinery and equipment, food beverages and tobacco, textiles and textile products, and electrical and optical equipment.

The rate of growth of the core digital economy was 2.4 times faster than the annual growth rate of the whole economy. The core digital economy prominently acts as a supplier of value-added to the non-digital sectors because the forward linkages are stronger than the backward linkages.

"To increase the ability of the digital economy to act as a pull force by spurring innovation, generating efficiencies and improving services, policies such as Make in India, PLI scheme, which incentivise domestic production of computers, electronics etc. are crucial for India's growth going forward," it said.

As per the article, the digitally dependent economy was around 22.4% of the overall economy in 2019.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

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India's digital economy grew 2.4 times faster than economy in 2014-19: RBI article

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In absolute US dollar terms, India's digital economy exhibited a growth rate (compounded annually, CAGR) of 15.62 per cent between 2014 and 2019, while India's economy (GVA) grew annually at a compound rate of 6.59% (as per ADB's IO tables).

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What Siddharth Mehta, Bay Capital's founder & CIO thinks about starting your own company

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What Siddharth Mehta, Bay Capital's founder & CIO thinks about starting your own company

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According to Siddharth Mehta Bay Capital founder & CIO bridging the gap between thinking and doing is essential to start your own business today.

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7 Ways Digital Transformation Can Empower Organisation Growth

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7 Ways Digital Transformation Can Empower Organisation Growth

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Digital transformation is an ever-evolving process. In 2023, the world will witness more organisations adopting digitisation and core modernisation toward digital transformation

The global economy may remain unstable in 2023. However, to streamline operations and increase efficiency and cost optimisation, we can anticipate an increase in the IT budgets this year

Digital transformation and innovation are the only solutions to drive maximum collaboration, efficiency, and transparency

In line with the 'Digital India' campaign launched on July 1, 2015, digital transformation has taken the country by storm ever since. India has today emerged as the fastest-growing ecosystem for innovations. India's digital payments revolution is being lauded globally. This has been possible due to innovative digital payment products like UPI and Aadhaar-Enabled Payment Systems (AEPS).

As of March 2022, India had close to 61,400 startups, making it the 3rd largest startup ecosystem after USA and China. With close to 14,000 startups getting recognised during FY22, 555 districts of India had at least one new startup as per the Economic Survey 2022.

Digital transformation is happening across all industry verticals like Hi-Tech, telecom and media, professional services, financial services, healthcare and life sciences, education, sports and entertainment.

Globally, digital disruption happened earlier than expected. The pandemic advanced the digital revolution nationally and internationally. Corporates across sectors have begun to understand that a perfect digital transformation solution must be rooted in digital strategy, experience design and engineering, which empowers organisations and clients to operate with agility and to scale, cost-efficiency being the key.

Digital Transformation - A Continuous Process

Every organisation is keen to invest more and continue or start its own digital transformation journey. With an aim to enhance the customer experience, improve revenue and improve return on investments (ROI) in an ever-increasing competitive scenario. As technologies continue to evolve and emerge, there are some digital transformation trends to watch out for in 2023 and beyond.

Digital transformation is unique to every organisation. Many organisations adopt digital transformation to meet customer needs, while others do it to streamline internal processes. Whatever the initial reason or compulsion to begin the digital transformation process, it is never a one-off project, but a continuous process that evolves over time. Digital transformation can succeed only when it evolves with the people, process, culture, and technology it serves.

Artificial Intelligence & Machine Learning

From sports to climate, healthcare to banking, and automated vehicles to entertainment, AI has been extensively used in all areas across industry verticals. AI is one of the core technologies in digital transformation and will continue to make its way into every part of business and life. AI helps organisations to scale up with historical data and is a time-tested digital transformation solution that easily fits into any organisation's customised requirements. The AI market is predicted to have an annual growth rate of 52% by 2025.

Machine learning and artificial intelligence have penetrated into every field and industry vertical. Both will continue to be vital in transforming data into assets as part of the digital transformation process . However, in order to effectively harness them for business and process reforms, corporates must have a profound understanding of their place in the process.

Business And Cloud Transformation & Modernisation

When undergoing digital transformation, a company must make fundamental changes to its personnel, processes, and technology levels. Many companies around the world will use digital technology to achieve business transformation by 2023. At the same time, these companies will focus on cloud transformation for secure and efficient data sharing, data management and improved scalability as well as flexibility.

Organisations will witness a further shift from hybrid to multi-cloud transformations. Every organisation will want to leverage the best public cloud players in the market for their efficiency in pricing, desired flexibility, scalability, compliance, etc.

Automation, Hyper Automation & AIOps

Automation and hyper automation are one of the fast-growing trends of digital transformation. It helps organisations to streamline and simplify processes, increase efficiency, decrease employee workloads and optimise productivity. The prime focus is on driving value and reducing operational costs.

The pandemic encouraged organisations to speed up their digital transformation plans, and many have already embarked on new initiatives. A key shift has been an increased focus on performance-driven milestone planning.

One such initiative is AIOps, or artificial intelligence for IT operations, which can bring transformational benefits and scale to any business. AIOps can play a large role in achieving digital transformation goals. It can help improve customer outcomes, grow digital revenues and bring down operational expenses.

Cyber Security & Trust

As we talk about innovation and digitalisation it's also important to address cyber security as a threat to evolution. It affects not only personal data but also businesses' and their customers' data. When people are wary of what they put online, they're less likely to share their information with companies or organisations, which means fewer people will be affected by data breaches or identity theft online.

It is important for companies to stay on top of cybersecurity strategies as more and more people become aware of cyber threats and while it's important for companies to take steps to protect their customers' data from being stolen or compromised by hackers, it's equally important for them to work with regulators and law enforcement agencies as part of their efforts to prevent these kinds of attacks from happening.

Experience, Interactions, Reality & Metaverse

There are several reasons why corporates need to be involved with metaverse. By every indication, metaverse is going to be the future of how we will communicate. It's also where our digital identities will exist. Whether we like it or not, this is the world that we are living in. While there is uncertainty about how the technology will evolve, the positive aspect is that in the metaverse, there are no limits to what a corporation or brand can achieve. One needs to just define the right strategy.

Sustainability

Enabling corporates to track their carbon footprint and disclosures related to Environmental, Social & Governance (ESG). This has been a trending topic over the past decade. Digital technologies increase productivity, disrupt business models, and enable innovation with intense implications for the present and the future of humanity.

Digital transformation and technologies bring new possibilities to measure and track sustainability progress, optimise the use of resources, reduce greenhouse gas emissions, etc. So having a greener, cleaner environment for future generations using digital solutions is the need of the hour.

Making use of farm data, soil related data more accessible to farmers can help in decision-making around crop planning. Moreover, agri tech solutions and new technologies like AI, IoT, and drones can help transform the agriculture industry.

EIoT (Electrical Internet of things)

Smart spaces and sentient homes are the future of automation. A simple example is smart thermostats and how it is now very commonly used. This enables more connected devices through artificial intelligence and machine learning.

EIoT enables you to conduct smart monitoring and complex energy management in real time.

The global economy may remain unstable in 2023. However, to streamline operations and increase efficiency and cost optimisation, we can anticipate an increase in the IT budgets this year. Organisations will be looking to buy and implement third-party software to improve their in-house technical infrastructure. The key is to choose the right digital transformation partner for implementation to ensure organisations achieve a good ROI for their investments.

Digital transformation is an ever-evolving process. In 2023, the world will witness more organisations adopting digitisation and core modernisation toward digital transformation. Going digital can be a pressing challenge, especially for smaller organisations across the globe, which according to the World Bank accounts for 90% of organisations, 60-70% of employment, and contributes to over 50% of global GDP. Digital transformation and innovation are the only solutions to drive maximum collaboration, efficiency, and transparency.

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7 Ways Digital Transformation Can Empower Organisation Growth

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Digital transformation and innovation are the only solutions to drive maximum collaboration, efficiency, and transparency

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Proud Moment! India to outperform China, US in real GDP growth in 2023 and 2024, says IMF World

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Proud Moment! India to outperform China, US in real GDP growth in 2023 and 2024, says IMF World

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Projections presented by the International Monetary Fund (IMF) in its World Economic Outlook report for April, released on Tuesday, suggest that India's real GDP growth rate is expected to surpass that of both the US and China. India's real Gross Domestic Product (GDP) is expected to grow by 5.9 per cent in the financial year 2023-24 and by 6.3 per cent in the following FY.

Updated Apr 12, 2023 | 12:31 PM IST

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India's real Gross Domestic Product ( GDP) is expected to grow by 5.9 per cent in the financial year 2023-24 and by 6.3 per cent in the following FY. Projections presented by the International Monetary Fund ( IMF) in its World Economic Outlook report for April, released on Tuesday, suggest that the country's real GDP growth rate is expected to surpass that of both the US and China.

China's real GDP is projected to grow by 5.2 per cent in 2023 and by 4.5 per cent in 2024. For the US, on the other hand, the projections for 2023 and 2024 stood at a meagre 1.6 per cent and 1.1 per cent.

Indian Economy To Overtake China, US According To IMF World Economic Outlook Projections (Courtesy: IMF)

Real GDP is a measure that reflects the total value of goods and services produced in a country year-on-year. It is adjusted for inflation using base year prices. Strong real GDP growth points to a growing economy size. In such a scenario, employment is likely to be increasing since businesses hire more workers for the production of goods and services. People also have more money in their pockets. Simply put, an increase in real GDP is usually seen as a sign that the economy is doing well.

IMF noted that India's real GDP growth rates have been calculated using national accounts. Prices in 2011-12 were used as base-year prices.

Better Than Global Economy

India has not only outperformed the US and China, but it is also doing far better than the global forecasts. IMF has predicted that global economic growth will fall from 3.4 per cent in 2022 to 2.8 per cent in 2023. It will finally settle at three per cent in 2024.

Advanced economies are expected to perform even more poorly. For these countries, mainly concentrated in Western Europe and North America, growth is expected to slow down from 2.7 per cent in 2022 to 1.3 per cent in 2023. In 2024, their growth rate is expected to settle at 1.4 per cent.

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Proud Moment! India to outperform China, US in real GDP growth in 2023 and 2024, says IMF World Economic Outlook Report

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Projections presented by the International Monetary Fund (IMF) in its World Economic Outlook report for April, released on Tuesday, suggest that India's real GDP growth rate is expected to surpass that of both the US and China.

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A new IPO by Policybazaar.com is coming in 12-15 months; Bay Capital will boost the parent firm's capital: Siddharth Mehta

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A new IPO by Policybazaar.com is coming in 12-15 months; Bay Capital will boost the parent firm's capital: Siddharth Mehta

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Leading online insurance policy aggregator Policybazaar.com has got a capital boost from investment management firm Bay Capital, ahead of its initial public offering (IPO) in the next 12-15 months.

Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.com.

"Bay Capital has completed a secondary transaction, ahead of the insurance aggregator's plans to launch an IPO in the next 12-15 months," Bay Capital said on Wednesday. However, how much capital has been infused by Bay Capital could not be ascertained.

PB Fintech had attained the status of a unicorn in 2018 when it raised USD 200 million in a Series-F round led by Japan's Softbank. Siddharth Mehta, founder and CIO of Bay Capital, said PB Fintech has transformed the way insurance is bought in India.

"Customer centricity has been the heart of their proposition and has helped them become the platform of choice for customers," he said.

Yashish Dahiya, founder and Group CEO of PB Fintech, said Bay Capital is a long-term investor and the company sees them playing a key role as Policybazaar heads towards the public markets in the next 12-15 months.

India focussed Bay Capital has invested in areas such as consumer, digital, finance, outsourcing and health. Among others, Policybazaar.com has investors of the likes of Info Edge, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington and Steadview.

PB Fintech also holds Paisabazaar.com, which is an online credit comparison portal.

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Policybazaar.com IPO in 12-15 months; parent firm gets capital boost from Bay Capital

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Leading online insurance policy aggregator Policybazaar.com has got a capital boost from investment management firm Bay Capital, ahead of its initial public offering (IPO) in the next 12-15 months. Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.com.

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Siddharth Mehta, Founder of Bay Capital, believes that India's long-term growth of India | Moneycontrol

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Siddharth Mehta, Founder of Bay Capital, believes that India's long-term growth of India | Moneycontrol

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India's post-COVID spending boom drives two-speed economy

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India's post-COVID spending boom drives two-speed economy

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Agencies

India is set to be the world's fastest growing major economy in the year ahead, as a post-pandemic retail boom and recent bank balance-sheet repairs lure new investment, fueling hot demand for everything from cars to televisions, coal and airliners.

The world's fifth-largest economy is expected grow 6% in the fiscal year ending March 31, 2024, according to a survey by the Indian central bank this month.

While slower than the current fiscal year's projected 6.8% growth, the outlook contrasts with bleaker 2023 projections in the United States, Europe and most noticeably China, a major Asian economic rival where a recent surge in COVID infections is expected to hobble activity next year.

Importantly, conditions are better than not just the crippling slump during India's devastating COVID surge last year but also the anemic growth of the debt-saddled last decade.

The more upbeat mood is shoring up spending and investment in India, although the recovery is expected to be an uneven one, benefiting the urban and domestic sectors more than struggling rural and export-oriented parts of the economy.

"If India does everything right, we could see significant foreign inflows in the next one to two years," said Sridhar Sivaram, investment director at Enam Holdings, a privately managed investment group.

He is most bullish on Indian banks, which are having a "Cinderella moment" - a phrase popularised by billionaire-banker Uday Kotak, because of high credit demand and reduced defaults.

India's weight in the MSCI emerging market index has already risen from 8% in 2019 to 16% as of October 2022, said Sivaram.

Foreign portfolio investors sold a net of $18 billion this year but turned buyers in November and December, with financial stocks accounting for a third of the inflows last month.

Longer term foreign direct investors have put in $22 billion into India between April-October 2022, on par with the previous year. Computer software, services firms, trading, non-conventional energy and chemicals made up more than half the inflows until September this year, government data shows.

UNEVEN REBOUND

Economic activity picked up after a third wave of COVID infections in 2021, which was less severe than feared and led to most COVID restrictions being lifted, releasing pent-up demand for homes to cars and consumer goods in urban areas.

Pradeep Bakshi, chief executive of consumer appliances company Voltas, said sales have been driven by a backlog of orders and easier financing options, such as buy-now-pay-later schemes, which reduce upfront payments for consumers.

Demand for services such as hospitality, travel and leisure, rose 7.4% in the September quarter from the same period in 2019, before the COVID crisis hit, gross domestic product data showed.

"We are back in expansion mode with a vengeance, after a period when we didn't know whether we would survive," said Anjan Chatterjee, managing director at Specialty Restaurants, which runs eateries across the country.

Overall, September quarter private consumption rose 7.8% from pre-COVID levels in 2019 while a sharp increase in government spending has pushed up fixed capital formation, an indication of investment activity, 13.5% from 2019, GDP data showed.

INVESTMENT RECOVERY

India's re-opening is one reason power and coal demand is strong, pushing the government to step up gas imports, while more companies are seeking bank credit as they add capacity.

Air India, for example, is looking at landmark orders for as many as 500 jetliners worth tens of billions of dollars from both Airbus and Boeing, Reuters reported this month.

Not all indicators are signalling the same level of economic strength, however.

Unemployment remains elevated at an average of 7.4% over the last 12 months till November compared with 6.3% in 2018-19 and 4.7% in 2017-18, the Centre For Monitoring Indian Economy estimates.

High inflation, which is seen averaging 6.7% in 2022-23 by the central bank, has also hurt spending in rural areas where wage growth has not kept pace with urban areas and disposable incomes are lower.

Production of non-durables goods, which include snacks and soap and are sensitive to shifts in rural demand, contracted more than 4% between April-October and by 13% in October alone, dragging overall manufacturing 5% lower that month.

Slowing global demand is also starting to weigh on exports for items like textiles.

However, broader optimism remains buoyed by the prospect of fresh private investment, after a decade that saw Indian corporations over-leveraged and banks saddled with bad loans, which made businesses reluctant to spend.

Enam Holdings' Sivaram said order announcements have grown, although it usually takes about two years for "a capex cycle to materialise into earnings".

There is also hope that global corporations will diversify supply chains away from China, which would benefit India.

"In the chemicals sector, we have seen this China-plus-one strategy play out quite well and we are positive on some of the companies in that sector," Sivaram said.

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India's post-COVID spending boom drives two-speed economy

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While slower than the current fiscal year's projected 6.8% growth, the outlook contrasts with bleaker 2023 projections in the United States, Europe and most noticeably China, a major Asian economic rival where a recent surge in COVID infections is expected to hobble activity next year.

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Has India beaten China in GDP growth after Covid?

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Has India beaten China in GDP growth after Covid?

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In the three years since 2021, India has remained the fastest growing large economy. Per IMF data, it grew at 9. 1% in 2021, 6. 8% in 2022, and is expected to grow at 5. 9% in 2023. Is this an 'achievement' or a quirk of data? Here's what's happened.
When Covid brought the world to a halt in 2020, India's economy was among the worst hit. Canada, Japan, Germany, Brazil and the US all shrank, but less than India. The UK, Italy and France fared worse. However, China managed to grow modestly even in 2020. The shrinking of India's GDP reduced the base for calculation, and so its growth ﬁgures for subsequent years have become inﬂated.

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Covid: Has India beaten China in GDP growth after Covid? - Times of India

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In the three years since 2021, India has remained the fastest growing large economy. Per IMF data, it grew at 9. 1% in 2021, 6. 8% in 2022, and is expected to grow at 5. 9% in 2023. Is this an 'achievement' or a quirk of data?

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Siddharth Mehta, Founder & CIO, Bay Capital shared some investment tips | The Indian Express

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Siddharth Mehta, Founder & CIO, Bay Capital shared some investment tips | The Indian Express

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Siddharth Mehta Bay Capital Founder & CIO said "While business sectors might well go down further, contributing when frightened is one of the hardest activities. It is through this dread that one should think reasonably and hope to purchase extraordinary organizations which are unleveraged, which are heavenly capital allocators with the most elevated administration principles and which won't simply get by however come out more grounded over the course of the following 5-10 years and subsequently possibly give outsized re-visitations of the fearless financial backer,"

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INDIAN stock markets Thursday suffered their biggest ever one-day plunge of 2,919 points as the coronavirus pandemic triggered a brutal sell-off in global markets.

The benchmark Sensex which plummeted 3,200 points at one stage, registered a huge loss of 2,919 points, or 8.18 per cent (worst single-day fall since the financial crisis on October 24, 2008) to close at 32,778.14, a two-and-a half year low. The broader NSE Nifty slumped 868.25 points or 8.30 per cent to close at 9,590.15. On Monday, Sensex had plunged 1,942 points.

With Thursday's battering, stock markets have lost 20 per cent in 30 days, indicating they have entered a bear phase. A bear market is a condition in which securities prices fall 20 per cent or more from recent highs amid widespread pessimism and negative investor sentiment. Dow Jones of Wall Street has also lost 23 per cent and Nikkei of Japan fell 22 per cent.

In the US, the S&P 500 plummeted over 7 per cent Thursday morning, prompting a 15-minute halt in trading within minutes after the markets opened and triggered a circuit-breaker. The markets were reacting to President Donald Trump's travel ban on all Europeans except those from UK to the United States for 30 days to slow the spread of coronavirus.

In India, the rupee fell 60 paise to a new 17-month low of 74.28 against the US currency due to strong dollar demand and capital outflows. Foreign portfolio investors have sold stocks worth over Rs 13,500 crore in the last two sessions. Even as the market witnessed a big sell-off, the Reserve Bank of India (RBI) on Thursday said it "stands ready to take all necessary measures to ensure that the effects of the COVID-19 pandemic on the Indian economy are mitigated, and financial markets and institutions in India continue to function normally". The RBI also decided to undertake a 6-month US dollar sell-buy swaps to provide US $ 2 billion liquidity to the foreign exchange market.

Analysts expect more outflows in the coming days as FPIs are keeping away from stocks in the global meltdown.

Mutual fund net asset values (NAVs) and the value of investors stock portfolio have plunged in the market meltdown in the last two weeks. On Thursday, investor wealth worth Rs 11.27 lakh crore was wiped out, taking the total market capitalisation to Rs 125.86 lakh crore.

After the World Health Organization (WHO) declared the coronavirus outbreak as a pandemic and expressed deep concern over the "alarming levels of inaction", global markets crashed further, taking indices to new lows. Travel ban imposed by several countries and soft oil prices added fuel to the market's fire, analysts said.

Vinod Nair, Head of Research, Geojit Financial Services, said, " Recession fears increased after WHO declared coronavirus a pandemic which forced investors to sell off risky assets. Fresh travel bans across nations is contributing to the fears that economic impact will be much larger than earlier estimates. The RBI is expected to cut interest rate and announce additional liquidity before the scheduled meeting which is due next month."

However, several experts said time may be appropriate to build a stock portfolio as prices have fallen considerably. "The equity indices slumped by almost 8 per cent on yet another day of sell-off triggered by the deadly cocktail of the pandemic and the rising fears of a slowdown in global as well as domestic growth. Needless to say, those who have been into their investment plan in a phased manner would also be surprised but relatively less affected due to deferred commitments over longer time span. A time eminently suited for building portfolios for the longer tenure," said Joseph Thomas, Head of Research, Emkay Wealth Management.

"The market direction will continue to be dictated by coronavirus update as WHO has declared the virus as a 'pandemic' creating panic amongst investors. Further, crude oil price and currency movement will be on investors' radar. Hence, we expect volatility to remain high in the markets given uncertainty across the globe," said Ajit Mishra, VP - Research, Religare Broking. The coronavirus outbreak has left virtually no sector untouched, though travel and tourism have been particularly hard hit as countries institute travel bans and quarantine requirements, said an analyst. The Dow Jones Index had plunged around 1,465 points, or 5.9 per cent, on Wednesday, in a brutal session that left the index more than 20 per cent below its peak, making it a bear market. Thursday morning, it lost another 7 per cent in the initial few minutes itself, triggering the circuit-breaker. Hong Kong's Hang Seng Index fell by as much as 4.4 per cent, flirting with the 20 per cent decline since its April peak for the second time in as many years. Tokyo, host of the 2020 Olympics, fell 4.4 per cent, with the benchmark Nikkei 225 plunging for the fifth trading day. Shanghai's Composite Index fell 1.5 per cent. The Kospi in Seoul slipped 3.9 per cent and the tech-heavy Kosdaq shed 5.4 per cent. Australia's S&P/ASX200 closed down 7.4 per cent - its biggest fall since October 10, 2008.

In India, SBI crashed 13.23 per cent in the selling avalanche. Among sectoral indices, oil and gas plunged 9.82 per cent, followed by realty, metal, bankex, finance, energy and IT. Broader BSE midcap and smallcap indices lost up to 8.72 per cent. "While markets may well go down further, investing when terrified is one of the hardest things to do. It is through this terror that one must think rationally and look to buy great businesses which are unleveraged, which are stellar capital allocators with the highest governance standards and which will not just survive but come out stronger over the next 5-10 years and thus potentially provide outsized returns to the intrepid investor," said Siddharth Mehta, Founder & CIO, Bay Capital.

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Sensex falls 8%, sharpest in a day since 2008; Dow opens with another crash

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In India, the rupee fell 60 paise to a new 17-month low of 74.28 against the US currency due to strong dollar demand and capital outflows. Foreign portfolio investors have sold stocks worth over Rs 13,500 crore in the last two sessions.

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Digital transformation is key to India’s economic growth. Talent pool sets it apart

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Digital transformation is key to India’s economic growth. Talent pool sets it apart

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Reports suggest that the Indian govt is working on integrating ChatGPT into the India Bhashini platform. This can further accelerate connectivity across the country.

India is the fastest-growing economy in the world, forecast to overtake Japan and Germany to become the world's third-largest economy by 2030. Like every nation in 2023, India faces headwinds, including a pullback in foreign venture capital funding. But India's forecasts remain strong, thanks to a demand-driven consumer economy largely insulated from global challenges, such as inflation. This means that, while the world is in the grips of another complex year, we are uniquely placed for significant economic growth. We are on the cusp of a once-in-a-generation growth opportunity and digital transformation is an essential fuel for our engine.

Digital transformation is key to India's economic growth

The COVID-19 pandemic accelerated India's digital connectivity. Today, our internet population is nearly double the entire population of the United States. That's over 627 million people. This rapidly expanding connectivity amongst consumers is one of the reasons why technology is transforming all aspects of daily life - everything from education to food delivery has gone online. In fact, every citizen now has a digital locker, a 'Digital Yatra,' which unifies many of our services and payment needs. Indians are on a big digital journey.

This growing consumer appetite for technology is already driving real economic growth here. But there's more growth ahead. India's digital economy is estimated to be worth $1 trillion in just two years.

At Salesforce, we're witnessing this digital growth first-hand. India is a major talent and innovation hub for our global business. In recognition of this, we recently expanded our research, development and customer support Centre of Excellence in Hyderabad. Our ecosystem in India is flourishing, with more than two million developers and more users of Trailhead - our free online digital skills platform - than in any other market outside of the US.

Opportunities for business

As well as having a global impact, digital transformation is driving growth for Indian businesses of all sizes. CEOs across the country tell me, daily, that digital transformation is fundamental to the future success of their companies. In the past, some pockets of Indian business - often large organisations with legacy systems and a cultural resistance to change - might have been slower to act. But they now see technological innovation as an imperative for survival. Operating in an economy where change is happening so quickly and where a predominantly younger population wants everything digitally and now, they've recognised the choice they must make - stay agile or become irrelevant.

The answer, those CEOs I speak to agree, is the 'cloud.' Across the world, cloud technologies have been proven to drive efficiencies, customer engagement and innovation. Research last year found that the adoption of the cloud across global Fortune 2000 companies could generate $3 trillion in global economic value by 2030. That is a huge growth opportunity for Indian businesses.

Salesforce provides some of India's biggest brands with digital transformation solutions to help them deliver on their long-term growth objectives. Air India, for example, is elevating its customer experience through a combination of data, AI and the cloud.

Beyond business

Technology is a necessity for ensuring that a country as large as India can navigate the societal challenges of the future on every level. Our country is now home to one-fifth of the world's population. Everything we do, by nature, is big.

Traditional bricks and mortar methods are, therefore, no longer the most effective way to serve our people. Technological solutions can maintain and upgrade healthcare provisions, reinvent traditional agricultural processes and improve the quality of education on a scale required to meaningfully reach our 600,000 villages - many of these in highly remote locations.

In other countries, innovation may be driven to a greater extent by private companies seeking growth. But in India, the catalyst is the public good as much as it is a business need. Technology is perhaps the most important and opportune area where the public and private sectors can continue to work together to upgrade every corner of our country quickly and impactfully.

We're at a watershed moment for technology. Innovations, such as generative AI, could fundamentally change the way we work and live, with the potential to solve some of the biggest challenges in society. We don't have a crystal ball, so cannot predict AI's future. But what we do know is that this is a major moment. If we choose to use AI for the good of humanity, it could transform so many things - such as agriculture, education and health. Thinking about the societal challenges that face a country the size of India, that's a significant opportunity.

Reports suggest that the Indian government is already working on integrating ChatGPT into the India Bhashini platform, for example, which aims to facilitate Indians with easy access to the internet and key digital services in their own language. This would further accelerate connectivity across the country. We must ensure the right guardrails are in place and it's still early days, but the possibilities are exciting.

Our talent sets us apart

Ultimately, I believe the key to India's digital-first, economic opportunity is our people. We are a tech-savvy nation. We produce between 500,000 and 1 million engineers every year and a significant portion of our large population is young and digitally minded. It's not just about young people, however. All Indians are open to digitisation. All Indians are comfortable with digital platforms and interested in the opportunities they deliver. Even my 94-year-old aunt is digitally switched on, choosing to read the news on a desktop every morning, instead of a traditional newspaper.

Combining a significant talent pool and a digitally motivated population with supportive government policies, strong academic institutions, lower costs of living and doing business and world-class research and innovation facilities, India has all the ingredients for success.

The door to major economic growth is ajar. This is India's big moment - for our economy, our businesses and our society. I'm looking forward to being part of the journey.
This article was originally published in the World Economic Forum.

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Digital transformation is key to India's economic growth. Talent pool sets it apart

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Reports suggest that the Indian govt is working on integrating ChatGPT into the India Bhashini platform. This can further accelerate connectivity across the country. India is the fastest-growing economy in the world, forecast to overtake Japan and Germany to become the world's third-largest economy by 2030.

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With 5G rolling out rapidly, there is massive euphoria about the pace of digitalisation in India and the fact that we have the highest data usage per subscriber. We have grown over fifteen-fold in data usage per subscriber per month from 2016 to 2022. However, one is also hearing persistent voices of doubt that make us pause and reflect.

Per Oxfam India's Report in December, there is an increasing divide visible in the digital space in the country. While 61% of men owned mobile phones in 2021, in the case of women, it was just 31%. It is also disturbing to note that digital technologies appear to remain the preserve of the urban, upper-caste, and upper-class individuals. While 3% of the rural population owned a computer before the pandemic, the number has dropped to just 1% after it. The digital divide is reflected more sharply in the areas of education and healthcare-82% of parents face difficulties in ensuring their children access to digital education, with signal and internet speed becoming the biggest issues in school. Meanwhile, 84% of government school teachers also face challenges for delivery through digital medium due to lack of devices and internet.

Per World Economic Forum, digital inequality is one of the largest risks for India in the short and medium term. Further, in the present environment of higher smartphone prices and sharply rising data charges, internet penetration has flattened, and this poses significant challenges for achieving digital inclusivity. It is great that 5G is being rolled out aggressively; however, it must be realised, as pointed out by International Telecommunications Union, that an inescapable fall-out of this would be a worsening digital divide in the first few years.

Both Nokia and Ericsson have reported a steep increase in mobile data traffic in India in the last five years-they report data usage of over 19 GB per subscriber per month in 2022. However, TRAI's industry value remains around 16 GB per user per month. This is understandable because BSNL doesn't have 4G and Vi has been having major challenges in the marketplace. Airtel and Jio have nearly 70% of the market (in fact, probably 80% of the mobile broadband). This means that the high data value of 19 GB in a major portion of the market is being sharply pulled down to 16 GB by a minor segment of possibly by around 20-30% users, who are possibly using 10 GB or less data per month. Meanwhile, mobile data tariffs have risen 60% in just three years, and are set to rise further . Additionally, the 5G capex investments have to be also recovered. All this implies further worsening of the data-economy unevenness.

The speed divide is also a matter of concern. There is a big quality gap between the better-connected urban affluent subscribers and the aam janata, highlighted by the large difference between the median and the mean internet speeds recorded by credible test agencies. With 5G having been launched in several cities and towns, speed tests are picking up some of these values, and hence, the mean speed test results are tending to be deceptively higher. We need to assess realistically since 4G would continue to be the mainstay for a bit longer.

As of December 2022, there were 832 million broadband connections in India. Due to factors like multiple SIM ownership and difference between VLR and HLR, the number of unique broadband subscribers is estimated to be only around 500 million (a unique subscriber density of less than 40%). As cautioned by ITU, with 5G, in the near term, the 'haves' are likely to get more and more, while the 'have nots' will languish with inadequate connectivity. The NDCP 2018 targets of 55% unique mobile subscriber density by 2020 and 65% by 2022 are far away.

Several other hurdles are to be crossed to bridge the digital divide. These include inadequate digital literacy (only 38% households are digitally literate with urban at 61% and rural at only 25%), ICT devices for persons with disabilities, and internet affordability (India ranks 47 on internet affordability among 110 countries). Truly, we have miles to go on the highway of digital inclusion.

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With 5G rolling out rapidly, there is massive euphoria about the pace of digitalisation in India and the fact that we have the highest data usage per subscriber. We have grown over fifteen-fold in data usage per subscriber per month from 2016 to 2022.

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Indian fintech industry: Growth opportunities in the sector and what the future holds

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Indian fintech industry: Growth opportunities in the sector and what the future holds

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Indian fintech industry: Growth opportunities in the sector and what the future holds

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The success of Fintech over the last decade has been driven by its ability to identify and smoothen the friction that customers face while transacting with traditional financial institutions. Often thought of as potential disrupters,…

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Bay Capital's Siddharth Mehta views on the fall of sensex during the pandemic

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Bay Capital's Siddharth Mehta views on the fall of sensex during the pandemic

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Siddharth Mehta Bay Capital founder and CIO says its continued impact on social connection and mobility has only heightened the sense of panic, which is amply represented in financial markets.

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Sensex recorded its worst fall this week as bears took over, here's what aided the fall on D-Street

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Share markets witnessed extreme volatility this week as bears took over. S&P BSE Sensex fell 2,847 points and the border NSE Nifty-50 dropped 787 points.

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Upi: UPI to cover 90% of retail digital payments in India by 2026-27: Report - Times of India

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Upi: UPI to cover 90% of retail digital payments in India by 2026-27: Report - Times of India

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Unified Payments Interface (UPI) has been driving the digital payments revolution in India. According to a PwC report titled "The Indian Payments Handbook - 2022-27", 75% of total transaction volume in the retail segment in 2022-23 was done using UPI. The report also claims that UPI transactions are growing at a steady pace and may reach 1 billion per day by 2026-27. As per the report, UPI is projected to account for 90% of the total transaction volume in retail digital payments over the next five years.
How the Indian digital payments market is expected to evolve
The report claims that the Indian digital payments market saw steady growth. At a CAGR of 50% (volume-wise), it is expected to reach 411 billion transactions in FY 2026-27 from 103 billion in FY 2022-23. "It is estimated that UPI will record 1 billion transactions per day by FY2026-2027, going from 83.71 billion transactions in 2022-23 to 379 billion transactions by 2026-27," the report added.
The report also shows that the credit card segment continues to grow at a healthy rate. After UPI, card payment (both debit and credit) is one of the most used instruments for retail digital payments. The report claims that credit card transactions' volume is expected to surpass debit cards by FY 2024-2025.

In the next five years, credit card issuance is also expected to grow at a CAGR of 21% while debit card issuance is likely to see a stagnant growth with a CAGR of 3%. "The decline in debit card usage is because the major use case of debit card transactions is cash withdrawal, which can now be replaced by an easier way of withdrawing cash using UPI," the report added.
Mihir Gandhi, Partner and Payments Transformation Leader, PwC India, has said that in the next five years, the payments industry is likely to focus on ecosystem expansion and new use cases for existing payment platforms.

"Areas like embedded and ecosystem finance, digital lending based on payment transactions and offline payments will drive the next phase of growth for the payments industry. In the ever-evolving Indian payments landscape, innovation and inclusion are paving the way for a seamless digital economy," Gandhi noted.
The report also mentioned that in 2022-2023, revenue through the credit card business accounts for nearly 76% of the overall cards' revenue. This makes credit cards a viable business segment for banks, NBFCs and FinTech.
In 2022-2023, the revenue for credit card issuance increased by 42% compared to 2021-2022. The report adds that it is expected to grow by a CAGR of 33% in the next five years.

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Upi: UPI to cover 90% of retail digital payments in India by 2026-27: Report - Times of India

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Unified Payments Interface (UPI) has been driving the digital payments revolution in India. According to a PwC report titled "The Indian Payments Handbook - 2022-27", 75% of total transaction volume in the retail segment in 2022-23 was done using UPI.

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How three emerging opportunities are reshaping India’s fintech landscape | Mint

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How three emerging opportunities are reshaping India’s fintech landscape | Mint

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A noteworthy divide is evident in the contribution to total deposits, with rural India, which represents more than 60% of the population, contributing less than 10% of the deposits, while urban India, comprising only around 12% of the population, contributing 50-60% of the deposits. Additionally, women own a mere 20% of the total deposits.

Despite these challenges, Indian financial institutions stand out as some of the best-run businesses globally. They have relatively low non-performing assets (NPAs), comprising 3-5% of total assets, high capitalization at 18% CAR (Capital Adequacy Ratio), and impressive return ratios, with return on equity (RoE) of about 15%.

Foundational infrastructure and emerging opportunities

India's financial landscape has undergone a remarkable transformation in recent decades, boasting world-class infrastructure, well-regulated bodies, and a robust capital market framework. Key initiatives such as Jan Dhan, Aadhar, and UPI have been transformative, while ongoing innovations like differentiated banking/insurance licences, Central Bank Digital Currency (CBDC), Account Aggregator, the Open Credit Enablement Network (OCEN), Digilocker, and the Open Network for Digital Commerce (ONDC) continue to drive progress.

With a strong foundation and India's trajectory towards becoming a $5 trillion economy, the financial services sector presents immense opportunities for value creation. The fintech ecosystem is also seeing vibrant innovation.

India's financial services and fintech industry is poised to generate more value in the next decade than in the previous 70 years combined. We envision the financial services market cap, currently standing at about $850 billion, to reach around $1.7 trillion by 2030. Specifically, within this market, fintech is projected to contribute an additional $300 billion in market cap, surging from around $85 billion to nearly $400 billion during this period. India is undeniably at a turning point, where value creation will compound and propel significant growth.

In the rapidly evolving fintech space of India, three significant opportunity vectors have emerged.

The first is access, driven by India's unique demographics, growing affluence, and relatively low financial penetration. This presents a remarkable opportunity for new-age players to out-innovate incumbents and collaborate with them to unlock substantial value. Exciting business models addressing access include full stack/'manufacturing' plays (e.g, Acko, Axio, Uni, OneCard), new-to-credit lending (Aye Finance, Five Star, Aptus, Sarvagram), segment-specific financial solutions (Fampay, Jodo, GrayQuest, Niyo, Skydo) and embedded financial services (seamless in-platform payments, credit at the point of purchase, and tailored insurance products, such as Miniti and Progcap).

The second opportunity vector is efficiency, fuelled by India's globally competent product and tech talent, combined with world-class financial infrastructure. This convergence drives businesses that focus on building CFO tools which streamline processes and 'platformise' B2B payments and credit (for instance, Clear, Cashflo and Credable); building bridges between fintechs and financial institutions (e.g., M2P, Setu) or provide technology solutions to the financial services industry across identity (e.g., Hyperverge), credit assessment (e.g., Perfios), credit monitoring and collections (e.g., Credgenics) etc.

The third vector is centred around providing delightful experiences to Indian consumers, as their demands for superior customer experiences continue to grow. Fintech models can differentiate themselves across offerings such as seamless advisory and investing catering to the evolving middle class and democratizing access to financial products (e.g, Dezerv, Strata, Wint); targeting evolved user segments, such as active traders, GenZ investors, and those interested in social investing. Additionally, digitizing small and medium-sized businesses (SMBs) by empowering them with digital solutions for core business functions, while offering commerce, payments, and credit opportunities, is a large opportunity (e.g, Khatabook, OkCredit, and Flobiz).

Overall, these three opportunity vectors - access, efficiency, and experience - are reshaping the fintech landscape in India, creating a fertile ground for innovation, value creation, and customer delight.

Conclusion

India's fintech sector is on the cusp of a remarkable growth trajectory, fuelled by India's distinct demographics, robust financial infrastructure, and vast market potential. The convergence of opportunities in addressing access, efficiency, and experience sets the stage for the development of groundbreaking and customer-centric financial solutions that can generate substantial value for all involved.

Mridul Arora is Partner at Elevation Capital.

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How three emerging opportunities are reshaping India's fintech landscape

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A noteworthy divide is evident in the contribution to total deposits, with rural India, which represents more than 60% of the population, contributing less than 10% of the deposits, while urban India, comprising only around 12% of the population, contributing 50-60% of the deposits. Additionally, women own a mere 20% of the total deposits.

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Siddharth Mehta, Bay Capital invested in millions as Series A investors

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Siddharth Mehta, Bay Capital invested in millions as Series A investors

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Siddharth Mehta Bay Capital CIO, cricketer Kapil Dev, and other investors invested $3 million as Series A investors in the initiative, which has already attracted investor interest.

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3176% returns in 10 months! How this stock trader won Rs 1 crore prize

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Be a stock trader and win a crore! This became a reality when Chaitanya Jaiswal from Indore won Rs 1 crore prize money from the much-publicised Indian Trading League.

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Digital India: UPI monthly transactions hit record Rs 9 billion in May

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Digital India: UPI monthly transactions hit record Rs 9 billion in May

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The Unified Payments Interface crossed the milestone of 9 billion monthly transactions in May, according to the National Payments Corporation of India (NPCI).

The UPI recorded a total of 9.41 billion (941 crores) transactions during the month, NPCI said.

"Celebrating a milestone moment! We've crossed a phenomenal #9billion transactions on UPI in the month of May'23, & it's all thanks to you, India! Together, we are shaping the future of payments. Let's continue this journey of growth and innovation!," NPCI tweeted.

According to available data, UPI recorded 8 billion transactions in January this year, followed by 7.5 billion in February, 8.7 billion in March, and 8.89 billion in April. The data also showed that in FY23, the payment system processed a total of 83 billion transactions, amounting to a value of Rs 139 lakh crore, News 18 reported.

News 18 cited estimates of PwC India that say UPI transactions are expected to exceed 1 billion per day by 2026-27, accounting for 90% of retail digital payments in the nation.

UPI provides services from hundreds of banks and mobile payment applications. The platform has been used by FinTech, banks, and telecom operators, who have further boosted its expansion through QR code placements at merchant point-of-sale. Overall, observers say UPI has been a revolution for the whole economy due to its rapid adoption.

News18 recently reported that about 35-40 nations are in negotiations with India to adopt UPI for digital payments. Japan was the latest to say earlier this month that it was considering joining the UPI system.

Bhutan, Malaysia, the United Arab Emirates, Nepal, France, the United Kingdom, Russia, Oman, Qatar, Australia, Thailand, Saudi Arabia, Singapore, Malaysia, Thailand, Vietnam, Cambodia, South Korea, and Bahrain are among the nations that have reportedly expressed interest in the digital payments system.

Updated Date:

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Digital India: UPI monthly transactions hit record Rs 9 billion in May

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The Unified Payments Interface crossed the milestone of 9 billion monthly transactions in May, according to the National Payments Corporation of India (NPCI). The UPI recorded a total of 9.41 billion (941 crores) transactions during the month, NPCI said. "Celebrating a milestone moment!

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Embedded finance: Catalysing growth in India in 2023 | ORF

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Embedded finance: Catalysing growth in India in 2023 | ORF

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Siddharth Mehta of Bay Capital and Cricketer Kapil Dev invested in Indian Trading League

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Siddharth Mehta of Bay Capital and Cricketer Kapil Dev invested in Indian Trading League

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Cricketing legend Kapil Dev, along with London-based Bay Capital Founder Siddharth Mehta and others, has invested $3 million in Series A funding in the Indian Trading League (ITL), launched by Samco Ventures.

The league is open to all market participants, such as investors, intraday traders, positional traders, commodity traders, system traders and women. The winner would be the one generating the highest percentage net return or what is also called the absolute return on net funds (ARONF).

Kapil Dev said, "I have always taken all decisions from my heart, but ye dimaag ki league intrigued me and I feel that disruption, what one-day match and IPL brought to cricket, Indian Trading League coupled with SAMCO's discount broking would bring to investors and traders in the stock market. While I always wanted to be a stock market investor, I have come close to being one by investing in the company itself, which has come out with a brilliant concept for the stock and commodity markets."

The first edition of the league will begin on May 19, and conclude on March 31, 2016, with four formats - The Indian Trading League, The Indian Investors League, The Indian Commodities League and the Indian Women League.

Those interested will have to open an account with the ITL through the execution broker SAMCO, fill in an electronic KYC form, bring in an initial minimum capital of ₹25,000 and start trading in equities, derivatives, commodities or currencies.

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Kapil Dev invests in Indian Trading League

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Cricketing legend Kapil Dev, along with London-based Bay Capital Founder Siddharth Mehta and others, has invested $3 million in Series A funding in the Indian Trading League (ITL), launched by Samco Ventures. The league is open to all market participants, such as investors, intraday traders, positional traders, commodity traders, system traders and women.

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Siddharth Mehta of Bay Capital views on PB Fintech | Zeebiz

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Siddharth Mehta of Bay Capital views on PB Fintech | Zeebiz

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Policybazaar.com IPO: Capital boost! Check latest news here

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Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.Com. Get more Markets News and Business News on Zee Business.

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Tech industry revenue set to reach $245 billion in FY2023E: Nasscom

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Tech industry revenue set to reach $245 billion in FY2023E: Nasscom

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ETtech
The top-five companies have a strong deal pipeline of $18 billion, but there are a slew of headwinds the sector is staring at (Illustration: Rahul Awasthi)

The country's technology industry is expected to grow double digits in constant currency terms in FY2023E, industry body Nasscom revealed on Wednesday.

On Wednesday, Nasscom released the Strategic Review 2023 - Priming for a 'No Normal' Future, on the sidelines of the Nasscom Technology & Leadership Forum (NTLF) 2023. The report showcases the key trends that defined 2022 and the ones for 2023.

Despite the global headwinds, the technology industry in India is set to witness a steady growth in FY2023E. Nasscom estimates the Indian tech industry revenue to grow by $245 billion, in reported currency with a cross-currency impact of 2%.

This reflects an incremental net revenue addition estimated at $19 billion during the year. The growth has been across segments of IT services, BPM, software products, ER&D and domestic market. Mirroring the trend, the Indian service export revenue is expected to touch $194 billion in reported currency, a growth of 9.4% compared to FY2022.

Growth in exports is seen across all the major markets. The USA growing at 10.4% and APAC at 10.1% continue to be the major market. FY2023E recorded growth across core sectors - BFSI, manufacturing, and telecom/HiTech.

"FY23 has been another growth year for the industry creating impact for the country and all our stakeholders. Despite global headwinds and some moderation in demand, the value proposition of a transformation partner for global enterprises enabled the industry to strengthen its leadership," said Krishnan Ramanujam, Nasscom chairperson.

According to the report, India's massive digital infrastructure played a key role in driving India's domestic tech adoption. With continued investments by the government and enterprises in emerging technologies, India's domestic sector emerged as the great propeller. Domestic revenue is growing 13% from FY22 in rupee terms, with a significant uptick in digital spending amongst Indian enterprises.

The industry continues to be the net employer with over 5.4 million workforce, creating 290,000 new jobs in FY2023. With a 36% digitally skilled workforce, the industry remains on the top in terms of AI skills penetration, the second largest in terms of AI/ML BDA talent pool, globally and third globally, in terms of installed supply of Cloud professionals.

With a total of two million women employees, the industry showcases a deep focus on bringing diversity to the workplace reporting a net addition of over 140,000 women employees during the year.

Debjani Ghosh, president of Nasscom, said, "In a no-normal environment that we are living in today, the industry focus continues to be on investing for growth. Propelled by forward-looking policies, strong governance, talent and digital trust to ensure accessibility, privacy, security, and reliability, the tech industry in India is on track to accelerate growth to $500 billion n by 2030."

In recent years, India has emerged as a global powerhouse for deeptech innovation capabilities & R&D and is steadfastly committed to ushering future growth and innovation for global enterprises. Global Capability Centres (GCCs) have had a huge impact in making India a destination of choice for Engineering R&D.

40% of global GCCs are present in the country today which demonstrates a tremendous opportunity for the country to scale up. India added more than 65 new GCCs in the year taking the total to more than 1570. Sub-sectors such as ER&D also witnessed an accelerated double growth at 11.1%

The proportion of digital tech in the overall technology services revenue has been increasing year after year. From only around 26-28% in FY2020, to leapfrogging to over 32-34% in FY2023, there has been increasing penetration of digital tech in the industry.

Within this, Analytics, Cloud, and Cybersecurity are emerging as the fastest growing segments wherein the share of Cloud deals was reportedly four times of pre-pandemic levels.

Interestingly, since 2010, 60% of the total 266,000 tech patents filed in India are within emerging technologies; emerging tech patents accounted for 73% of all tech patents in 2022.

Rising above the uncertainties, the Indian tech startups in FY2023E focused on strengthening business fundamentals and governance. India added more than 1,300 new startups and 23 new unicorns in 2022. The country has also emerged as a hotbed for deeptech startups in India, reaching a total of more than 3,000 in FY23 wherein more than 485 inventive deeptech startups are developing innovative solutions.

Despite global headwinds, the industry is expected to showcase strength and resilience. According to McKinsey CIO survey, 75% of CIOs expect spending on digital to continue with evolving priorities as per changing macroeconomic environment.

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Tech industry revenue set to reach $245 billion in FY2023E: Nasscom

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The country's technology industry is expected to grow double digits in constant currency terms in FY2023E, industry body Nasscom revealed on Wednesday. On Wednesday, Nasscom released the Strategic Review 2023 - Priming for a 'No Normal' Future, on the sidelines of the Nasscom Technology & Leadership Forum (NTLF) 2023.

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What things should keep in mind while investing shares Siddharth Mehta of Bay Capital

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What things should keep in mind while investing shares Siddharth Mehta of Bay Capital

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Considering the adverse global climate, investment is still tepid, and analysts predict that the country may not shake off its current malaise until much later this year. Siddharth Mehta, Bay Capital founder & CIO claims there has been a "marked slowdown in the pace of deal-making in the market."

"The slowdown in funding is really due to the global macroeconomic and geopolitical headwinds, inflation, and the war in Ukraine,".

According to data from GlobalData, 87 venture capital transactions totaling $696.2 million were disclosed in India during January 2023. In terms of number and value, this was down 13.9% and 23.1% from the previous month, when India witnessed 101 venture capital agreements totaling $905 million. Here's a simple guide by Siddharth Mehta to understand it better:

How should young entrepreneurs plan their investment?

As a young entrepreneur, planning your investment is crucial for the long-term success of your business. Here are some steps you can take to plan your investments effectively:

1.​Set goals: Define your short-term and long-term business goals, as they will guide your investment decisions.

2.​Develop a budget: Create a budget that outlines all your expenses, including operational costs, employee salaries, and other overhead expenses.

3.​Research investment opportunities: Conduct thorough research on investment opportunities that align with your business goals and budget. You may want to consider investing in technology, equipment, marketing, or human resources.

4.​Seek advice: Consult with a financial advisor or mentor who has experience in investing in small businesses. They can provide valuable insights and help you make informed investment decisions.

5.​Diversify your investments: Avoid putting all your money into one investment. Instead, diversify your investments to minimize risks and maximize returns.

6.​Monitor your investments: Keep track of your investments regularly to ensure they are performing as expected and adjust if necessary.

7.​Stay patient: Investing is a long-term strategy that requires patience and discipline. Don't get discouraged if you don't see immediate results and avoid making impulsive decisions.

As remember, successful investing requires careful planning, research, and discipline. By taking the time to plan your investments effectively, you can set your business on a path to long-term success.

What are the things they should keep in mind while setting up a start-up?

Starting a new business can be an exciting and challenging venture. Here are some important things to keep in mind when setting up a startup:

1.​Identify your target audience: Before you start your business, identify your target audience and understand their needs and preferences. This will help you develop products and services that meet their needs and stand out from competitors.

2.​Conduct market research: Research your industry, competitors, and target audience to identify gaps in the market that your startup can fill. This will help you develop a unique value proposition that sets your business apart.

3.​Develop a business plan: A comprehensive business plan will outline your startup's goals, strategies, finances, and operations. It will serve as a roadmap to guide your business and attract potential investors.

4.​Build a strong team: A successful startup requires a strong team with complementary skills and expertise. Hire employees who share your vision and can help you achieve your business goals.

5.​Secure funding: Starting a business requires significant capital investment. Consider seeking funding from investors, venture capitalists, or crowdfunding platforms to help launch your startup.

6.​Focus on customer experience: The success of your startup depends on the satisfaction of your customers. Develop a customer-centric approach that prioritizes their needs and preferences.

7.​Stay agile: Startups are inherently agile and need to be able to adapt quickly to changing market conditions. Be open to feedback and be willing to pivot your strategies as needed.

Starting a business can be challenging but keeping these tips in mind can help you set up a strong foundation for your startup's success.

What are the three things they should keep in mind?

"Starting a new business can be an exciting and challenging journey", especially for young entrepreneurs who are just starting their entrepreneurial careers. Here are three important things that young entrepreneurs should keep in mind when starting a new business:

1.​Be Passionate and Determined: Starting a new business can be a long and difficult process that requires a significant amount of time, effort, and resources. As a young entrepreneur, you must be passionate about your business idea and be determined to overcome the challenges that come with starting a new business. It is important to believe in yourself and your vision for your business, even when faced with setbacks or obstacles.

2.​Focus on Your Customers: Your customers are the lifeblood of your business, and it is essential to understand their needs, preferences, and pain points. As a young entrepreneur, it is important to prioritize customer satisfaction and build strong relationships with your customers. Focus on creating a positive customer experience, delivering high-quality products or services, and soliciting feedback to continually improve your offerings.

3.​Be Resourceful and Adaptable: Starting a new business requires creativity, resourcefulness, and adaptability. As a young entrepreneur, you may not have access to a large amount of capital, an established network, or extensive industry experience. However, you can leverage your creativity and resourcefulness to find innovative solutions to problems, build relationships with industry leaders, and learn from your mistakes. "It is essential to stay flexible and adaptable, willing to pivot your strategies as needed to meet the changing needs of your business and industry"

In summary, young entrepreneurs should focus on being passionate and determined, prioritizing their customers, and being resourceful and adaptable when starting a new business.

What is lifestyle investment? And how to ensure it brings profit.

Lifestyle investment refers to investments that align with an individual's personal values, interests, and preferences. This type of investment focuses on investing in assets or ventures that reflect a particular lifestyle or passion, such as art, music, travel, or sports.

To ensure that lifestyle investments bring a profit, here are a few tips to keep in mind:

1.​Do your research: As with any investment, it's essential to conduct thorough research before investing in a lifestyle asset. This can involve researching market trends, analyzing potential risks, and assessing the investment's potential for growth.

2.​Build a diversified portfolio: Investing in a range of assets or ventures can help minimize risk and increase the likelihood of a profitable return. Consider investing in different areas of your lifestyle interest or passion, rather than focusing solely on one asset.

3.​Seek expert advice: If you're new to investing in a particular area, consider seeking expert advice from a financial advisor or investment specialist. They can provide valuable insights and help you make informed investment decisions.

4.​Monitor your investments: Keep track of your investments regularly to ensure they are performing as expected. If an investment is underperforming, consider taking action to mitigate the risk or exit the investment.

5.​Be patient: Lifestyle investments may not generate immediate returns, and it's essential to be patient and take a long-term view. Recognize that investing in lifestyle assets is often a passion-driven pursuit rather than a pure financial one.

In summary, lifestyle investment is a unique investment approach that can align with an individual's personal values and interests. To ensure a profitable return, walk on the path of prominent entrepreneurs like Siddharth Mehta, Bay Capital CIO, and focus to conduct thorough research, build a diversified portfolio, seek expert advice, monitor your investments regularly, and be patient.

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Are you a young entrepreneur who is planning to invest? Here's your guide

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Considering the adverse global climate, investment is still tepid, and analysts predict that the country may not shake off its current malaise until much later this year. Siddharth Mehta, Bay Capital founder & CIO claims there has been a "marked slowdown in the pace of deal-making in the market."

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India’s fintech sector can buck global headwinds

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India’s fintech sector can buck global headwinds

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A global bull run in fintech that started over a decade ago is facing a perfect storm. As recessionary fears stalk the world, as interest rates climb and quantitative tightening becomes the norm, the era of dubious business models and reckless unprofitable growth seems to be coming to an end.

But despite headwinds in global fintech, India appears poised to strengthen its position. Thanks to critical path-breaking innovations such as the Unified Payment Interface (UPI) and the e-Rupee (CBDC), Indian fintech is estimated by EY to grow at a CAGR of 31 per cent and reach $1.3 trillion by 2025, with a secular rise across digital payments, digital lending, insur-tech, retail investing, neo-banking, and embedded finance.

This presumption of growth is supported by near-ubiquitous access to affordable smartphones, no-frills bank accounts, national digital identity management, and frictionless acceptance based on QR codes, all acting in tandem. Today, one in five unicorns in India are fintech firms, but only one in 15 global fintech unicorns are Indian. Furthermore, RBI's Financial Inclusion Index, which measures financial inclusion in India by way of access, usage, and quality stands at a mere 56.4 out of 100. The opportunity to accelerate the democratisation of financial access therefore appears unlimited.

Consumer protection

Fintech tends to thrive in a climate of strong innovation and weak regulation. No longer. In recent times, the regulatory spotlight in India has been on digital lending firms that bypass KYC, or target financially unsophisticated borrowers with predatory loans, or extend buy-now-pay-later (BNPL) schemes underwritten by non-banking entities. Just as worrisome, digital payment apps remain opaque on how they monetise their user and transactional data, and digital payment frauds continue to plague senior citizens.

The current funding winter can be a breather for thoughtful fintech leaders to embrace good governance. Fintech firms work best when they are able to address white-spaces in the market that are unserved or underserved by formal financial institutions. Small merchants, start-ups and SMEs are not top-of-mind for commercial banks, who prefer instead to lend to entities with large balance sheets and long track records. College students bereft of CIBIL scores cannot access the tiniest amount of personal credit linked to their savings accounts, even though we celebrate our youth as a demographic asset and exhort them to become the job creators.

India remains uniquely positioned to strengthen its global reputation as a fintech powerhouse. There are many reasons for this optimism. First, the country is awash with entrepreneurial ambition. Second, India continues to be a fountain of unresolved problems with respect to payments, credit, and insurance for consumers, SMEs, and also the financially excluded.

Third, there is a holy trinity at work: affordable smartphones in the hands of citizens, a robust digital public infrastructure on the cloud, and a regulatory regime trying to strike a fine balance between enforcing rules and fostering innovation. Finally, Indian fintech has arguably catalysed more financial inclusion in the last decade than a century of traditional banking that preceded it.

Paul is MD and CEO of TalentSprint, and Sambamurthy is former chairman of NPCI

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India's fintech sector can buck global headwinds

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A global bull run in fintech that started over a decade ago is facing a perfect storm. As recessionary fears stalk the world, as interest rates climb and quantitative tightening becomes the norm, the era of dubious business models and reckless unprofitable growth seems to be coming to an end.

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India's Growing FinTech Market

For Prelims: Fintech industry, Internet, Crypto-currencies, Micro, Small and Medium Enterprises, Jan Dhan Yojna, Direct Benefits Transfer, IndiaStack, Unified Payments Interface, Central Bank Digital Currency (CBDC), Reserve Bank of India, Digital Rupee, Digital lending.

For Mains: Significance of Fintech in Indian Context, Growth of FinTech Being Driven by Government Initiatives, Issues Associated with the Fintech Industry.

The Fintech industry has seen tremendous growth in India over the last decade since it caught pace after the expansion of internet services in the country. With a fintech adoption rate of 87% against the global average of 64%, India is one of the fastest growing fintech markets in the world.

However, despite registering unprecedented growth in the last few years bolstered by the rapid internet penetration, India still has the second largest population without access to banking services with 190 million unbanked people. Therefore, there is a need to extend technology-based financial services across the length and breadth of the country in a secured manner.

What is Fintech?

Financial technology (better known as Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services.

It includes any technological innovation in the financial sector like retail banking, investment and even crypto-currencies (Decentralised Finance (DeFi) that seeks to enhance financial literacy and education.

What is the Significance of Fintech in Indian Context?

Promoting Financial Inclusion in India: A large number of Indians remain outside the formal financial system, and the use of financial technologies can help close the gap left by traditional banking and finance models.

Finance for Micro, Small and Medium Enterprises (MSME) : One of the biggest threats to MSME existence is a lack of capital. According to the IFC Report, the MSME credit gap is estimated at USD 400 billion, which is where FinTech can play a key role, and solve the issue of credit availability.
With several FinTech start-ups offering easier and quicker access to loans, MSMEs are no longer required to go through the tedious process of documentation, paperwork and multiple visits to a bank.

Improved Customer Experience: FinTech start-ups provide convenience, personalisation, transparency, accessibility, and ease-of-use to their customers, empowering them to a high degree.
Developing credit scores and underwriting credit for customers with limited credit histories will improve financial services penetration in India by leveraging big data, machine learning, and alternative data.

How is the Growth of FinTech Being Driven by Government Initiatives?

Jan Dhan Yojana: The world's largest financial inclusion initiative, "Jan Dhan Yojna", has helped in new bank account enrolment of over 450 Mn beneficiaries for direct benefits transfer and accessibility to a host of financial services applications such as remittances, credit, insurance, and pensions.
This has enabled FinTech players to build technology products to penetrate the large consumer-base in India.

India Stack: IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise a unique digital Infrastructure to solve India's hard problems towards presence-less, paperless, and cashless service delivery.
The India Stack has been the driving force behind the accelerated evolution of Fintechs.

UPI (Unified Payments Interface): It is an advanced mobile app-based payment system to transfer funds between bank accounts developed by the National Payments Corporation of India in 2016, is the multiplier force behind the Fintech revolution in India.
UPI, with over 338 banks registered under the platform, recorded more than 6.28 billion transactions in July 2022 worth 10.62 lakh crore.

Digital Rupee: India launched its Central Bank Digital Currency (CBDC) or digital rupee or e-rupee recently. It is an electronic version of cash and will primarily accelerate the growth of the FinTech market in India.

What are the Issues Associated with the Fintech Industry?

Cyber-Attacks: Fintech systems are vulnerable to hackers because of automation of processes and digitization of data. Recent hacks by debit card companies and banks demonstrate the ease with which hackers can gain access to systems and damage them irreparably.

Regulatory Challenges: Regulation is also a problem in the emerging world of FinTech, especially cryptocurrencies. The Indian government is following a wait and watch policy towards cryptocurrencies. Absence of regulatory authority has led to increased chances of fraud threat to investor protection and movement of money in the economy.
Due to the diversity of offerings in FinTech, it is difficult to formulate a single and comprehensive approach to these problems.

Financial Illiteracy: The lack of financial literacy is also a problem. Only 27% of Indian adults - and 24% of women meet the minimum level of financial literacy as defined by the Reserve Bank of India.

Illegal Digital Lending: During the pandemic, digital lending through mobile apps became popular, but many problems accompanied it.
It was found that more than half of these digital loan providers were operating illegally. Many apps used tactics to exploit the widespread lack of financial literacy, charging interest rates up to 500%.

What Should be the Way Forward?

Consumer Awareness: In addition to establishing technological safeguards, educating and training customers will also help in democratising fintech and guarding against cyberattacks.

Effective Regulatory Framework: Transparency and sound regulation will strengthen the fintech sector over time and facilitate the Indian economy's growth at its potential rate by fuelling the engine of economic growth.
There is a need for a more constructive approach towards recognizing the role FinTechs play in India's financial inclusion agenda and setting up financial targets that removes current ambiguities while allowing FinTechs sufficient flexibility to come up with new propositions.

Maintaining Data Privacy: The regulatory framework for Fintech companies to manage their data can be framed through joint collaboration between Ministries of Corporate Affairs and Electronics and Information technology.
The government should require Fintech companies to ensure that the data harvested from consumers will not be used for any purpose other than serving the consumer's interest.

Discuss how the Fintech industry is driving financial inclusion in India. And cite recent government initiatives responsible for the growth of Fintech.

UPSC Civil Services Examination, Previous Year Questions (PYQs)
Q. With reference to India, consider the following: (2010)

1. Nationalisation of Banks

2. Formation of Regional Rural Banks

3. Adoption of village by Bank Branches

Which of the above can be considered as steps taken to achieve the "financial inclusion" in India? Ans: (d)
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Fintech industry has seen tremendous growth in India over the last decade. However, despite registering unprecedented growth in the last few years bolstered by the rapid internet penetration, India still has the second largest population without access to banking services.

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The main forces driving the acceleration of this sector have been product innovations in customer acquisition, underwriting, pricing and collections, and customer services. Technology has gone from being an enabler to a business driver for this sector.

The rapid growth of fintechs can also be attributed to favourable macroeconomic and demographic factors, including rising middle class with higher disposable incomes to buy, borrow, save and invest more; increasing mobile access and digital adoption; abundant financial services and technology talent in the country; availability of equity and debt capital; and above all, government initiatives and regulatory efforts to create a conducive environment.

It is estimated that Indian fintechs represent about $100 billion of enterprise value (EV), compared to an overall EV of financial services (FS) of $1.4 trillion, in 2021. The Indian fintech sector is poised to capture nearly $350 billion in EV by FY26, contributing more than 15% of FS EV. Similar is the story of insuretechs and wealthtechs. The fintech ecosystem in India, in short, has evolved and is poised for a giant leap.

But challenges remain. That said, 2022 was not a kind year for the sector. It faced a series of adverse events. Central banks worldwide started withdrawing liquidity released during the pandemic to tame inflation. This resulted in fears of a recession in developed countries, prompting investors to hold on to equity investments. As a consequence, funding to the fintech sector also dipped. After a good run over the past couple of years, the fintech sector in India witnessed a 41% drop in VC funding in 2022.

Regulatory action played its own role in slowing down the sector. The Reserve Bank of India action was not a bolt from the blue. It re-iterated aspects of the 2015 master circular on outsourcing and emphasized data privacy as another chief concern. As fintech had an unbridled acceleration till 2021, the regulator put in some bumps and guardrails to control the speed and avoid potential mishaps. The RBI action directed innovation constructively within the current set-up. Nevertheless, sudden action from the regulator was a shocker for all involved in the fintech sector - founders, investors, and customers alike.

Yet, it is also evident that the regulator appreciates financial innovation and founders' efforts in the financial sector. RBI governor Shaktikanta Das said last October, "Regulator will continue to adopt a participative approach for facilitating innovation in the financial sector as fintechs play a transformative role in the financial system through digital innovations offering better delivery of financial services." He also said that sustainable development and ensuring a resilient financial system form the fulcrum for RBI's policy architecture.

For the sector to achieve its promise, fintechs must build bridges with the regulator. Fintechs can contribute to relevant and important areas, such as working on credit delivery in partnership with traditional lenders, especially in rural and semi-urban areas; making credit available in a timely and cost-effective manner, especially for agriculture and allied activities and MSMEs; by participating in regulatory initiatives like Regulatory Sandbox.

But most importantly, fintechs can reconcile by playing the game by the rules. The commonality of intent between fintechs and the regulator -customer centricity and transparency-provides a durable foundation.

Moreover, abiding by regulations would give implicit credibility to the sector. This, in turn, would give confidence to investors as well as consumers in innovative financial solutions.

Regulators also need to adopt a more collaborative approach as it would create the necessary environment for innovation to flourish. They will need to balance their concern for customer protection, data security and privacy with the need to provide a large market and supportive policies for the growth of this sector.

In short, fintech as a sector is at a tipping point. It undoubtedly has a bright future, given the positive encouragement from the regulatory authorities in the past. By consulting and collaborating, the sector can easily achieve its promise.

Sandeep Patil is Partner & Head, Asia, QED Investors, a fintech focused global fund.

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The main forces driving the acceleration of this sector have been product innovations in customer acquisition, underwriting, pricing and collections, and customer services. Technology has gone from being an enabler to a business driver for this sector.

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Views of Siddharth Mehta, founder & CIO of Bay Capital on PB Fintech of Policybazaar.com | Moneycontrol

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Views of Siddharth Mehta, founder & CIO of Bay Capital on PB Fintech of Policybazaar.com | Moneycontrol

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Leading online insurance policy aggregator Policybazaar.com has got a capital boost from investment management firm Bay Capital, ahead of its initial public offering (IPO) in the next 12-15 months.

Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.com.

"Bay Capital has completed a secondary transaction, ahead of the insurance aggregator's plans to launch an IPO in the next 12-15 months," Bay Capital said on Wednesday. However, how much capital has been infused by Bay Capital could not be ascertained.

PB Fintech had attained the status of a unicorn in 2018 when it raised USD 200 million in a Series-F round led by Japan's Softbank. Siddharth Mehta, founder and CIO of Bay Capital, said PB Fintech has transformed the way insurance is bought in India.

"Customer centricity has been the heart of their proposition and has helped them become the platform of choice for customers," he said.

Yashish Dahiya, founder and Group CEO of PB Fintech, said Bay Capital is a long-term investor and the company sees them playing a key role as Policybazaar heads towards the public markets in the next 12-15 months.

India focussed Bay Capital has invested in areas such as consumer, digital, finance, outsourcing and health. Among others, Policybazaar.com has investors of the likes of Info Edge, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington and Steadview.

PB Fintech also holds Paisabazaar.com, which is an online credit comparison portal.

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Policybazaar.com IPO in 12-15 months; parent firm gets capital boost from Bay Capital

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Leading online insurance policy aggregator Policybazaar.com has got a capital boost from investment management firm Bay Capital, ahead of its initial public offering (IPO) in the next 12-15 months. Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.com.

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Nandan Nilekani On India's Digital Transformation Journey - News Reel BusinessToday

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Nandan Nilekani On India's Digital Transformation Journey - News Reel BusinessToday

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Nandan Nilekani On India's Digital Transformation Journey

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An Indian-origin entrepreneur launches a unique platform to help businesses with digital transformation

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An Indian-origin entrepreneur launches a unique platform to help businesses with digital transformation

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By India Today Business Desk: An Indian-origin, Dubai-based serial entrepreneur Aayushman Dalmia has been disrupting the Software as a Service (SaaS) market with a unique AI-driven platform, which helps businesses pick the right software solutions and simplify their digital transformation journeys.

Zoftware was launched at the beginning of the year by Aayushman Dalmia and it currently caters to businesses in the Middle East and North Africa (MENA) region. He also said there are plans to bring the platform to India as well, which is a huge market for SaaS providers and consumers.

The 29-year-old entrepreneur said Zoftware offers "Software Democratisation as a Service or SDaaS, where software products of companies are recommended by our team for the B2B clients, for any problems they face in their businesses".

Zoftware has already become a hit among many companies and it already has arrangements with a growing list of over 6,000 companies that offer software products, including Microsoft and Zoho suites, Google, Adobe and others.

"You can find a packed suite of software just with a generic search, but do you require everything in that or can you customize it? Maybe not. Zoftware is free for the customers while we work with them to understand their needs and even do the work for them in customising solutions from the software companies. Consider us as the Zomato or Tripadvisor for the software industry," he said.

"Avoiding wastage of resources by reducing the gap between the capability knowledge of any software's offerings and solving the problems of the end users is core to Zoftware's mission," said Dalmia, who came up with the idea when he could not find such a solution while searching for his needs himself.

"Zoftware is about marrying software with the best of customer experience. We make it easy for customers to navigate the ocean of software to find the right tools for their business and purpose. We offer deep insights on software and match organisations to the right product, be it for accounting, customer relationship management (CRM), project management, IT, payroll and many more," he added.

What makes Zoftware unique?

Zoftware's uniqueness comes from the fact that the start-up offers a choice of business tools in software with a personalised touch, using Open AI's ChatGPT, for SME owners and companies.

The rise of ChatGPT has only become an enabler for the Zoftware team. "Our technical analysts have been nimble to stay ahead on the transformation curve. We are in the process of setting up an AI Bot with which people can converse. We understand what the customers want from the platform and give them the relevant output data while connecting with the vendors," Dalmia said.

"If they want, we can also onboard it for them. With ChatGPT, it can give you the names, but it cannot do comparisons and the prices that are out there. It cannot help you come to a decision, while we can help find the best value for the clients," he added.

"According to studies, 75 per cent of businesses fail in their software implementation. We want to make it to zero because it is a waste of capital and resources such as time, effort and money. In the SME section, that is not something one can afford. We want to reduce the wastage cycle as much as possible. And we want to build the trust of our customers," Dalmia explained.

Sharing details about funding, Dalmia said, "We have raised $500,000 as a convertible note. And there are plans to raise another $1.5 million in the next round."

"We are aiming for a revenue of $1.5 million by the end of 2023," he added.

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Indian-origin entrepreneur launches unique platform to help businesses with digital transformation

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Zoftware was launched at the beginning of the year by serial entreprenuer Aayushman Dalmia and it currently caters to businesses in the the Middle East and North Africa (MENA) region. He also said there are plans to bring the platform to India as well, which is a huge market for SaaS providers and consumers.

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As India embraces digital transformation, cyber wellness becomes a priority

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As India embraces digital transformation, cyber wellness becomes a priority

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The pace at which India is adopting digital tools as a full-fledged channel to communicate and engage is a testament to the way the country is emerging as a powerhouse for technological innovation. In addition, the Indian government's focus on new-age technologies in this year's budget has accelerated the pace of digital transformation.

As digital adoption increases, cyberattacks like phishing, DDoS, ransomware, and data breaches are also soaring. This means everyone who uses the internet needs to be aware of how to take care of their assets online. The importance of driving cyber wellness, especially with large volumes of young professionals and emerging talent increasingly using the Internet for work, cannot be overstated.

Driving cyber wellness in organisations

Although the focus on securing an organisation's digital infrastructure has increased, there are always chances of other aspects of security being missed. This can lead to incidents like sharing of critical information such as passwords, or accidentally clicking on links attached to spam emails.

In order to prevent such incidents, it is important for business leaders to ensure that the workforce is aware of how to be safe online. The first step to building a secure ecosystem is to drive cyber wellness throughout the organisation.

The concept of cyber wellness broadly refers to ensuring the well-being of internet users. In a nutshell, cyber wellness focuses on equipping internet users with the knowledge and skills to maintain a safe and positive online presence.

As we replace on-premise systems with SaaS-based models, CIOs and CISOs must understand the importance of promoting cyber wellness to prevent data theft and other cyber threats. Organisations should take the necessary steps to safeguard their workforce and their customer base by identifying cyber threats and taking measures to mitigate them.

One of the ways of building a strong cyber wellness culture is to understand some of the most common techniques that attackers use to steal data and compromise critical information. And one of the common techniques employed by an attacker actually uses the most common mode of communication in the workspace-email.

Driving cyber wellness with email security

Despite being one of the most used channels of communication, email is a major attack vector over the internet. Some of the most prevalent ways that threat actors use to steal critical information are phishing, email spoofing, account takeover, sending malware through emails, and email interception.

Since email is one of the most common ways to steal data, the biggest question is, 'What steps can organisations take to prevent such incidents?'

● Encrypting data can help protect data over email as it acts like a sealed envelope that can only be accessed by those to who the email is directed to.

● Integration with Data Loss Prevention solutions which scan for and block sensitive or protected content before it gets attached and sent over emails.

● Link isolation is another way that isolates any potentially risky links, downloads, or other zero-day attacks from impacting that user's computer and the wider corporate network.

Today, the role of cyber wellness not only entails protecting the stakeholders, but is key to driving a positive presence in cyberspace. Furthermore, organizations, institutions, and the government should look at creating awareness programs to equip people with the know-how of the Internet and ensure that cyber wellness is at its core.
Jonathon Dixon is the Vice President & MD - APAC, Japan & China, Cloudflare. (Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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As India embraces digital transformation, cyber wellness becomes a priority

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The pace at which India is adopting digital tools as a full-fledged channel to communicate and engage is a testament to the way the country is emerging as a powerhouse for technological innovation. In addition, the Indian government's focus on new-age technologies in this year's budget has accelerated the pace of digital transformation.

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How digital transformation will help India accelerate its growth in the coming years?

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How digital transformation will help India accelerate its growth in the coming years?

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As per the RBI, 5 the share of India's core digital economy ⁶ increased from 5.4% of GVA in 2014 to 8.5% in 2019. In US dollar terms, India's digital economy exhibited a growth rate of 15.6% over the period 2014 to 2019, which was 2.4 times the growth of the Indian economy. Further, the share of digitally dependent economy (digitally enabled sectors) is estimated at 22.4% in 2019.

RBI has also decomposed the overall output multiplier into digital and non-digital output multipliers. The output multiplier is defined as capturing the direct and indirect impact of a unit change in final demand covering digital and non-digital sectors on the economy's total output. The RBI then estimated separately the digital and non-digital output multipliers for 2014 and 2019. It is shown that while the non-digital output multiplier fell from 1.68 to 1.57 during this period, the digital multiplier increased from 1.34 to 1.50.

A recent study by MeiTY (2019) has estimated the size of India's digital economy at US$200 billion in 2019, which is expected to rise to US$500 billion by 2025 in their 'business as usual' scenario. However, they also point out that potentially, the size of India's digital economy can be increased up to US$1 trillion by following a set of policy initiatives covering 30 digital themes under 9 national goals: (1) 21st-century IT infrastructure and software capabilities, (2) E-governance of the future, (3) Healthcare for all, (4) Quality education for all, (5) Energy for all, (6) Next-generation financial services, (7) Doubling farmers' income, (8) Make in digital India, make for India, make for the world and (9) Jobs and skills of the future.
Impact on employment and growth
The RBI report points out that employment in the digital sectors of the Indian economy is still quite limited. Based on India's current population (2022) and the worker population ratio in 2019-20 as per Periodic Labour Force Survey (at 38.2%), the total employed workers in the core digital economy were estimated at 4.9 million. Among the digital sectors, the highest share of employment at 59.8% is for the computer programming consultancy and related activities followed by telecommunication services at 15.2%.

India's explosive growth of the digital economy is itself going to serve as a significant enabler of India's overall economic growth. As compared to developed countries, India's pace of digitalization has been very high in recent years, particularly over the period from 2011 to 2019 (Table 1). The pace of digitalization as measured by CAGR in the Information and Communication Technology (ICT) sector during this period has been as high as 10.6% with only China exceeding India's growth marginally. With the advent of 5G and the setting up of semiconductor industries in the country, India is expected to accelerate further its pace of digitalization in the next few decades.

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How digital transformation will help India accelerate its growth in the coming years

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As per the RBI, 5 the share of India's core digital economy 6 increased from 5.4% of GVA in 2014 to 8.5% in 2019. In US dollar terms, India's digital economy exhibited a growth rate of 15.6% over the period 2014 to 2019, which was 2.4 times the growth of the Indian economy.

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Siddharth Mehta, CIO of Bay Capital | Moneycontrol

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Siddharth Mehta, CIO of Bay Capital | Moneycontrol

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Siddharth Mehta Bay Capital Founder & CIO says EtechAces Marketing and Consulting Pvt. Ltd. has received a capital boost of $50 million from Bay Capital.

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Leading online insurance policy aggregator Policybazaar.com has got a capital boost from investment management firm Bay Capital, ahead of its initial public offering (IPO) in the next 12-15 months.

Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.com.

"Bay Capital has completed a secondary transaction, ahead of the insurance aggregator's plans to launch an IPO in the next 12-15 months," Bay Capital said on Wednesday. However, how much capital has been infused by Bay Capital could not be ascertained.

PB Fintech had attained the status of a unicorn in 2018 when it raised USD 200 million in a Series-F round led by Japan's Softbank. Siddharth Mehta, founder and CIO of Bay Capital, said PB Fintech has transformed the way insurance is bought in India.

"Customer centricity has been the heart of their proposition and has helped them become the platform of choice for customers," he said.

Yashish Dahiya, founder and Group CEO of PB Fintech, said Bay Capital is a long-term investor and the company sees them playing a key role as Policybazaar heads towards the public markets in the next 12-15 months.

India focussed Bay Capital has invested in areas such as consumer, digital, finance, outsourcing and health. Among others, Policybazaar.com has investors of the likes of Info Edge, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington and Steadview.

PB Fintech also holds Paisabazaar.com, which is an online credit comparison portal.

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Policybazaar.com IPO in 12-15 months; parent firm gets capital boost from Bay Capital

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Leading online insurance policy aggregator Policybazaar.com has got a capital boost from investment management firm Bay Capital, ahead of its initial public offering (IPO) in the next 12-15 months. Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.com.