In a recent address at the CII Global Economic Forum, Financial Services Secretary Vivek Joshi emphasized the need for a shift towards data-based lending as part of the vision for India in 2047. He underscored the importance of financial institutions adopting data-driven approaches over judgment-based lending, particularly for small businesses, in the medium term.
Joshi highlighted the significant role played by global Indian banks operating across continents, considering them essential for showcasing India’s prowess and enhancing international influence. He noted that these banks serve as vital conduits for attracting foreign investment into the country.
To surpass the global average of per capita GDP by 2047, Joshi stressed the necessity for India’s real GDP to grow between 7-7.5 percent. He outlined the vision for the banking sector, envisioning a highly competitive and viable industry with substantial Indian ownership. Additionally, he emphasized the importance of universal access to banking and other financial services for all citizens.
Looking ahead, Joshi also called for the deepening of capital markets with active participation from diverse investors to strengthen the overall financial ecosystem. The move towards data-centric lending is seen as a crucial step to foster inclusivity and efficiency, particularly for small businesses in India.
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