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Business News/ Money / Personal Finance/  Global Fintech Fest 2023: How India created wealth in the last four financial years, FM Sitharaman explains
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Global Fintech Fest 2023: How India created wealth in the last four financial years, FM Sitharaman explains

Finance Minister, Nirmala Sitharaman, highlighted the growth of India's financial ecosystem at the Global Fintech Fest 2023 in Mumbai. She noted the increase in Demat accounts and mutual funds, with cities beyond the top 30 contributing significantly to the financial ecosystem

Global Fintech Fest 2023: The number of demat accounts increased by 2.5 times from 4.1 crore in 2019-20 to 10 crore in 2022-23, Sitharaman said. (REUTERS)Premium
Global Fintech Fest 2023: The number of demat accounts increased by 2.5 times from 4.1 crore in 2019-20 to 10 crore in 2022-23, Sitharaman said. (REUTERS)

Global Fintech Fest 2023: Union Finance Minister Nirmala Sitharaman said on Tuesday that India’s financial ecosystem has made a giant stride. Delivering the inaugural address of Global Fintech Fest 2023 in Mumbai, FM said, “There was a time when conventional financial activities were the backbone of the financial ecosystem but today Fintech has become a more robust and dynamic financial inclusion tool." 

FM Nirmala Sitharam explained how India created wealth in the last four financial years.

FM Sitharaman on demat accounts

The number of demat accounts increased by 2.5 times from 4.1 crore in 2019-20 to 10 crore in 2022-23, Sitharaman said.

FM Sitharaman on Mutual Funds, SIPs

“A record number of mutual funds and SIPs are being registered which helps in generating wealth," she said.

“Top 30 cities of India are usually expected to be ahead in formal savings. However, in the last four years, the share of cities beyond the top 30, in total mutual fund assets has grown from 15 per cent to 26 per cent. So it's beyond 30 cities that are contributing to India's financial ecosystem."

“Instruments like SIPs are only democratising this wealth-creation opportunity," Sitharman added.

FM Sitharaman on crypto

Finance Minister Nirmala Sitharaman reiterated India’s stance that it seeks global cooperation and a framework are essential to counter threats emanating from areas such as cryptocurrencies. “Unless you go for a global cooperation, you are not going to get a responsible financial ecosystem which can it regulate it as well," she said. Crypto assets are currently unregulated in India.

FM Sitharaman on banks, stock exchanges, and mutual funds nominees

Union Finance Minister Nirmala Sitharaman on Tuesday asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money.

"I want the banking system, the financial ecosystem (including) the mutual funds, stock markets... everybody to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that they (customers) nominate their heir, give the name and address," Sitharaman said at the Global Fintech Fest (GFF) here.

FM Sitharaman on Income Tax Returns

Sitharaman emphasised the importance of recently released Income Tax Return (ITR) data for August and highlighted that Tax filing has surged across all income brackets. All tax slabs have seen a minimum three times increase in tax filing, with some experiencing a fourfold surge, the Finance Minister added.

-With agency inputs

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Published: 05 Sep 2023, 02:33 PM IST
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