CoinEdition
Published Apr 11, 2021 10:17AM ET
Updated Apr 11, 2021 10:30AM ET
Infosys Co-Founder Nandan Nilekani Believes Crypto Will Help India Reach $5T SME Economy
Indian entrepreneur Nandan Nilekani has tweeted that the growing popularity of cryptocurrency in the country may be the key in closing India’s $250 billion funding gap. Notably, the gap is for the nation’s Small and Medium-Size Enterprises (SMEs).
According to Nilekani, if this happens, India will be able to become a $5 trillion economy before 2025 ends. Best of all, all the citizens in India can experience a smooth way of transferring funds with the help of cryptocurrency and its blockchain technology.
Also, Nilekani said this in response to a question “How does India become a $5T economy?”
How does India become a $5T economy? We’ll need to close the $250B financing gap for India’s small businesses by attracting global, risk-tolerant pools of capital — and as iSPIRT details, the rapidly growing cryptoeconomy may be one of the key ways: https://t.co/LWx1EYD2Vm— Nandan Nilekani (@NandanNilekani) April 10, 2021
In fact, India already has essential assets that can help attract global capital to achieve the $5 trillion economy. Moreover, these assets are mainly the country’s youth population. The youth are a key energy resource, drive growth via internet links, and more.
In addition, Nilekani stated that India’s growing adoption of cryptocurrency could even serve as a key factor. Even so, this can help successfully drive the $5T economy.
What is more, the $5T economy will serve as a risk-tolerant, globally oriented, and growth-seeking pool for investors. Also, to achieve this goal, IndiaStack has already developed a UPI, Aadhaar, and GST to connect the economy.
However, the Goods and Services Tax (GST), UPI, and Aadhaar help ensure that businesses are worthy of credit.
This article was first published on coinquora.com
Continue reading on CoinQuora
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.