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India's digital lending to boost GDP 1-2%
The Business Guardian
|October 27, 2023
In an online conversation with Google’s leadership team, Union Minister Ashwini Vaishnaw stated that digital credit in India is set to outpace digital payments and could contribute significantly to the country’s economic growth, potentially adding 1-2 percent to the economy
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Discussing the Svanidhi Scheme, Minister Vaishnaw emphasized that Prime Minister Narendra Modi’s efforts have been directed toward improving the livelihoods of people at the grassroots level.
He expressed his belief that digital credit would soon overshadow digital payments in India due to the burgeoning entrepreneurial spirit in the country. Access to credit has traditionally been a limiting factor for many of these entrepreneurs. However, with easier access to credit at competitive rates, Vaishnaw anticipates a potential additional growth of 1-2 percentage points in the Indian economy.
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