Co-Founder of Infosys, Nandan Nilekani, recently tweeted that the growing popularity of cryptocurrency in the country is the key to bridging India’s funding gap of worth $250 billion, for the nation’s Small and Medium-Size Enterprises (SMEs). According to him, the popularity of the crypto assets will help to reduce this gap till 2025, and India will flourish as a $5 trillion economy.
India Soon to Become $5 Trillion Economy
According to Nilekani, if this gap reduces, India will soon be a $5 trillion economy in just four more years. And the best of all is that all the citizens in India can experience a smooth way of transferring funds, using crypto-assets and the technology associated.
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
Nilekani in responding to a question stating “How does India become a $5T economy?” answers;
“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 crypto-economy may be one of the key ways“
“In fact, India already has essential assets that can help attract global capital to achieve the $5 trillion economies. Moreover, these assets are mainly the country’s youth population. The youth are a key energy resource, drive growth via internet links, and more.”
Acceptance of Digital Assets Will Serve The Goal
According to Nilekani, the adoption of cryptocurrencies will back the developing Indian economy and will help successfully drive the $5T economy.
This $5T economy will serve as a risk-tolerant, globally oriented, and growth-seeking pool for investors. To achieve the goal of $5T, IndiaStack has already connected UPI, Aadhaar, and GST to connect.
According to statistics, India contributes a significant value of 10% of crypto users globally. There are roughly 10 million crypto-users in India, while the total investor count globally is 100 million.