Global Fintech Fest 2023: ITR Data Signals Formalisation Of Economy Is Really Wide, Says FM

Union Finance Minister Nirmala Sitharaman on Tuesday said that the income tax return (ITR) data released in August signals formalisation of economy is really wide. “All tax slabs have seen a minimum three times increase in tax filing, some even seeing a four times surge,” she said. Speaking at the Global Fintech Fest (GFF) in Mumbai, Sitharaman pointed out that banks, stock exchanges and mutual funds should ensure customers nominate heirs to reduce quantum of unclaimed money.

The finance minister, while addressing the fintech fest, said building a responsible financial system is important to tackle various financial threats including cyber threats, crypto regulations, and tax evasion. The FM, in her inaugural address, said that today global collaboration with more intensity is the key. It’s an absolute necessity to have global collaborations. “We’re talking about responsible financial ecosystem when globalisation is being questioned. Globalisation has helped remove poverty. Disparity is not just in wealth, but also in well-being, demography, access to resources, digital literacy globally,” she said.

The second edition of the Global Fintech Fest in Mumbai will host over 800 speakers and 50,000 delegates. The event eyes to catalyse funding ranging from $15 million to $20 million for fintech ventures.

Sitharaman said, “Global collaboration in the fintech world is the key word. We are living in a dynamic and robust world which is facing a lot of challenges. Global collaboration is a must whether on economic or financial ecosystem.”

The finance minister mentioned rapid developments are happening in the global fintech arena and India is leading the sector. She said that innovation should be at the forefront for the future for fintechs. Sunstainablity is also key, the FM added. “We should strive to bring in sustainability from a concept to actual action and ideation to execution stage,” the minister said.

Sitharaman’s comments on fintechs come at a time when India has made significant strides in the UPI-based transactions. UPI transactions across the country crossed the 10-billion-mark in August. The number of UPI transactions in July was 9.96 billion (996.4 crore) and 9.33 billion in June. She also highlighted that fintechs should invest more in developing security systems to guard customer interest. We need to have fintech companies invest heavily and cyber security measures to protect user data. “A secured system is what will build trust,” the FM added.

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