- Nandan Nilekani says India needs $250 billion to close SME gap.
- He believes that the growing popularity of cryptocurrency can close this gap.
- India can become a $5 trillion Economy before 2025 ends.
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.