- 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.
This article was first published on coinquora.com