A new metric in Economic Growth

Ravi Gupta
Dr Ravi Gupta
Dr Ravi Gupta

For ages, economists of all hues have presented various models of economic growth and have got them duly coupled with the polity of the times. Destinies of people at large have been made or marred by these variants. The classical question hovering over the control of resources and thereby capital has now been duly replaced by the due equitable distribution of their exploits amongst the populace.

The opening up of democratic discourse powered by technology has intensified this all the more, accentuating the demand side of the spectrum. Thankfully technology has come as a reliever on the delivery side of it as well.

The majestic progress which has been made on the frontiers of Financial Inclusion in the truest sense of the term under the aegis of PMJDY is one such glaring example. Adopting a unique systems approach invoking the banking machinery duly supplemented by the mammoth government establishment, a cent-percent coverage of bank accounts has been achieved which is now being expanded to the entire spectrum of financial services.

This single anchor point of empowerment is bound to create spectacular results as it opens up a stagnant human potential having substantial economic activity. The power to transact digitally in real time has opened up a vast vista of economic growth.

This issue of BFSI post presents a spree of exclusive interactions both from tech leaders whose innovative products and solutions are powering this historic shift along with those in the banking and financial sector who are adopting the same to drive their mandate to unprecedented levels.

The recently held Financial Inclusion & Payment Systems, 2015 and Karnataka Cooperative Summit, 2016 under the aegis of BFSI Post have made it amply clear that the next dominant narrative for commentary and study would be technology if nothing else. The action would, however, has to be at the bottom of the pyramid whereby the Cooperative Credit Societies would be playing the lead role. Stepping two steps in one go, their due transition to accountable governance would happen in sync with that of tech enabled one.

The intriguing part is the pace at which this transformation is happening, which eludes all academic models and theories altogether. On the firm foundations of a baseline technological layer, which is empowering and upgrading itself on a continual basis an unimaginable set of docking applications are adding to the ecosystem. The enabling governance of the day is thankfully allowing the regulatory framework to acquiesce in tandem.

BFSI Post is observing this transformational epoch with elaborate commentaries, analysis and engagements. Our striving has been to be a trusted platform to help catalyse this mammoth change.

Look forward to your sustained patronage and support. Inviting you all to the 2nd Edition of BFSI Leadership Summit to be held in Mumbai to take this conversation further.

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