By 2030, Indian fintech will hit $1 trillion in assets under management and $200 billion in revenue.
Question: I recently read a report that the fintech sector is likely to grow by leaps and bounds in the coming years and that growth will be driven by lending to small and medium businesses. What are the prospects for young NRIs like me to get into the fintech sector?
Small and medium enterprises cannot afford the high cost of capital. Fintech players are able to provide capital through subscription and through low-cost delivery systems. It is expected that digital lending startups will continue to serve small and medium sized businesses and consumer lending will be focused on low cost unsecured products like BNPL (Buy Now, Pay Later) as well as through the co-loan bias. It is expected that by 2030, Indian fintech will hit $1 trillion in assets under management and $200 billion in revenue. Along with digital lending, legacy technology, insurtech and neo-banking will contribute to the growth of the fintech space. Currently, India has the world’s third largest fintech market after the United States and China. Therefore, young NRIs have good prospects in this line of business. Over the past five years, foreign investors have invested $18 billion in around a thousand fintech companies. So far there are 21 Indian unicorns.
China has always been the leader in the toy industry. Does India have the opportunity to break into this sector and compete with foreign brands?
Toys made in India are now gaining momentum considering the huge population of children. Unorganized players control almost 90% of India’s toy market. However, overseas market leaders are striving to bring more local flavor to their manufactured toys and games for the Indian sector. Several startups manufacture toys that are environmentally friendly and linked to the country’s culture. New age parents want to give their children toys that are not only entertaining but have a historical background, for example. Ramayana games based on Indian fables. The Indian toy industry has gained strength from the central government’s mandate to have quality certification of toys that would need the BIS mark. This tenure has also brought a wave of innovation among toy manufacturers who are now launching products that reflect Indian culture from different parts of the country.
My daughter wants to train as a pilot and work in India. Is there room for this job, especially for women?
According to the International Society of Women Airline Pilots, India has the highest percentage of female pilots. About 12.4% of all pilots in India are women, compared to 5.5% in the US and 4.7% in the UK. Airlines are opening up to employing female pilots because studies have shown that female pilots are more cautious when flying. Indian women are encouraged by airlines by conducting outreach programs based on their corporate policies. Many state governments provide grants for the training of female pilots. Airlines established in India offer female pilots flexible schedules during and after pregnancy and some offer pregnant pilots the option of temporary ground jobs. Female pilots find it easier to fly in India given the family support they enjoy as mothers-in-law, parents and grandparents helping to raise children and run households during the pilots’ absence. Such family support is generally not available to female pilots in other countries. Many young girls are attracted to flying through the NCC air wing. The Indian Air Force has also started recruiting female pilots for helicopters, transport planes and now even fighter jets.
HP Ranina is a practicing lawyer, specializing in tax management and foreign exchange laws of India. The opinions expressed are his own and do not reflect the policy of the newspaper.