Gandhinagar (Gujarat) [India], December 9 : The founder and CEO of Paytm Vijay Shekhar Sharma, shared his perspectives on various aspects of the significance of 'Wed in India', RBI's regulations, and the country's GDP growth during an event in Gandhinagar, Gujarat.
Speaking about Indian weddings, Shekhar Sharma emphasized the cultural importance of these events.
He stated, "No matter where Indians go they always look for Indian food and I believe the best Indian food is made in India. I am not only a supporter but also an attendee of those weddings which happen in India."
On the topic of expansion, particularly in the context of GIFT City (Gujarat International Finance Tec-City), Sharma expressed enthusiasm.
He sees GIFT City as a platform that offers opportunities for technology companies and fintech to extend their reach from India to the global stage.
He stated, "GIFT City leads from India to the world, so as a technology company, as a Fintech we love what GIFT City offers us, an opportunity to go from GIFT City to the world. So while we are in India and Japan I would rather want to be in the GIFT city than go to the world".
Discussing the Reserve Bank of India's (RBI) regulations regarding payment banks, Sharma highlighted the positive developments resulting from the regulatory guidance.
He noted, "The biggest benefit of the guidance that RBI has given is that it has made the commitment of RBI to facilitate payments and to provide breadth to different use cases. So we are seeing a lot of good positive development, expansion of limits and new use cases where payment and digitalisation will happen".
Sekhar Sharma emphasized the expansion of limits and the emergence of new use cases, creating a conducive environment for digital payments and overall digitalization.
Commenting on the country's GDP growth rate of 7.6 per cent, Sharma highlighted the positive impact of the formalization of the economy.
He noted that the ongoing digital transition, including the adoption of UPI (Unified Payments Interface) and Paytm, has played a crucial role, particularly in rural and semi-urban areas where cash transactions are prevalent.
Sharma expressed optimism about the formal financial system's growth contributing to increased financial opportunities for more people.
He stated, "The formalisation of the economy is a big blow to India and the more we go to rural and semi-urban areas where most of the people are dealing in cash, the way digital transition like UPI, and Paytm is happening, is because of that. I feel that the contribution of the country's formal economy will increase even more. When the economy of the country grows and the formal financial system grows, more people get financial opportunities".
Vijay Shekhar Sharma's insights provided a comprehensive overview of Paytm's vision, the cultural significance of Indian weddings, the regulatory landscape, and the positive impact of digitalization on the country's economy.
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