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  1. 'India has got into lots of sunrise areas of growth': Amitabh Kant lauds Upstox

'India has got into lots of sunrise areas of growth': Amitabh Kant lauds Upstox

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2 min read • Updated: February 26, 2024, 6:09 PM

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Amitabh Kant applauded Upstox and other new age brokerage firms for powering 35% of the stock market.

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Amitabh Kant at TV9 Network Global Summit on February 25.

On Sunday, India's G20 sherpa Amitabh Kant praised Upstox for its contribution to the financial landscape while highlighting India's remarkable economic strides.

In a recent discussion at the second season of TV9 Network's 'What India Thinks Today' Global Summit, Kant mentioned Upstox and others new age fintech companies for capturing 35% of the stock market through technological innovation and trust for the Indian startup ecosystem.

"You have over 120 unicorns giving you wealth creation. 35% of the stock market is created by Upstox and others...What has happened in India, nowhere in the world happens. On the mobile, on the go you can do fast payments, you can do wealth creation, you can do credit, you can do insurance. All in 30 seconds to 1 minute. This doesn't happen anywhere in the world," he said.

The former Niti Aayog CEO also emphasised that making India a $35 trillion economy by 2047 would mean that the per capita income of every India is close to $17,500. He said it will have a transformative impact on the lives of 1.4 billion people.

“If you are a $35 trillion economy by 2047, it means that you would have taken the per capita income of every Indian close to $17,500 USD. It is important to understand that we are a country of 1.4 billion people. That means you would have transformed the lives of 1.4 billion people in the world," Kant said.

He also underlined that India is making strides in various sectors whether it be electric mobility, battery storage or semiconductors.

"India has got into lots of sunrise areas of growth. This has never happened in India's history that you started looking at electric mobility, battery storage, semiconductors and mobile manufacturing. All these are new areas of growth. If you look at the last two decades, all technological innovations have come from the Western part of the world whether it is Apple, Google, Amazon, Meta and in China from Tencent and Alibaba. What India did was to create open source API, globally interoperable model by which everybody can do a digital transaction," Kant said.

Also, the G20 Sherpa pointed out that India has lifted over 25 million people above the poverty line in the last ten years.