Mastercard Center of Inclusive Growth, Industree Foundation and Dalberg, in collaboration with World Economic Forum, are co-hosting a round-table discussion on The Role of Digital Financial Inclusion and other Enablers in Driving Sustainable Creative Manufacturing in India at the upcoming India Economic Summit, New Delhi.
Date: October 6th, 2016; 5.45 pm to 6.55 pm
Venue: Roshanara, Taj Palace Hotel, New Delhi
This follows on from 2 WEF initiatives – the Indo-US partnership: Supporting Financial Inclusion in India through Expanded Payment Acceptance Networks, and WEF Global Agenda Council, India: White Paper on the Kota Handloom Value Chain.
Ms Smriti Irani, Hon’ble Minister forTextiles has consented to launch the Kota White Paper during the event.
Why financial inclusion?
A key challenge in the financial inclusion journey has been the critical step of inducing cashless transactions. This ‘digital transactions’ step leads to the creation of consumers’ financial history, which creates a banking ‘habit’ among consumers, and creates the confidence in Financial Institutions to provide meaningful financial products. Ultimately, this leads to positive consumption and income effects, realising true financial and economic inclusion and moves the country towards prosperity.
There is significant potential for impact through digitisation in the informal manufacturing space, which employs India’s 60 million-plus creative producers. This largely informal and traditional sector suffers from a lack of access to up-to-date inputs like design, training, formalised access to finance and market information.
Improving access to digital financial services will allow these groups to properly save or invest in upgrading skills and equipment. Digital transactions can help build the data and hence bankability of this sector and also allow for tailor-made services.