The G20 is putting a priority on exchanging information about national experiences and global activities linked to the interoperability of fast payment systems, according to Finance Minister Nirmala Sitharaman. She explained this during her speech at the Global Fintech Fest 2023 in Mumbai, adding that it is intended to enhance cross-border payments.
"At a time when questions about globalisation are being raised, we're talking about a responsible financial ecosystem. Globalisation has made it easier to end poverty. Disparity exists not only in terms of money but also in terms of demographics, access to resources, and global digital literacy, she added. Sitharaman added that the biggest indicator of the extensive formalisation of the Indian economy is the income tax data that was revealed in August.
The taxable workforce will increase from its current 22.5 percent level to 85.3 percent, she added. Compared to 7 crores in FY23, there will be 48.2 crore income tax filers in 2047, according to Sitharaman. The Finance Minister stated that tax filing has increased across the board by at least three times, and in some cases by as much as four times. "Tax filings have increased by at least three times for each tax bracket. According to her, Maharashtra is still the state with the most ITR files.
The minister stated that she wants the banking ecosystem, the financial ecosystem, as well as the mutual funds and stock markets, to remember that when dealing with a customer's money, the organisations will need to think about the future and make sure that customers nominate their heir and provide their information. Sitharaman urged for cooperation in a variety of areas, such as regulating cryptocurrencies, combating tax evasion, and alleviating global financial distress, in reference to shifting global dynamics. She claimed that increased global collaboration is essential in today's environment.
"International cooperation is essential for the health of financial ecosystems. As a result, we have over 100 countries represented at this festival today. In India, fintech innovations like UPI and ONDC are promoting greater inclusivity, resilience, and sustainability. No matter the inequities in the world, everyone has access to technology, the minister said.
