Credit market on course to grow to $350 billion by year-end: Vivek Joshi

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In a significant announcement on September 5th, Financial Services Secretary Vivek Joshi shared promising insights into India’s financial landscape, predicting substantial growth in the credit market, especially within the digital lending segment.

According to Mr Joshi, the credit market, buoyed by the digital lending sector, is well on track to reach a staggering $350 billion, equivalent to approximately ₹3 lakh crore, by the end of this year. This projection marks a remarkable surge from the $270 billion figure recorded at the close of 2022.

Speaking during the opening day of the fifth edition of the global fintech festival, Mr Joshi underscored the transformative potential of the digital lending space, which has played a pivotal role in propelling India’s credit market forward.

Notably, the country’s fintech market is also primed for remarkable expansion. Mr Joshi revealed that India’s fintech sector is set to grow threefold, soaring to an impressive $150 billion by the conclusion of 2025. This ambitious growth target represents a significant leap from the $50 billion valuation reported in 2021.

The fifth edition of the global fintech festival is attracting substantial attention, with approximately 800 speakers and a staggering 50,000 delegates participating in the three-day event.

This congregation of experts and stakeholders reflects the growing importance of fintech in shaping India’s financial landscape and its profound implications for the global financial sector.

These projections and developments highlight India’s position as a dynamic and rapidly evolving player in the global financial services arena. As the country continues to embrace fintech innovations and expand its digital lending capabilities, it stands poised for a promising future in the world of finance.

The ongoing fintech festival serves as a testament to India’s commitment to fostering innovation and driving financial growth on both domestic and global fronts.