MUMBAI: Finance minister Nirmala Sitharaman called upon tech companies to promote a federated industry platform to give India’s technology sector a stronger collective voice in global markets and regulatory discussions.“There may be merit in considering a federated industry platform that brings together the broader Indian technology ecosystem,” Sitharaman said at Global Fintech Fest. Such a platform, she said, should not speak over individual companies but provide the sector with “a credible collective voice internationally”.Sitharaman also hit back at critics who question the sustainability of India’s growth, dismissing them as “naraz phuphas” who are never short of reasons to doubt the country’s momentum and the capabilities of its young population. She said such critics were debating on television whether India’s demographic dividend had slipped away or turned into a burden, relying on “vibecasting”, rather than actual numbers. In contrast, she said, young Indians were bypassing the cynicism, building enterprises and demonstrating that the country’s demographic advantage was already an “active, unstoppable reality”.Meanwhile, the platform could engage foreign govts and regulators early, before regulatory positions harden and barriers are erected, she said. It could also identify areas where standards can remain interoperable, share best practices on data and cybersecurity, and help Indian companies navigate different licensing regimes.Sitharaman’s statement comes days after Prime Minister Narendra Modi called for linking India’s domestic payment networks with those of other countries. RBI and govt are also keen on enabling cross-border transactions using central bank digital currencies.Sitharaman said the platform could represent Indian industry in discussions where international rules governing emerging technologies are being shaped. It could also help Indian companies commercialise and monetise their intellectual property across jurisdictions, build partnerships overseas and enter new markets with greater confidence.
