Global Fintech Fest 2023: From Surge In Tax Filing To Crypto; Here Are Key Points Covered By FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday addressed the second edition of the Global Fintech Fest (GFF) held in Mumbai on the theme 'Global Collaboration for a Responsible Financial Ecosystem: Inclusive, Resilient, and Sustainable'.

With over 800 speakers and an anticipated attendance of 50,000 delegates, the primary objective of the event is to facilitate funding ranging from $15 to $20 million for fintech startups.

FM Sitharaman on Income Tax Return

During her address at the GFF 2023, Sitharaman emphasized the importance of recently released Income Tax Return (ITR) data for August and highlighted that Tax filing has surged across all income brackets.

All tax slabs have seen a minimum three times increase in tax filing, with some experiencing a fourfold surge, she added.

FM Sitharaman on financial ecosystem

Sitharaman also highlighted that it is important to build a responsible financial ecosystem, and added that one laggard can cause a disruption.

"I want banking system, the financial ecosystem (including) the mutual funds, stock markets... everybody to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that they (customers) nominate their heir, give the name and address," said Sitharaman at the Global Fintech Fest (GFF).

FM Sitharaman on technology

Technology is a powerful tool through which we can bring about a difference," said Sitharaman highlighting the key role of technology in promoting positive change.

FM Sitharaman on G20

While speaking about the G20, Sitharaman said that the primary focus of G20 is prioritizing the exchange of information regarding national experiences and international efforts related to the interoperability of fast payment systems.

She also highlighted about importance of addressing a comprehensive range of threads. This includes physical border threats, cybersecurity concerns, challenges related to cryptocurrency, drug-related issues, as well as tax havens and evasion.

It's crucial to create a responsible ecosystem that focuses on inclusivity and sustainability, addressing physical border threats, cybersecurity issues, challenges tied to cryptocurrency, drug-related problems, and tax havens and evasion, highlighted Sitharaman.