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Fostering innovation to drive growth for new-age industries

Economic TimesEconomic Times · 3m
Fostering innovation to drive growth for new-age industries

India's digital ecosystem is driving the country's economic growth, with new-age technology industries leading the way. Deloitte predicts that India will contribute $254 billion to the global technology sector by 2024. Fintech, e-commerce, AI, and web3 technologies have seen significant growth, but regulatory uncertainties remain a challenge. Light-touch regulation, balancing user safety and fostering innovation, is crucial for the industry's growth. India can learn from telecom and insurance industries to create a regulatory framework that supports new-age industries. Regulatory clarity and predictability are essential for the industry's success. A co-regulatory framework and a regulatory or self-regulatory body can ensure agile response and maintain the confidence of investors and consumers.

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