What is economic growth in terms of the country? Simply put it is the time-bound increase in the marketable economic values of its services and goods.
Since mere economic growth cannot succeed alone in increasing wealth, promoting industrial growth, bettering living standards or eliminating poverty, sustainability and gearing up for future needs is an all-important factor to be considered in economic development.
At Imarticus Learning the financial courses teach you the differences in such terminology as well as the factors that influence economic development which are
- Labor and human capital.
- Resources both natural and technological.
- Infrastructure and land availability.
- Legal and promotional measures.
And it is in this light, that the Economic Times report on MeitY- E and IT Ministry’s measure of establishing a CoE for excellence in FinTech technology at Chennai should be viewed and analyzed. The Govt of Tamil Nadu, ELCOT-Tamil Nadu Electronics Corporation and STPI- Pan India Software Technology Parks initiative of GoI are stakeholders.
The Tamil Nadu government is with this initiative set to promote disruptive financial products and technology, vie for development and research in futuristic and employment generating ventures, and promote the investment for startups and downstream industries of the Fintech sector. The recently issued Government Order of the Tamil Nadu Government and appropriate up linkage instructions from MeitY and GoI forms the legal license for this objective.
The Excellence Centre will help provide support and organizational business support to the FinTech startups identified as being close to a disrupt and aid their product and technological development lines through effective mentoring and incubation measures. New and inception industries do need all the hand-holding they can muster in terms of infrastructural facilities, support of developmental technology, able guidance, and mentorship from successful entrepreneurs, financial support like subsidized loans, raw materials and technology procurement support, product marketing facilities, gateways for payments, networking and internet facilities. And these are exactly what the government orders provide for!
Enabling startups to jumpstart their progress the initiative envisages a Program for Incubation aptly named ‘TechNEST’. With implementation under a two-layered mechanism for overlooking its functioning consists of a Project Management and Leadership Council Group and the involvement of all TechNEST stakeholders like the Tamil Nadu Government, ELCOT, MeitY, STPI, successful and well-known entrepreneurs, academic members, banks and other specialists.
Its initial outlay of 23 crore INR on the COE for Fintech will be used to promote and finance equity participation and income generation of the participating industries in a bid to be self-sustainable according to the Tamil Nadu Government’s Secretary IAS officer Shri Santhosh Babu. He foresees the initiative will be able to sustain itself in a brief five-year intervention.
According to the action plan for the CoE, the Founder of Polaris Shri Arun Jain who is also CMD of Intellect Design Arena Limited will lead and provide inspiration for the COE for Fintech industries as the Chief and Lead Mentor. He will be ably supported in taking India’s Fintech industry to the global level, by Shri Sanjay Tyagi, the STPI Director, MeitY the E and IT Ministry of GoI in collaboration with the TN government and ELCOT.
Have you ever wondered about the impact of such investments and how you can be a part of this phenomenal promise of growth? Opportunities abound and it needs you to distil your interests and hone your skills to take on challenges where no operating standard procedures may exist. At Imarticus Learning you will find a variety of courses like the Prodegree, courses on blockchain technology, fintech oriented and financial expertise courses with a practical hands-on knowledge approach. Able mentorship and honing of skills under certified trainers and faculty helps you emerge career and job-ready.
Do you want to be a part of this early revolution? Tarry not. Do an apt fintech course with Imarticus Learning and participate in their assured placement program. The early bird does get the worm and to succeed one must plan opportunities that have great potential in the near future.