Prof. Ajit Dayanandan Advocates Fintech Transformation for India’s Informal Sector

The renowned economist, Prof. Ajit Dayanandan, highlighted the imperative need to redefine policy frameworks in his policy talk at MGU’s Centre for Technology and Human Development Studies. Delving into the theme, “Can Fintech Innovations Formalise India’s Informal Sector Economy? Opportunities and Challenges,”  he addressed the transformative impact of emerging financial innovations such as digital payments, digital currencies, particularly Central Bank Digital Currencies (CBDC), and regulatory frameworks for blockchain-based cryptocurrencies on India’s informal sector. 
Prof. Dayanandan, a Professor of Finance at the University of Alaska Anchorage, emphasised the revolutionary shifts experienced by informal sector workers and positioned India as a Fintech and digital payments model, even for developed nations like the USA. He stressed the crucial need for integrating these advancements into the curricula of social sciences and development studies, foreseeing a significant contribution to India’s future developmental endeavours. 
The event, sponsored by the Rahtriya Uchchatar Shiksha Abhiyan (RUSA) under the research project “The Impact of Digital Economy on Informal Sector Growth in India,” took place at the MGU campus.