How Digital India Is Leveraging Its Prowess On India’s Financial Landscape
In the last quarter of 2015, India has overtaken China, as the fastest growing economy in the world. And NSE currently flares into one of the fastest growing exchanges in the world. FIIs are pouring in the money and a decisive mandate has just made the deal sweeter for them. The message is clear, India is opening up, and there is an opportunity for everyone to tap into it.
But then the challenge is financial inclusion. Most of the Indians don’t just have access to financial markets, but also to the financial landscape. About 2 years, the prime minister of India, NarendraModi, himself took the financial sphere in order to encourage banking amongst Indians living in rural India.
Although the project did achieve the goal of banking inclusion, it was tough to get them into financial inclusion. The grey spot here was the fact that there were then over 800 million mobile subscribers in India, with many of them having access to smartphones.
Private Segment –Spearheading Innovation
In India, the backing of private players is extremely important when it comes to execution of any key project and the goal of banking inclusion was no different. Many key private players like HDFC, ICICI etc chipped into it, and the result was an overwhelming success. Pretty much it was the same story in the field of financial inclusion.
Many leading players like India Infoline, Sharekhan etc hopped into the project and offered a unique service called mobile trading. This was a big breakthrough as it eliminated the need for making phone calls. Now everything was available right on the tap of the phone.
The launch resulted in overwhelming success. Many key players like IIFL had set an ambitious target of over 1 million downloads and based on their current performance they are well on the course to achieve the target.
However, not all stock market apps support all the stock exchanges. The leading apps would only allow you to see and trade stock scripts in BSE, NSE, MCX and a few others. That’s why go for exchanges that you can put in your watchlist using stock market apps like Moneycontrol, IIFL Markets etc.
You can use good stock market apps like IIFL Markets to get watch out the stocks on the go. It is portable and is available for free of cost.
IIFL, for instance, has committed a team of over 50 professionals just to conduct research on equity reports. It conveniently places this app amongst the best. It has also received numerous awards for excellence both in terms of reports and the user experience.
There are foreign players as well like Moneycontrol, but they lack a complete trading experience as most of them do not have brokerage license to operate in India, and there is a little incentive in using them.
With so many advancements, a real breakthrough doesn’t look very difficult anymore. Mobile apps are leading the way.