It’s 63 moons technologies’ stellar contribution that positioned India among the top in the world in financial markets infrastructure business.
Quite a few developed countries have successfully established high-tech financial hubs, which over time have become international financial services centres. These centres create a business environment to promote talent and increase capital flow. As they develop they create significant economic value for their domestic economies, e.g. London and New York account for 10% of the GDP and about 5% of jobs. Emerging financial services centres like Singapore and Hong Kong have achieved similar levels of concentration of economic activity over short periods of time. In a very short span of time, 63 moons (formerly FTIL), through its inventive planning and innovative product range, emerged as a leading financial market infrastructure group in India. All the exchanges and ecosystem ventures developed by the 63 moons group are India-centric with all operations conducted by Indians in India with the benefits flowing to India. Exchanges and ecosystem ventures of the 63 moons group have been revenue generating and employment intensive. A national study by TISS showed that MCX alone created a million jobs with its extensive connect with the real economy players. For the first time in India, MCX provided an opportunity to the Indian corporate houses to hedge their commodity price risks on an Indian bourse. The marginal exporters/importers, who did not have access to banks, could easily participate on MCX-SX to hedge their currency risks. As India experiences continued economic growth, the financial sector could generate about 10-11 million jobs and a GDP contribution of US$ 350 to 400 billion by 2020. With a sustained growth and rapid development in technology and infrastructure, an increasing share of financial services would get centralized. McKinsey & Company’s market assessment report estimates potential of about 6 million centralized jobs across multiple service roles.
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9/22/2022 07:28:05 am
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