Traditionally, Indian culture was based on ancient practices that come from the agricultural foundations of our society. This was ingrained in the personal economics as saving for tough times, as the society relied on stocking food to mitigate uncertainties. And the practice continued till the modern-day and the savings extended to money plus valuable assets like gold. This has been the cornerstone of stability for most Indians until recent times.
Fun Fact: Indian households are estimated to hold almost 11% of all of the world's gold.
However, the newer generation is living in a world of complicated economics and much more open opportunities than before. Add to it the information available to us all through the internet plus the ease and accessibility through technology. Gone are the days when investing in different financial instruments required time and effort with less accessible institutions. Now we can invest in almost all these opportunities with just our fingertips. And Indians have realized this in the last decade as everything got easier with every advancement in technology and policies.
In the last five years, India has seen a tremendous rise in industrialism and had been witnessing the startup economy grow for many more. This has led the younger generations, especially those under 40 years of age to explore opportunities beyond conventional sources of income. While the opportunities themselves were present for a long time, it was a matter of accessibility for everyone to partake in it. And then, in 2017, came the explosion of Bitcoin and blockchain technology that gave the final push to the nation to start investing and earning beyond their regular incomes.
Dev Sharma, founder of the Canadian crypto marketing agency, Blockwiz told us, "India is witnessing a financial revolution at the moment. Indian markets saw steady growth even during the pandemic, partly due to technology-enabled services that helped to invest right from home. As part of the Blockchain industry, we have also witnessed deep interest in Indian markets through our clients. Crypto exchanges, in particular, consider the Indian market among the highest potential for growth and business which is evident in their marketing strategies and targeting. Plus there is a steady rise in investment in mutual funds and stock markets as well. India is considered among the fastest-growing economy of our time and Indians have started realizing that dream."
Currently, India has some of the best technology-based financial services, from mobile banking to investments in various financial instruments. You can see roadside stalls accepting online payments, ATMs remaining practically unused, and a surge of capital in the markets including cryptocurrency. Technology is often called out for its negative impacts on societies but we often overlook the vast potential for growth they can harness, from an individual standpoint to the whole nation's. You can open a Demat account in minutes with a few simple steps, opening a cryptocurrency wallet takes even less time.
They say time is money. Up until a decade or two back, most Indians believed in investing time and saving money. But now, we have a new radical mantra: save time, invest money!
