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By:

Prithvi Asthana

20 August 2025 at 10:50:30 pm

Look at the state as a laboratory: Fadnavis

Maharashtra Chief Minister Devendra Fadnavis inaugurates the expo at the 'Global Fintech Fest 2026' at the Jio World Centre in Mumbai on Wednesday. Pic: PTI Mumbai: Chief Minister Devendra Fadnavis on Wednesday announced that the state will implement the new DELTA Act in the field of tokenisation. He said that Maharashtra will be the first state in India to create a legislative framework for tokenisation. Fadnavis was addressing the Global Fintech Fest 2026. He said, “Maharashtra is putting...

Look at the state as a laboratory: Fadnavis

Maharashtra Chief Minister Devendra Fadnavis inaugurates the expo at the 'Global Fintech Fest 2026' at the Jio World Centre in Mumbai on Wednesday. Pic: PTI Mumbai: Chief Minister Devendra Fadnavis on Wednesday announced that the state will implement the new DELTA Act in the field of tokenisation. He said that Maharashtra will be the first state in India to create a legislative framework for tokenisation. Fadnavis was addressing the Global Fintech Fest 2026. He said, “Maharashtra is putting in place the architecture of the Maharashtra Digitisation and Exchange of Land Token Asset-The DELTA Act. The objective is to create a legal framework for blockchain‑based tokenisation of land and other immovable assets. There is enormous value unlocked in our physical assets, particularly land and we estimate it could be as large as Rs 50 lakh crore.” Highlighting the need for collaboration, Fadnavis said, “We are bringing together expertise from SIVI, BSE, NSE, industry, technology, law and academia because innovation at this scale must be accompanied by the legal certainty, consumer protection and regulatory trust. The operationalisation of this DELTA act requires a significant collaboration between government of India, institutions and government of Maharashtra.” Global Hub Fadnavis appealed the investors to look at the state as a laboratory to the most ambitious project. “The state was building an ecosystem around AI, data centers, GCC, startups, universities, and advanced technology. Look at Maharashtra as your laboratory, not just a market, and bring us your most ambitious ideas for sectors including agriculture, MSMEs, urban governance, mobility, healthcare, financial inclusion, fraud prevention and public finance.” Highlighting the opportunities in the state he said, “Mumbai gives us the India’s deepest financial ecosystem, Pune gives us extraordinary talent and engineering, and Navi Mumbai is emerging a new centre for data centre, and global connectivity.” Pitching Mumbai as the next global hub he said, “Mumbai should increasingly become the city where the future of global finance is designed. The next global fintech company can be made here. The next global financial protocol can be designed here. The next innovation in digital public infrastructure can be designed here. The next breakthrough in AI could happen here.” Agentic AI On Agentic AI, CM Fadnavis underlined the need for the responsible use of AI and the trust involved in creating new technology. He said, “Imagine a farmer receiving financial advice in Marathi, imagine a poor citizen having access to financial intelligence that today requires teams of professionals, this could be transformative but there is an important principle we must never forget, AI may act for the citizen but the citizen must remain in control.” “The future of finance must therefore combine intelligence with accountability, innovation with consent, spear with security and agent with human oversight because in finance ultimately trust is the technology on which every other technology exists,” he added. India's fintech exports could reach USD 60 to 80 bn: Commerce Secretary Union Commerce Secretary Rajesh Agrawal said that by bringing its digital infrastructure, technological capabilities and fintech solutions to global markets, India has an opportunity to increase its fintech services exports almost tenfold, from the current USD 8 billion to USD 60 to USD 80 billion. Describing India's experience in providing financial services as a strong base, he said, “The fintech ecosystem provides a strong base to meet the emerging challenges of emerging economies, especially at the global level. To capitalize on this opportunity, coordination between governments, regulators, startups, financial institutions and partner countries is needed.” Agarwal said, “E-commerce exports by small and medium enterprises (SMEs) have been identified as an area where fintech companies can make a difference. E-commerce is promoting exports to increase the share of MSEs in India's global export sector, but access to working capital is a major challenge for businesses that do not have a history of borrowing and do not have assets to pledge. In this case, an e-commerce company has received an order from an exporter, but needs capital for a short period of time to fulfil it.” “Ministry of Commerce is piloting Export Credit Cards for e-commerce exporters and looking for fintech companies and startups that can develop technology-based short-term credit solutions. If small and medium enterprises are going to export and they need credit, they can ask for short-term loans from banks,” he added. Aggarwal said that India's fintech and technology industry will now have to move beyond exporting individual products to focus on developing solutions to meet the needs of various global markets. “This requires clear guardrails where the risks are understood, room for experimentation where they are still emerging, and the ability to adapt the framework as technology and its uses evolve. Good policy should give innovation room to grow, while ensuring that accountability and resilience grow with it. Policy has to remain informed by what is happening on the ground.” Rohit Jain, Deputy Governor, RBI

Discussions on among allies for govt formation: Ajit Pawar

Correspondent
Nov 26, 2024
2 min read

Updated: Nov 29, 2024

Ajit Pawar

Mumbai: Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.


Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.


The NCP leader also assured that the alliance was working cohesively following its resounding victory in the state assembly elections.


Pawar paid tributes to Maharashtra's first chief minister Yashwantrao Chavan at his memorial in Karad on his death anniversary.


In the state poll results declared on Saturday, the Mahayuti, which comprises the BJP, Chief Minister Eknath Shinde's Shiv Sena and Ajit Pawar-led NCP, bagged an impressive 230 of the 288 assembly seats.


The focus has been on BJP leader and Deputy Chief Minister Devendra Fadnavis, who is being seen as a strong contender to occupy the top post for the third time, as his party bagged 132 of the 149 seats it contested in the state.


Notably, Maharashtra minister and Shiv Sena leader Deepak Kesarkar has said his party legislators feel Eknath Shinde should continue as the chief minister of the state, where the ruling Mahayuti scored a landslide victory in the assembly polls.


Ajit Pawar said, "We will decide what formula to work out on the cabinet formation among the three parties."


Reflecting on the elections, he acknowledged the contribution of the Ladki Bahin scheme in the Mahayuti's win.


"We cannot ignore that Ladki Bahin helped us in this election. We are grateful to them (women voters)," he said.


Defending the scheme, Pawar, who is also the state finance minister, further said, "Had I been opposed to the Ladki Bahin scheme, I would not have presented it in the House. I discussed the scheme with several retired finance officers before finalising it."


Pawar also dismissed concerns raised by some opposition leaders over the Electronic Voting Machines (EVMs), pointing out that polls in states like Punjab, West Bengal and Telangana, governed by their political opponents, have been conducted with the same system.


Commenting on members of same families contesting against each other during the elections, Pawar expressed annoyance over repeated questions on it.


He then asked, "Why was my close nephew fielded? Atram's own daughter was fielded against him, and even Rajendra Shingne faced a similar challenge. I don't want to comment further on this. I have got tired of apologising for fielding my wife against Supriya. Yugendra was in business, then why was he prepared to contest against me?"


In the Baramati assembly seat, Ajit Pawar was pitted against his nephew and NCP (SP) candidate Yugendra Pawar.


In Aheri seat, NCP leader Dharamraobaba Atram's daughter Bhagyashree Atram contested against him on NCP (SP) ticket.

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