If one is skilled at both basic and technical analysis, the stock market may be a very profitable endeavour. This market is crucial to a nation since it supports Indian industry and serves as a barometer of that nation's economic development. It gives businesses in the sector the ability to increase their market capitalization and trade publicly. In addition to encouraging investment, the stock market provides a source of income for many people. Industry estimates indicate that the overall number of Demat accounts in India reached 10.6 crores in November 2022, up 37% from the previous year due to the addition of 18 lakh new accounts. A significant source of income for young boys and girls as well as women might come from the stock market. Technology has changed how people interact with the stock market throughout time with the best trading app in India.
Thanks to technology, it is now feasible to obtain information easily, conduct transactions smoothly, and become familiar with the specifics of the market. It's interesting to note that platforms combining financial technology and education (Fintech) have recently been developed thanks to tech-enabled interventions. With the use of technology (Apps), a win-win situation has been established for all parties involved. People can now learn about the stock market and make money from it while also gaining the financial information and skills necessary to fully utilise the advantages. Developing marketable talents is the most crucial element in winning the race. In this regard, people's interaction with technology is entering a new phase as a result of the merging of Edtech and Fintech. Individuals can now get a comprehensive stock learning experience that covers everything from education to investment, with Edtech and Fintech working together to help individuals make the most out of the stock market. Along with these extensive advantages, it is also helping dispel a number of stock market fallacies.
Any degree of wealth management requires a strong foundation in finance. The majority of Indians still view the stock market as taboo, as evidenced by the RBI data that just 27% of men and 24% of women in the country possess the requisite degree of financial literacy. The Indian stock market has to be made more aware of its offerings to people who are either new to it or would like to get involved. By motivating enthusiastic Indian traders from both rural and urban regions to rise above everyday obstacles and enter the stock market, technology makes it easier to discover their full potential. Technology can assist them in identifying their genuine potential despite the various obstacles that come with trading jobs.
Let's take advantage of their youth, as around 1.3 billion young people worldwide, the majority of whom live in underdeveloped nations, do not comprehend fundamental financial principles. The problem is currently being effectively addressed by technology in the forms of Fintech and Edtech. Since the globe has become a global village and one country's success may benefit another, the goal should be to educate everyone, not just those in India, about money. The expert-driven, tech-enabled programme like the best trading app in India can provide teenagers the expertise and information they need to safeguard their money and steer clear of costly errors.
The current educational system in India has not been able to provide pupils with financial literacy. Regrettably, India was slow to acknowledge at first how crucial financial literacy is to being successful in the twenty-first century. Too many instructors lack financial or technical literacy, and many of those who do choose more conventional teaching approaches because they lack the knowledge on how to integrate these abilities into the classroom. These days, the increase in technology aids like the best trading app in India in closing these gaps.
With the advent of technology, this is the ideal moment to provide kids with the means and motivation to study everything and everything there is to know about financial. It is commonly acknowledged that financial literacy has reached an all-time low despite the previous ten years of economic expansion and increased employment. For precisely this reason, India must create a fiscally conscious atmosphere. Government support of technology and inventions is necessary in the form of rules and policy initiatives. Like any other industry, startups require a number of logical and helpful regulations. First of all, Edtech and Fintech companies would anticipate a reduced tax slab on goods and services in addition to various tax breaks and incentives.
In the end, for instance, the 18% GST slab currently applies to educational services and goods. A five percent tax would help as a high tax rate hinders their capacity to remain sustainable and expand. In order to enable the Indian economy and society fully utilise the advantages of technology, a promotion programme would be very beneficial. It is anticipated that the government would take some action to encourage the Edtech and Fintech industries like Globe Capital to help India achieve its financial empowerment objectives.
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