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Digital Economy In India: ‘BharatNetra’ Fintech Hub Launched In Bhubaneswar To Boost Financial Tech
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Odisha will play a central role in making India a global economic leader, says Chief Minister Mohan Charan Majhi.
The hub has been launched by the Odisha government in collaboration with GFTN, National University of Singapore, and the Asian Institute of Digital Finance.
Odisha Chief Minister Mohan Charan Majhi has launched an Integrated Global Financial Technology Capability Hub, called the BharatNetra Initiative, in Bhubaneswar. Describing it as a transformative step that will shape the future of finance in Odisha, Majhi said it would strengthen India’s global leadership in the digital economy.
“Odisha will play a central role in making India a global economic leader,” he added.
The hub has been launched by the Odisha government in collaboration with Global Finance & Technology Network Singapore (GFTN), the National University of Singapore, and the Asian Institute of Digital Finance, according to an official statement.
Union Education Minister Dharmendra Pradhan, Odisha Electronics & IT Minister Mukesh Mahaling, and Global Finance & Technology Network (GFTN) CEO Sopnendu Mohanty were also present at the event.
Speaking on the occasion, Majhi said the initiative would skill more than 7,000 students across all 30 districts of Odisha. It will run certification programmes designed by the Asian Institute of Digital Finance at the National University of Singapore.
The chief minister said the collaboration had been forged during the historic visit of Singapore President Tharman Shanmugaratnam to Odisha in January this year.
Majhi added that the state would nurture start-ups and entrepreneurs by establishing a dedicated Centre of Excellence within the hub. In addition, the project will also establish a Global Capability Centre (GCC), which will act as a strong foundation for attracting global financial institutions and new investments into Odisha.
Highlighting efforts to improve digital infrastructure, Majhi announced that a cable landing station connecting Bhubaneswar to Singapore is being established.
Noting that Odisha is the first state to formulate an AI Policy, he said preparations are underway to launch a dedicated FinTech Policy and GCC Policy to attract global investments.
The CM further said that the initiative is aligned with the vision of the Prime Minister, who during his Independence Day speech this year had envisioned skilling three crore youth with an investment of ₹1 lakh crore. “Odisha is ready to contribute to this grand vision,” he remarked.
Underscoring the state’s talent pool, he said Odisha produces around 1.8 lakh graduates annually in engineering, polytechnics, and IT streams, along with skilled youth from 950 ITIs.
Emphasising the importance of research, Majhi noted that in addition to skilling, Odisha has established a Deep Neural Network Laboratory and other Centres of Excellence. “Our vision is to make Odisha the ‘Research Capital of the East’,” he underlined.
He also thanked the Prime Minister for central government approval of two semiconductor fabrication units in Odisha. “Semiconductors are the building blocks of the digital economy, and Odisha is proud to play a leadership role in this national mission,” he said.
On the occasion, Majhi launched the BharatNetra Hackathon website, and a GCC+ overall programme was also announced.
Union Education Minister Dharmendra Pradhan said Odisha’s vision aligns with India’s national priority of skilling youth for the global digital economy. “The BharatNetra Initiative will not only open pathways for employment and entrepreneurship but also strengthen India’s leadership in financial inclusion and innovation,” he added.
Odisha Minister for Electronics & IT, Dr Mukesh Mahaling, said the state is emerging as India’s innovation frontier, outpacing national growth and securing over $23 billion in new investments this year. “With progressive IT and AI policies, we are creating an ecosystem where advanced infrastructure, world-class talent, and start-up energy converge,” he added.
GFTN Group CEO Sopnendu Mohanty said: “The BharatNetra Initiative and the Integrated Global Financial Technology Capability Hub will redefine Odisha’s role as India’s strategic gateway to the Asia-Pacific financial technology corridor. This partnership with GFTN will empower talent, foster innovation, and connect Odisha to the world’s most dynamic financial ecosystems.”
It may be noted that the I-GFTCH in Odisha will focus on four pillars: Global Learning, Global Mindshare, Global Innovation, and Global Capability Hub — developed in partnership with Singapore-based GFTN.
Over the next five years, the initiative will equip 7,000 students across the state with critical skills in technology, regulation, and business for careers in financial technology.
The programme has already selected its first batch of 375 students from more than 3,800 applicants representing over 60 colleges across all districts of Odisha. The first batch is set to graduate by January 2026.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
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Business
Asian stocks today: Markets inch higher mirroring Wall Street gains; Kospi jumps 10%, Nikkei up 1,400 points – The Times of India
Asian stocks inched higher on Thursday, after days of trading in red amid ongoing Middle East tensions. This comes as equities were lifted by a rebound on Wall Street as oil prices paused their recent spike and economic updates painted a more positive picture of the American economy. In South Korea, Kospi hit a pause on its downward rally to add a whopping 10% or 513 points, to reach 5,606. Japan’s Nikkei 225 also climbed 2.7% to 55,713. Hong Kong’s HSI also traded in green, rising 353 points to 25,603 as of 9:10 am. Shanghai and Shenzhen added 0.9% and 1.7% respectively. Gains elsewhere in the region were more modest. Australia’s S&P/ASX 200 added 0.3% to 8,927.20, while New Zealand’s benchmark index moved 0.9% higher. In contrast, US futures indicated a subdued start ahead. Futures linked to the Dow Jones Industrial Average were almost unchanged, while S&P 500 futures ticked up 0.2%. The S&P 500 advanced 0.8% on Wednesday, clawing back much of the decline seen since the onset of the Iran conflict. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq Composite outperformed with a 1.3% gain. Globally, market sentiment has remained sensitive to developments in the Middle East, with oil price swings continuing to steer trading direction. Crude prices eased during Wednesday’s session. Brent crude briefly moved above $84 a barrel before settling at $81.40, roughly matching the previous day’s level. US benchmark crude edged up 0.1% to finish at $74.66 per barrel. By early Thursday, however, oil was on the rise again. Brent crude climbed 2.4% to $83.32 per barrel, while U.S. benchmark crude jumped 2.5% to $76.53 per barrel.
It is also the first time the target has been lowered since it was cut to “around 5%” in 2023.
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World’s Second-Largest Shipping Firm Maersk Suspends Cargo Bookings Across West Asia Amid War
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Maersk has halted cargo bookings to several West Asian ports due to war disruptions. Affected ports include UAE, Iraq, Kuwait, Qatar, Bahrain, most of Oman, and two in Saudi.
Maersk cited regional conflict and personnel safety as it suspended cargo bookings across West Asia, signalling growing disruption to global trade routes. (IMAGE: REUTERS)
Maersk, the world’s second-largest container shipping company that handles a significant share of global trade, said it has suspended cargo bookings to and from several ports in the West Asia region as the ongoing war begins to disrupt global shipping routes.
The company on Wednesday said it will no longer accept cargo bookings involving ports in the United Arab Emirates, Iraq, Kuwait, Qatar, Bahrain, most of Oman and two ports in Saudi Arabia, according to a report by Barron’s.
However, the suspension will not apply to shipments of critical food supplies, medicines and other essential goods, which will continue to move through the region.
Maersk said the decision was part of operational measures aimed at protecting personnel and safeguarding cargo amid the escalating conflict.
“We are taking operational measures to ensure the safety of our personnel, safeguard your cargo and maintain service stability across affected trades in the Middle East,” the company said in a statement accessed by Barron’s.
Maersk had earlier announced that it would reroute vessels bound for the Suez Canal around the southern tip of Africa and suspend all vessel crossings through the Strait of Hormuz as tensions escalate in the region.
The changes mean ships travelling between Asia and Europe may now take longer routes around the Cape of Good Hope, adding time and cost to global shipping, the news agency said in its report.
Financial markets also reacted to the development. Shares of Maersk traded in Denmark fell nearly 2% on Wednesday following the announcement.
The disruption comes as insurance providers pause coverage for vessels operating in parts of the Gulf amid the intensifying conflict.
US President Donald Trump on Tuesday said the United States Navy would escort oil tankers through the Strait of Hormuz if necessary, as concerns mount over energy supply disruptions.
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