Fintech drives the innovation ecosystem in India, says Rajeev Chandrasekhar
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Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, Skill Development and Entrepreneurship, has said that India is among the fastest growing fintech ecosystems in the world driving innovation in the country. He was speaking on the closing day of the Fintech Festival India at Pragati Mandan in New Delhi. He also added that India’s fintech ecosystem has helped rebuild trust between citizens and government, transform lives and restore faith in democracy.
Rajeev Chandrasekhar Twitter handle
“There was a time when it was openly admitted that out of every INR 100 disbursed by the Delhi government, only INR 15 reached the recipient and the rest of the money was mysteriously removed. But today there is no leakage or scope. for corruption as beneficiaries get due amounts directly into their Jan Dhan accounts and are financially empowered,” Chandrasekhar said.
He also mentioned that “Since independence, the country’s economy was controlled by few companies or families, and they controlled the opportunities and capital. Our democracy was seen as dysfunctional. The Prime Minister’s Digital India vision has dramatically transformed the way governance is done in the last seven years and the nation today is powered by the energy, hard work, along with innovation and ideas of young Indians across the country.”
Commenting on the cryptocurrency issue, Chandrasekhar said that “Crypto as a means of payment is a logical extension of fintech, but crypto as an asset class and crypto as a substitute for currency is an area that all currencies of the world and all regulators of the world are struggling with. We will find the path with caution, caution. We have very clear goals about who will do crypto in India. The government has said that RBI will do crypto, the digital rupee as the first target, and then we will see how the market develops.”
According to reports, India’s fintech market size is estimated at $31 billion by 2021, and the fintech transaction value size is projected to grow $138 billion by 2023 with a world-highest adoption rate of 87 percent.
