India’s fintech ecosystem restores people’s faith in democracy: MoS IT

Highlighting the expansion of startups and digital ecosystems in India on the concluding day of the FinTech Festival India in New Delhi, the minister said the country is one of the world’s fastest growing fintech markets with 6,636 fintech startups.

Currently, India has the highest fintech adoption rate at 87%, as the size of the country’s fintech industry is USD 31 billion in 2021.

He said there was a time when it was only openly admitted ₹15 reached the recipients of each ₹100 paid by the Delhi government and the remaining amount was “mysteriously taken off”. However, there is no room left for corruption today as the beneficiaries get their due amounts directly in their Jan Dhan accounts, Chandrasekhar added.

Talking about India’s journey since independence in the fintech industry, the minister said that Indian economy was ruled by few companies or families who controlled the opportunities and capital.

“In India, democracy was seen as dysfunctional where Prime Minister Narendra Modi’s Digital India vision has dramatically changed the way governance is done over the last seven years. Today, the nation is driven by the energy, hard work, innovation and ideas of young Indians,” stated he.

Since fintech in India is a strong demonstration of the use of technology in governance and the impact it has on creating the innovative ecosystem, Chandrasekhar argued that the central government has opted for other cutting-edge initiatives, including drones and space technology ecosystems. He said these initiatives will be key to the nation’s development.

FinTech Festival India which took place between July 20-22 at Pragati Maidan in the national capital was organized by Constellar and supported by Niti Aayog and few central and state government ministries.

First article