India's FinTech Surge: Transforming Financial Inclusion and Innovation

Prime Minister Narendra Modi highlighted the significant growth of India's fintech industry at the Global Fintech Fest in Mumbai, noting over $31 billion in investments and a 500% growth in startups over the past decade. He emphasized the role of digital identity, Jan Dhan accounts, and UPI in driving this revolution.

India is witnessing a monumental transformation in its financial sector, driven by a surge in FinTech innovation and inclusion. Prime Minister Narendra Modi, addressing the Global Fintech Fest at Mumbai's Jio World Convention Centre, shared that the Indian FinTech industry has garnered investments exceeding USD 31 billion and experienced a staggering growth rate of over 500% in startups over the past decade.

Highlighting the impact of digital identities and financial inclusion initiatives, PM Modi noted, "Today, almost every Indian above the age of 18 possesses a digital identity. The Jan Dhan Yojana has revolutionized banking access, with more than 53 crore accounts." He pointed out that the initiative has empowered women, who constitute over 70% of its beneficiaries.

Modi also addressed the skepticism faced years ago, stating, "Critics questioned the feasibility of a FinTech revolution in India. Yet today, India stands as a global leader, with half of the world's digital transactions occurring here." The PM attributed this success to accessible mobile services, zero-balance accounts, and a robust digital infrastructure, further strengthened during the COVID-19 pandemic.

(With inputs from agencies.)