India has highest fintech adoption in the world, says Rajeev Chandrasekhar at India Fintech Conclave

Rajeev Chandrasekhar in conversation with Moneycontrol editors Chandra R Srikanth and Shweta Punj at the India Fintech Conclave

India’s fintech adoption is the highest in the world and it constitutes a key part of what we see as India's digital economy and the techade, Union Minister Rajeev Chandrasekhar said on March 7 at Moneycontrol's inaugural India Fintech Conclave (IFC) being held in Mumbai.

Elaborating on the fintech ecosystem in India and its future prospects in the country, the Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology in his special address at the MC fintech conclave said that the upcoming data protection law will not create hurdles to fintech innovation; it would rather serve as enabling legislation.

Chandrasekhar said, “At 87 percent, India has the highest fintech adoption in the world, against a global average of 67 percent."

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“India’s fintech ecosystem is now among the fastest, most admired, and clearly the most creative in the world. And the fintech ecosystem is a key part of what we see as the digital economy, a key part of what Prime Minister Narendra Modi refers to as India’s techade, and a key component of our trillion-dollar economy goals by 2025-26,” he added.

Chandrasekhar further said that the Prime Minister’s vision has been to convert India into a producer of technologies from a consumer of technologies. "The single dimension of the digital economy we inherited is now becoming a multi-dimensional, fast-growing one,” he said.

“The India techade is not just rhetoric… The energy of young Indians is something to be seen, experienced and believed… The digital economy proportion of the overall economy will increase to 22 percent by 2026,” the MoS for Electronics and Technology said.

Also read: The Indian fintech ecosystem is setting global benchmarks

Speaking about the role of artificial intelligence in fintech, Chandrasekhar said, “The AI intensity in fintech will certainly increase. The India AI ecosystem will transform fintech and other parts of the internet ecosystem.”

He added that the government is looking to launch the India AI programme by March end.