Prime Minister Narendra Modi on August 30 said that the fintech industry has received an investment of more than $31 billion in the last 10 years and the startups in this space have recorded a growth of over 500 percent.
"The fintech industry has received over $31 billion investment in the last 10 years and startups have recorded 500 percent growth... cheap data, mobile phones, and zero balance Jan Dhan bank accounts have done wonders in the country," Modi said at the Global Fintech Fest in Mumbai.
"There was a time when foreigners were taken aback by the cultural diversity of India. Now they are taken aback by India's fintech diversity," he said while lauding fintechs for removing hurdles which banks were facing in the process of financial inclusion and penetration of credit. "People are able to benefit from becoming a part of the formal economy".
He particularly mentioned how fintechs have played a critical role in enhancing the quality of lives of many Indians. "Access of credit has become very easy through fintechs. "Indian finetchs will play a huge role in increasing the lifestyle of Indians. It will increase the ease of living," he asserted.
Emphasising that sustainable economic growth is important for India, he assured the fintech ecosystem gathered at the fest that the government at a policy level is making every change to facilitate fintechs. "We removed angel tax," he said.
Concluding his speech by saying that the best is yet to come, PM Modi stated that the government is working on cyber frauds and digital security.
Key highlights from PM Modi's Global Fintech Fest 2024 speech
-The fintech revolution has helped in bettering the lives of ordinary Indians, he said
-In the last 10 years, our fintech startups have seen 500 percent growth
-Cheaper phones and data and zero balance Jan Dhan accounts have created wonders
-Rs 27 trillion of credit disbursed through MUDRA loans and 70 percent beneficiaries are women
-People are able to see the benefit of becoming part of formal economy
-Broadband users in India have increased from 6 crore to 94 crore in the last 10 years
-Today, 53 crore people have Jan Dhan Bank accounts
-The JAM Trinity has facilitated half of the world's real time digital transactions in India
-Indian fintech ecosystem has increased dignity and quality of life for people
-Digital banking or neo banking concept is in front of us
-We are creating a product t which is local but its application is global
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
