RT team
Prime Minister Narendra Modi highlighted his administration’s proactive policy efforts to enhance the fintech industry, which has drawn over USD 31 billion in foreign investments over the last decade. Speaking at the global fintech summit, Modi credited the sector’s massive 500% growth in numbers to several key reforms, including the removal of the angel tax.
During his speech, he emphasized the need for regulators to intensify efforts against cyber frauds and to improve digital literacy. He praised fintech’s crucial role in making financial services accessible and its potential to significantly improve global quality of life.
Modi remarked on the unparalleled rapid adoption of fintech solutions in India, which is unmatched globally. He noted the profound social and economic impact of fintech, which has helped diminish the shadow economy and narrow the financial disparity between urban and rural areas.
Although he did not specify the number of fintech startups, summit organizers reported over 11,000 firms operating nationally. Modi lauded fintech’s role in maintaining 24/7 banking operations during the pandemic lockdowns and encouraged Indian fintech firms to expand globally.
Highlighting fintech’s contribution to small businesses, especially those owned by women, Modi mentioned that loans exceeding Rs 27 trillion have been issued under the Mudra scheme since its inception during the lockdown, benefiting over 100 million women.
Modi also celebrated the success of the no-frills account initiative, which has enabled financial savings and investments for millions of women, with 290 million of the 530 million accounts belonging to female account holders.
Concluding, Modi expressed his optimism for the future of fintech in India, stating his eagerness to see continued innovation and impact at future summits.
Reserve Bank Governor Shaktikanta Das also spoke at the event, praising digital technologies for their role in enhancing financial inclusion and operational efficiency across India. Das emphasized the importance of collaboration among policymakers, regulators, and innovators in fostering a conducive environment for the growth of fintech.
