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Fintech driving innovation ecosystem in India: Union Minister Rajeev Chandrasekhar

Category: Planning

Highlighting the growth of startups and digital ecosystem in the country, Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said that India’s fintech ecosystem has helped rebuild the trust between the citizens and the government, transform lives and restore faith in democracy.

Speaking on the closing day of the FinTech Festival India at Pragati Maidan in New Delhi, the Minister said, “There was a time when it was openly admitted that out of every Rs 100 disbursed by the government from Delhi, only Rs 15 reached the beneficiary, and the rest of money got mysteriously siphoned off.” “But today, there is no leak or scope for corruption as the beneficiaries get their amounts due straight in their Jan Dhan accounts and are empowered financially,” Chandrasekhar said.

He further said India is among the world’s fastest-growing fintech market with 6,636 fintech startups. Indian fintech industry’s market size is USD 31 Bn in 2021 and has the highest fintech adoption rate at 87 per cent.

Chandrasekhar also said that for the best part of India’s journey since Independence, the country’s economy was governed by few companies/ families and they controlled the opportunities and the capital.

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