Mumbai: On Friday, Prime Minister Narendra Modi announced that the government is implementing key policy changes, including the removal of Angel Tax, to support the fintech sector. Speaking at the Global Fintech Fest 2024, Modi urged regulators to tackle cyber fraud and emphasized the fintech sector’s crucial role in enhancing financial transparency and inclusion.

Modi praised the fintech industry for its contribution to India's financial landscape, noting that it has attracted $31 billion in investment over the past decade. He commended fintech firms for their role in reducing the impact of the parallel economy.

The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, an event organized by various industry bodies. He highlighted the positive state of the domestic economy and capital markets, coinciding with the festive season in the country.

Modi emphasized the government's commitment to supporting fintech through significant policy changes. This includes removing the Angel Tax, allocating ₹1 lakh crore to foster research and innovation, and implementing the Digital Personal Data Protection Act.

He called for increased efforts to combat cyber fraud and enhance digital literacy, stressing that these measures are essential to protect the growth of fintech and startups in India.

The Prime Minister also warned about the risks associated with a parallel economy and praised fintech for promoting transparency. He pointed out that digital technologies, such as Direct Benefit Transfer (DBT), have significantly reduced system leakages and brought transparency to government schemes.

Highlighting India’s achievements in digital finance, Modi noted that the combination of Jan Dhan, Aadhaar, and Mobile has transformed the financial landscape, with nearly half of the world’s digital transactions occurring in India. He cited UPI as a key example of global fintech success, providing round-the-clock banking services across the country.

Modi lauded fintech’s role in democratizing financial services, offering accessible loans, credit cards, and insurance. He specifically mentioned the PM SVANidhi scheme, which supports street vendors with collateral-free loans and encourages digital transactions to expand their businesses.

Concluding his speech, Modi reiterated India’s focus on sustainable economic growth and the development of robust, transparent financial systems supported by advanced technologies and regulatory frameworks.

The Global Fintech Fest 2024 features around 800 speakers, including policymakers, regulators, senior bankers, industry leaders, and academics from India and around the world.

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