Mumbai, Maharashtra: Prime Minister Narendra Modi emphasized the transformative impact of India’s FinTech revolution on financial inclusion and innovation during his address at the Global Fintech Fest in Mumbai on Friday. He shared that over the past decade, the country’s fintech industry has attracted investments exceeding USD 31 billion, with startups in the sector experiencing over 500% growth.
Speaking at the Jio World Convention Centre, PM Modi highlighted how the global perception of India has shifted from its cultural diversity to its impressive fintech diversity. "There was a time when the world marveled at our culture. Now, they are equally amazed by the diversity of our fintech industry," he remarked.
PM Modi noted that India's FinTech sector is now visible in various aspects of daily life, from airports to street vendors, and has grown significantly due to affordable mobile data and zero-balance Jan Dhan accounts. He proudly stated that almost every Indian over the age of 18 now has a digital identity.
Taking a moment to reflect on the past, PM Modi recalled how skeptics once questioned the possibility of a fintech revolution in India, given the country's limited banking infrastructure and connectivity issues. "They questioned how a chaiwala could lead a fintech revolution," he said, referring to his earlier career as a tea seller. "But look at where we are today—India has seen a massive increase in broadband users, from 60 million to 940 million in the last 10 years."
Celebrating the success of the Jan Dhan Yojana, which recently marked its 10th anniversary, PM Modi pointed out that over 53 crore people now have Jan Dhan accounts, with more than 70% of them being women. He also highlighted the success of the Mudra Yojana, a microfinance initiative that has credited around Rs 27 trillion to beneficiaries, the majority of whom are women. He emphasized that these initiatives have played a significant role in empowering women and boosting the economy.
The Global Fintech Fest is co-organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council. The event features around 800 speakers, including policymakers, regulators, senior bankers, industry leaders, and academics from India and abroad. More than 350 sessions are being held, showcasing the latest innovations in the fintech industry. Additionally, over 20 thought leadership reports and white papers were launched at GFF 2024, providing valuable insights and industry knowledge.
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