Prime Minister Narendra Modi announced a series of policy initiatives aimed at boosting the FinTech sector in India, which has attracted over USD 31 billion in investments over the past decade. Speaking at the Global Fintech Fest 2024, PM Modi highlighted the government’s efforts, including the recent abolition of the Angel Tax, as part of a broader strategy to foster growth in the FinTech industry.
During his address, PM Modi emphasized the critical role of FinTech in democratizing financial services across the country, expressing confidence in its potential to significantly enhance the quality of life for all Indians. He urged regulators to implement additional measures to combat cyber fraud and further advance digital literacy among the population.
“FinTech has been instrumental in transforming financial services, particularly in bridging the gap between urban and rural areas,” said the Prime Minister. He pointed out that the rapid adoption of FinTech solutions in India is unparalleled, demonstrating a level of speed and scale unmatched by any other country.
The Prime Minister also underscored the far-reaching social impact of the FinTech revolution in India, noting that its influence extends well beyond technology. He praised the sector’s role in curbing the parallel economy and fostering financial inclusion, especially in underserved regions.
PM Modi revealed that the Indian FinTech sector has grown by 500 percent over the last decade, supported by significant investments and favorable government policies. He also highlighted the festive season’s positive economic outlook, referencing India’s robust GDP growth and record-breaking capital market performance.
Additionally, PM Modi informed the audience that loans totaling over ₹27 lakh crore have been disbursed under the Pradhan Mantri MUDRA Yojana, the world’s largest microfinance initiative.
RBI Governor Shaktikanta Das, speaking at the same event, praised digital technologies for their role in expanding financial inclusion and improving service efficiency across India. He credited proactive policy-making and technological innovation for India’s leadership in digital payments, emphasizing the collaborative efforts between policymakers, regulators, and innovators in shaping India’s FinTech journey.
The RBI’s regulatory frameworks have played a pivotal role in enabling the orderly growth of new and innovative FinTech businesses, ensuring that India’s FinTech sector continues to thrive.
