Indian Fintech Serves Global Demand, Says MoS Finance

Amidst the global focus on financial technology, India is emerging as a fintech leader, driven by favorable demographics, increasing digitisation, and robust infrastructure. However, the sector faces concerns regarding funding availability, casting a shadow on its growth. Bhagwat Kishanrao Karad, Minister of State for Finance, remains hopeful about the inclusive fintech industry's potential despite these challenges.

Karad said the promising sector not only enables the serving of a diverse consumer base in India but also facilitates the ever-evolving global demand capable of scaling the economy of the nation. He emphasised that Fintech is the cornerstone of an evolved India and highlighted the Centre’s effort to take banking to the unbanked areas wherein financial technology played a significant role in filling the gap. 

The minister was speaking at the Global Fintech Fest 2023 event and underlined the country’s remarkable growth in the past decade. He stressed that the budget had increased from Rs 16 lakh crore to over Rs 45 lakh crore in 2023.

Highlighting a IMF report, the Minister said approximately 13.5 crore people have moved from poverty to the middle class, thanks to central government schemes that cover both rural and urban areas.

Underlining the government's fintech-driven initiatives such as the Jan Dhan Scheme and the JAM Trinity, Karad said they have had a positive impact on over 50 crore individuals, with the total deposit exceeding Rs 2 lakh crore. 

Additionally, the minister said Pradhan Mantri Suraksha Bima Yojna offers insurance coverage of up to Rs 20 lakh for as little as Rs 20, benefiting 34 crore people. The Mudra Scheme and Atal Pension Yojna further facilitates nearly 43 crore people and are among several other government programme that consistently yields impressive outcomes for individuals across all income strata. 

He shared these efforts promote financial inclusion and ensure financial self-reliance for every citizen. Thus, making fintech an indispensable part of India’s growth story.