Is India's Fintech Surge Here to Stay? Insights from India's IT Minister.

Over 6,636 startups. 87% adoption rate. $31Bn market.

This is how strong the great Indian fintech ecosystem is.

The three-day Fintech Festival in New Delhi (July'22) celebrated the immense potential of fintechs and created opportunities to strengthen the ecosystem through collaborations. With over 5000 participants, the event was graced by several dignitaries.

Union Minister of State for Electronics and Information Technology, Mr.Rajeev Chandrasekhar cleared the air about fintech perception in India.

Key Highlights of his Address

• Contrary to cynical hearsay, the Minister affirmed that the fintech industry has transformed lives, enabled inclusion, and rebuilt the trust in Indian democracy.

• The risk of corruption and leaks were eliminated, as financial technology helped remove fake beneficiaries from government schemes. Losses were minimized and disbursements were credited to the right Jan Dhan accounts.

• Fintech has had a positive impact on creating innovative environments via path-breaking initiatives such as drones and space technology ecosystems.

• Digital India initiative and financial technology have dramatically transformed how governance is carried out in the past seven years. We are driven by the energy, hard work, innovation, and ideas of young Indians all around the nation.

But, this is not all. There is much more to unleashing the power and potential of Fintech in India. This will continue to be the stepping stone for the inclusion of new ideas from the greatest minds in Finance and Technology!

India to reach a trillion-dollar fintech market by 2025

The country's fintech market is estimated to grow at a CAGR of 31% during 2021-2025.