India has the highest fintech adoption rates in the world at 87%
The IndiaAI program to be launched later this month will be one of the largest publicly assembled datasets in the world, and along with Fintech ecosystem, it will catalyse the next generation of the Fintech and Internet.
This was announced by IT Minister Rajeev Chandrasekhar in Mumbai on 7 Mar 2023 at the ‘Moneycontrol India FinTech Conclave’ as he spoke about the growth of the Fintech ecosystem and its role in India’s Techade, a decade of technologies.
“The program will be one of the largest publicly assembled and available data sets in the world. Working with the fintech ecosystem, it will certainly catapult and catalyse the next generation of fintech and other parts of the Internet,” the Minister underlined.
He said that the emergence of India’s fintech ecosystem has helped resolve the decades’ long problem of ensuring government subsidies reach beneficiaries without leakages and intermediation.
Terming the Unified Payments Interface (UPI) as crucial component of the Fintech ecosystem, he said, “India today has amongst the highest fintech adoption rates in the world at 87% as opposed to the world average of 67%.”
Chandrasekhar elaborated, “A single dimensional, digital economy that we inherited in 2014 has become a broad-based, high growth, independent, asynchronous components of the digital economy that are all growing rapidly and creating innovation in their wake.”
He also said that the fintech ecosystem was a shining example of India’s entrepreneurship, India’s confidence and Young Indians’ messaging to the world that Indians are here to compete and win.
Stressing about the government’s initiatives in providing an enabling framework, the Minister said, “All legislations are based on the idea of not creating road bumps for the innovation ecosystem.” fiinews.com
