India’s fintech ecosystem restores people’s faith in democracy: MoS IT | Mint

India’s fintech ecosystem has helped the nation in rebuilding the trust between the government and citizens, transforming lives and restoring people’s faith in democracy, said Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar.

The minister highlighted the expansion of startups and digital ecosystem in India on the closing day of the FinTech Festival India in New Delhi and said that the country is one of the world’s fastest growing fintech market with 6,636 fintech startups.

At present, India has the highest fintech adoption rate standing at 87% as the size of country’s fintech industry is USD 31 billion in 2021.

He said that there was a time when it was openly admitted that only 15 reached the beneficiaries out of every 100 disbursed by the government from Delhi, and the remaining amount got ‘mysteriously siphoned off’. However, no scope for corruption has left today as the beneficiaries get their due amounts directly in their Jan Dhan accounts, added Chandrasekhar.

Speaking about India’s journey since Independence in fintech industry, the minister said that Indian economy was governed by few companies or families who controlled the opportunities and the capital.

“In India, democracy was seen as dysfunctional in which Prime Minister Narendra Modi’s Digital India vision has dramatically changed the way governance is carried out in the past seven years. Today, the nation is being driven by the energy, hard work, innovation and ideas of young Indians,” he stated.

As fintech in India is a stark demonstrator of using technology in governance and the impact it has on creating the innovative ecosystem, Chandrasekhar asserted that the central government has chosen other path-breaking initiatives including drones and space technology ecosystems. He said that these initiatives will be key to nation’s development.

The FinTech Festival India that took place between July 20 and 22 at Pragati Maidan in the national capital, was organised by Constellar and supported by Niti Aayog and few central and state government ministries.

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