Global Fintech Fest: PM Modi says fintech space drew $31-bn investment in 10 years, startups up 500%

India's fintech space has drawn investment of "more than $31 billion" in the last 10 years, Prime Minister Narendra Modi said on Friday, August 30, while addressing the Global Fintech Fest in Mumbai.

In the same period, the number of fintech startups have increased by 500%, Modi said, during his keynote address at the event.

The prime minister said that the season of festivals have begun in India, and even the country's economy and markets are witnessing a "festive atmosphere".

Digital transactions boom

Modi pointed out that half of the world's digital transactions are happening in India, and a major credit for this goes to the country's fintech sector.

India's unified payments interface (UPI) is seen as a global testament of the country's fintech prowess, he said, adding that that several financial services including loans, insurance and credit investment are more easily available due to the fintechs.

"India's fintech revolution is visible everywhere," Modi stressed. "There was a time when people used to get amazed by India's cultural diversity, but now people come to India, and are astonished by our fintech diversity too," he added.

The country's fintech system will play a major role in providing a quality life to Indians, and will increase the ease of living globally, Modi said.

The government is taking measures at policy level to aid the fintech sector, the prime minister said, pointing out that angel tax has been abolished.

Modi also claimed during his speech that the focus of the central government has remained on financial inclusion over the past decade. "Even during such a huge pandemic like Covid, India was among those countries where banking services were unaffected... Jan-Dhan Yojana completed its 10 years, it was a great medium of women empowerment. Under this scheme, bank accounts of 29 crore women were opened," he said.