Fintech Saw $31 Billion Investment Surge Over The Past Decade: PM Modi

The Prime Minister also highlighted the need for regulatory measures in the fintech sector, calling for significant actions to combat cyber fraud and improve digital literacy

Prime Minister Narendra Modi said during his speech at the Global FinTech Festival in Mumbai on Friday that the fintech industry has attracted over $31 billion in investment over the past decade, with startups in the sector experiencing more than 500 per cent growth. "The fintech industry has received over $31 billion investment in the last 10 years, and startups have recorded 500 per cent growth... cheap data, mobile phones, and zero balance Jan Dhan bank accounts have done wonders in the country," PM Modi said.

He further praised the sector for enhancing people's lives through innovations such as the Open Network for Digital Commerce (ONDC) and UPI. He reiterated that India’s FinTech system will enhance global ease of living, adding, "Our best is yet to come."

"I have faith in our fintech ecosystem that it will provide quality life to Indians," PM said. 

The Prime Minister also highlighted the need for regulatory measures in the fintech sector, calling for significant actions to combat cyber fraud and improve digital literacy. "Government is taking all steps at policy level to help fintech sector and also abolished Angel Tax," he said. 

In his speech at the event, Modi addressed the global challenge of the parallel economy, noting that fintech innovations are crucial to addressing this issue. Modi remarked, "There was a time when the world would be surprised at our cultural diversity. Now they are astonished by our fintech diversity."

He highlighted how India's fintech diversity is evident in everyday life, from airports to street food and shopping.

He noted that the booming fintech industry in India responds directly to the people in Parliament who question its potential, particularly its impact on rural areas.

"People in Parliament used to ask that there are not enough branches in the country, banks are not available in the villages, internet services are not available. How will there be a Fintech revolution?... Within a decade broadband users increased from 60 million to 940 million," said Modi.