Fintech Drives Innovation Ecosystem In India, Says Rajeev Chandrasekhar
The minister of state also said that crypto as a means of payment is the logical extension of fintech
Rajeev Chandrasekhar, the minister of state for electronics and information technology, skill development and entrepreneurship, has said that India is among the fastest growing fintech ecosystems in the world that drives innovation in the country. He was speaking at the closing day of the Fintech Festival India at Pragati Mandan in New Delhi. He also added that India's fintech ecosystem has helped rebuild the trust between the citizens and the government, transform lives and restore faith in democracy.
"There was a time when it was openly admitted that out of every INR 100 disbursed by the government from Delhi, only INR 15 reached the beneficiary, and the rest of the money got mysteriously siphoned off. But today, there is no leak or scope for corruption as the beneficiaries get their amounts due straight in their Jan Dhan accounts and are empowered financially," said Chandrasekhar.
He also mentioned that, "Since independence, the country's economy was governed by few companies or families and they controlled the opportunities and the capital. Our democracy was seen as dysfunctional. Prime Minister's digital India vision has dramatically transformed the way governance is carried out in the past seven years and the nation today is being driven by the energy, hard work, along with innovation and ideas of young Indians all around the country."
Commenting on the cryptocurrency issue, Chandrasekhar said that, "Crypto as a means of payment is logical extension of fintech but crypto as an asset class and crypto as a substitute for currency is an area with which all currencies of the world and all regulators of the world are struggling with. We will find our way with prudence, caution. We have completely clear objective as to who will do crypto in India. The government has said that RBI will do crypto, the digital rupee as first measure and then we see how market evolves."
As per reports, India's fintech market size is estimated at $31 billion in 2021 and the fintech transaction value size is projected to grow $138 billion by 2023 with a highest adoption rate in world at 87 per cent.