BackFintech has helped plug corruption, leaks in financial disbursements: MoS Chandrasekhar
India is among the world’s fastest growing fintech markets with 6,636 fintech startups. Indian fintech industry’s market size was $31 billion in 2021, with the country's fintech adoption rate highest in the world at 87%
PremiumBENGALURU: India’s fintech ecosystem has helped rebuild the trust between the citizens and the government, transform lives and restore faith in democracy, said Rajeev Chandrasekhar, Union minister of state for electronics and information technology, on Friday. He said the government's policy initiatives on drones and the space technology ecosystems will be key to the nation's development.
“There was a time when it was openly admitted that out of every ₹100 rupees disbursed by the government from Delhi, only ₹15 reached the beneficiary, and the rest of 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 while speaking at the closing day of the FinTech Festival India at Pragati Maidan in New Delhi on Thursday.
India is among the world’s fastest growing fintech markets with 6,636 fintech startups. Indian fintech industry’s market size was $31 billion in 2021, with the country's fintech adoption rate highest in the world at 87%.
Chandrasekhar also said that for the best part of India’s journey 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," he pointed out.
Fintech in India is a demonstrator of the power of using technology in governance and the impact it has on creating the innovation ecosystem, said Chandrasekhar. He added that the government has taken other path-breaking initiatives like drones and the space technology ecosystems, which will be key to the nation's development.
The FinTech Festival India, held during 20-22 July 20, was organised by Constellar and supported by Niti Aayog and a few central and state government ministries.
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