India’s record success with fintech will inspire other govts to embrace tech: Rajeev Chandrashekhar

Speaking at the event, Rajeev Chandrashekhar, minister of state for skill development and entrepreneurship and electronics and information technology, said that the past 19 months of the pandemic have demonstrated how technology can help bridge the geographical gap between the government and vulnerable citizens.

“India’s record success with fintech has dramatically and positively impacted the lives of billions of Indians. As the world becomes more familiar with India’s performance and use of fintech technology, an increasing number of governments will embrace this approach.

He was talking about initiatives like the Jan Dhan Yojana, UIDAI, direct benefit transfer applications among many others which helped to improve governance and private technology participation in the ecosystem.

He added that the fintech ecosystem sits at the intersection of technology and entrepreneurship in the country and has emerged more resilient during the pandemic.

Since March 2020, the volume of digital transactions in the country has grown over 200% led by the increasing adoption of UPI transactions.

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“It has also created deep behavioural changes in a country that has been beset with black money and unaccounted transactions and low tax to GDP ratios for decades. Digitization of our financial sector, which is what the fintech segment is doing, plays an even more important role in terms of formalizing our economy, bringing the informal sector slowly and gradually into the social security net where all of them are identified can avail services and subsidies of the government,” he added.

Other speakers at the event have called for a boost to the fintech ecosystem by increasing investments in early-stage fintech startups and technology interventions through access to high-level computing for the ecosystem. Many have suggested improving the talent base and infrastructure for quantum computing to tap the transactional data in the ecosystem and provide faster, better credit products for individuals.