New Delhi: The emergence of India’s fintech ecosystem has helped resolve the decades’ long problem of ensuring government subsidies reach beneficiaries without leakages and intermediation.
Terming the Unified Payments Interface as crucial component of the Fintech ecosystem, Minister of State Electronics & IT Rajeev Chandrasekhar , “India today has amongst the highest fintech adoption rates in the world at 87 per cent as opposed to the world average of 67 per cent.”
MOS Electronics & IT Rajeev Chandrasekhar said, “A single dimensional, digital economy that we inherited in 2014 has become a broad-based, high growth, independent, asynchronous components of the digital economy that are all growing rapidly and creating innovation in their wake.”
He also said that the fintech ecosystem was a shining example of India’s entrepreneurship, India’s confidence and Young Indians’ messaging to the world that we are here to compete and win.
Stressing about the government’s initiatives in providing an enabling framework, the Minister said “All legislations are based on the idea of not creating road bumps for the innovation ecosystem.”
Speaking about the launch of the IndiaAI program, he said, “The program will be one of the largest publicly assembled and available data sets in the world. Working with the fintech ecosystem, it will certainly catapult and catalyse the next generation of fintech and other parts of the Internet.”
The Minister address was followed by an interactive session with members of the editorial staff of Money Control.