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India is emerging as a fintech nation and becoming the third-largest growing fintech economy globally.
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The government’s digitalization initiatives, such as Digital India Mission and Make-in-India, have driven this growth.
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Startups in the fintech sector have raised over $15 billion since 2020, leveraging government-built digital public infrastructure.
India is rapidly emerging as a fintech nation, with the Economic Survey 2023-2024 highlighting its growth as the third-largest fintech economy in the world. This achievement is attributed to the government’s initiatives, such as the Digital India Mission and Make-in-India, which have enabled digital transformation and provided citizen-centric services.
The survey notes that India’s robust digital public infrastructure (DPI) has played a crucial role in this growth, providing a foundation for startups and fintech companies to scale their operations and reach millions of people. The government’s emphasis on creating DPIs, such as Aadhaar and UPI, has brought transparency and efficiency to financial services.
The fintech industry has seen tremendous growth in digital payments since Covid, with startups raising over $15 billion since 2020. The survey appreciates the role of startups and fintechs in utilizing government-built DPIs to deliver financial services to the public.
