Speaking at the Fintech Festival India, the Minister of State for Electronics and Information Technology, Skill Development and Entrepreneurship Rajeev Chandrasekhar stated at the Fintech Festival India that India has one of the fastest growing fintech ecosystems in the world, which is driving innovation in the country.
According to government data, India has 6,636 fintech startups, 22 of which are unicorns. According to Chandrasekhar, the Indian fintech industry will be worth $31 billion by 2021, and the country has the highest fintech adoption rate in the world, at 87 percent. The MoS also stated that India’s fintech ecosystem has contributed to the restoration of trust between citizens and the government, as well as faith in democracy. He also stated that fintech eliminates the possibility of corruption and leaks, and that beneficiaries of any government scheme that includes remittances receive the funds directly into their bank accounts.