Rs 27 Lakh Crore Disbursed, $31 Billion Invested, 500 Per Cent Startup Growth: PM Modi Hails India's Fintech Revolution At GFF 2024

Prime Minister Narendra Modi on Friday (30 August) that India's adoption of fintech is progressing at an "unmatched speed and scale," setting a global benchmark.

Addressing the Global Fintech Fest 2024, PM Modi highlighted that his government is implementing policy measures to foster the fintech sector.

He noted that the sector has drawn over $31 billion in investments over the past decade, with a 500 percent surge in startup growth.

Hailing Bharat’s fintech innovation, the Prime Minister said, “Earlier foreign guests visiting India used to be amazed by its cultural diversity, now they are amazed by its fintech diversity as well".

PM Modi said that Bharat’s fintech revolution is widespread for one to witness right from the moment of their arrival at the airport to street food and shopping experience.

“In the last 10 years, the industry has received a record investment of more than $31 billion along with witnessing a startup growth of 500 percent,” he underlined.

PM Modi also highlighted the role of affordable mobile phones, inexpensive data and Jan Dhan Bank accounts starting with zero balance for bringing in a revolution.

“Today, the total number of broadband users in the country has increased from 60 million to 940 million,” PM Modi said.

“Today, more than 530 million people in the country have Jhan Dhan accounts. In a way we have connected a population equivalent to that of the entire European Union to banks in just 10 years,” he added. 

The Prime Minister underlined that the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of ‘Cash is King’ and made way for around half of the digital transactions in the world taking place in India.

“India’s UPI has become a major example of Fintech in the world” the Prime Minister said, adding that it has enabled 27x7 banking services in every village and city in all weather conditions. 

Commemorating a decade of the Jan Dhan Yojana, the Prime Minister pointed out that the scheme has emerged as a powerful tool for women empowerment, with over 70 percent of its beneficiaries being women.

He informed that more than 29 crore bank accounts have been set up for women so far opening up new opportunities for savings and investments.

PM Modi further added that the largest microfinance scheme, Mudra Yojna, was launched on the philosophy of Jan Dhan accounts and has disbursed a credit of Rs 27 lakh crore so far. 

In a veiled dig at the opposition, PM Modi spoke of fintech growth under his leadership in the last 10 years, adding that hardly any Indian aged 18 years or above is without a digital identity today.

In what appeared to be a subtle jab at the opposition, PM Modi underscored the significant fintech advancements achieved under his leadership over the past decade, noting that nearly every Indian aged 18 or above now possesses a digital identity.

"When Saraswati Maa, the goddess of knowledge, was imparting wisdom, some self-proclaimed experts were already casting doubts! They would question how a fintech revolution could occur...they would be even asking someone like me, a Chaiwala! Yet, in just a decade, India has witnessed a remarkable transformation...Today, almost every Indian above 18 possesses a digital identity in the form of an Aadhaar card," he added.

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