GFF 2024: PM Modi Highlights $31B Fintech Surge and 500% Startup Growth

As the Global Fintech Fest (GFF) 2024 wraps up on August 30, industry insiders highlight that while India has a strong talent pool, the rapid expansion of the fintech sector is poised to outpace the availability of skilled experts.

Prime Minister Narendra Modi, speaking on the final day of GFF in Mumbai, noted that the fintech sector has attracted over $31 billion in investments over the past decade, with startups in the industry experiencing a remarkable growth rate of over 500%.

"The fintech industry has received over $31 billion investment in the last 10 years and startups have recorded 500 per cent growth... cheap data, mobile phones, and zero balance Jan Dhan bank accounts have done wonders in the country," PM Modi said at the last day of Global Fintech Fest in Mumbai.

Modi also praised India’s fintech landscape, saying, "there was a time when foreigners were taken aback by the cultural diversity of India. Now they are taken aback by India's fintech diversity." He acknowledged the role of fintechs in overcoming the challenges that banks faced in achieving financial inclusion and expanding access to credit, enabling more people to join the formal economy.

The Prime Minister emphasized fintechs' impact on enhancing Indians' quality of life, highlighting how they have simplified access to credit and boosted the standard of living. "Indian fintech will play a huge role in increasing the lifestyle of Indians. It will increase the ease of living," he affirmed.

Stressing the importance of sustainable economic growth, Modi reassured the fintech community that the government is committed to creating a supportive policy environment, including measures like removing the angel tax to foster the industry’s growth.