Speaking at the Global Fintech Fest 2023 (GFF 2023), Dr Bhagwat Kishanrao Karad, Minister of State for Finance, Government of India, said that fintech is the cornerstone of an evolved India, while focusing on the pivotal topics of financial inclusion and penetration of fintech across the nation. “Fintech is the cornerstone of an evolved India. It not only enables us to serve the diverse consumer base of our country but also an ever-evolving global demand that is capable of scaling the economy of India,” said Dr Bhagwat Kishanrao Karad. He was speaking on the session “Bharat ka Fintech, Gaon Gaon Shahar Shahar” at the GFF 2023.
Highlighting the government’s efforts in taking banking to the unbanked areas of India through fintech, Dr. Karad said, “India has seen remarkable growth in the past decade.” Citing impressive statistics, he continued, “The budget has increased from Rs 16 lakh crore to over Rs 45 lakh crore in 2023, capital expenditure has risen by more than Rs 10 lakh crore, and exports are on a substantial upward trajectory. According to an IMF report, approximately 13.5 crore people have moved from poverty to the middle class, thanks to central government schemes that cover both rural and urban areas.”
He then proceeded to point out the government’s fintech-driven initiatives, such as the Jan Dhan Scheme and the JAM Trinity, which have had a positive impact on over 50 crore individuals, with a total deposit exceeding Rs 2 lakh crore. He also talked about the Pradhan Mantri Suraksha Bima Yojna offering insurance coverage of up to Rs 20 lakh for as little as Rs 20, benefiting 34 crore people. The Atal Pension Yojna and Mudra Scheme, benefiting 43 crore people, are among several other programs that consistently yield impressive outcomes for individuals across all income strata.
GFF 2023 is supported by the Ministry of Electronics and Information Technology (MeitY), the Department of Economic Affairs (DEA), Ministry of Finance, the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA) and is organized by the Payments Council of India (PCI), Fintech Convergence Council (FCC), and National Payments Corporation of India (NPCI).