• India’s digital economy is expected to witness exponential growth to 800 billion dollars by 2030 on the back of rising internet penetration and increasing income.
• FM Nirmala Sitharaman said India has over 6,300 fintechs, of which 28% are into investment technology, 27% into payments, 16% into lending, and 9% into banking infrastructure, while over 20% are into other fields.
• The combined valuation of India’s fintech industry is set to surge to 150 billion dollars in the next three years.
• Majority of the startup unicorns are from the fintech sector and that the easy availability of funding has helped them grow.

According to Ms. Nirmala Sitharaman Minister of Finance and Minister of Corporate Affairs, India’s digital economy is predicted to rise exponentially to US$ 800 billion by 2030. She claims that India has over 6,300 fintechs, with 28% specializing in investment technology, 27% in payments, 16% in lending, 9% in banking infrastructure, and over 20% specializing in other industries.

She noted that the overall number of retail investor accounts has nearly doubled, rising from around 45 million in March 2016 to 88.2 million by March 31, 2021. Quoting a report she said that, a 10% increase in internet penetration resulted in a 3.9% boost in GDP per capita. She also stated that 75 Digital Banking Units would be established by scheduled commercial banks in 75 districts across the country to commemorate the country’s 75th anniversary of independence.

https://cio.economictimes.indiatimes.com/news/corporate-news/digital-economy-to-see-exponential-growth-to-800-bn-by-2030-fm/90582014