FM Sitharaman says India’s digital economy will see exponential growth to 800 billion dollars by 2030
Finance Minister Nirmala Sitharaman has said that 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. She 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.
Addressing the IIT Bombay Alumni Association virtually, Sitharaman said that the combined valuation of India’s fintech industry is set to surge to 150 billion dollars in the next three years. Finance minister said that majority of the startup unicorns are from the fintech sector and that the easy availability of funding has helped them grow.