India’s digital economy will witness exponential growth to $800 bn by 2030, FM Nirmala Sitharaman said
This surge is due to rising internet penetration and increasing income
India has over 6,300 fintechs, of which 28% are into investment technology, 27% into payments
And, 16% into lending and 9% into banking infrastructure, while over 20% are into other fields, the FM said
Sitharaman said the combined valuation of India’s fintech industry is set to surge to $150 billion in the next three years
She said that majority of the startup unicorns are from fintech sector and that the easy availability of funding has helped them grow
“We are seeing considerable scaling up of funds being raised by Indian fintech startups,” she added
