Will Attend 10th Edition Of Global Fintech Fest Too, Says PM Modi
In the last 10 years, Indian fintech startups have seen investment worth $31 billion and have grown 500%, the prime minister said.
Prime Minister Narendra Modi, speaking at Global Fintech Fest 2024 in Mumbai, said he will attend the event's 10th edition as well, as he urged Indian fintechs to build locally while creating for global use.
"This is the fifth year of this event, right? I'll come for the 10th edition as well. You'll be surprised how far you all have come till then," he said, addressing an audience of founders, developers and fintechs from around the globe.
"I met some startups at the pavilions and gave them all homework. India's fintech ecosystem will help Indians lead a quality lifestyle. I have no doubt on young India's talent, and our best is yet to come," he said.
In the last 10 years, Indian fintech startups have seen investment worth $31 billion and have grown 500%, the prime minister said. This is made possible by "inexpensive data, smartphones and Jan Dhan scheme," he said.
Modi focused on the importance of Jan Dhan accounts as being the catalyst for the fintech revolution in India. "We've opened more than 53 crore Jan Dhan bank accounts today. That's more than EU's population. It has enabled 21 crore women to open bank accounts."
The government's microfinance scheme Mudra has rolled out Rs 27 lakh crore in credit, of which 70% beneficiaries are women, he said.
