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By 2027, India is expected to become the world’s third largest economy. Ashwini Vaishnaw, Minister of Railways, Communications, Electronics and Information Technology, Government of India, said at the India Fintech Festival held in Dwarka, New Delhi.
During the three-day event, Vishno highlighted the transformational journey India has undergone in the past decade. Notably, he highlighted that in 2014, India was ranked 11th in the global rankings, while today it proudly occupies the 5th position. Elaborating on the exponential growth of key institutions, he emphasized that premier institutions like AIMS and IITs have significantly doubled their capabilities.
When talking about India’s mobile manufacturing landscape, he pointed out that in 2014, 98% of India’s mobile phones relied on imports, and this figure has now become 99% of mobile phones domestically produced.
Harsha Bhowmik, Director of Digital Economy and FinTech at the Ministry of Finance, provides an insight into the government’s initiatives, especially the upcoming CKYC which aims to simplify investor interaction across the financial sector. Highlighting its commitment to consumer protection, Bhowmik outlined DPI’s strategic international approach, summarized in six key points: advocacy, consultation, finance, implementation, systems integration and capacity building.
Noopur Chaturvedi, CEO, NPCI Bharat BillPay, elaborated on the incredible growth of UPI with over 300 million users and shared her vision for the future, emphasizing the integration of UPI through voice to enhance the digital payment experience. She asserted that continued innovation will drive the digital payments field forward.
The focus of the second day of the festival was the DPI (Digital Public Infrastructure) session on recognized growth.
“Liberin Technologies contributes to India’s digital transformation through innovative fintech solutions such as SEPTA, Piivacy (an AI-driven regtech platform) and Televo. By leveraging cutting-edge AI technology and deep understanding of the market, We are helping businesses embrace the digital economy and unlock new opportunities for growth and prosperity,” said Prateek Sengupta, founder of Liberin Technologies, a fintech enabler.
Sengupta added that participating as a major exhibitor at the India Fintech Festival 2024 has helped us showcase our service stack, enabling fintech companies like ours to enhance their products and services.
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