Fintech industry playing crucial role in making country Viksit Bharat: Ashwini Vaishnaw

New Delhi [India], March 6 : The third edition of the Fintech Festival India commenced on Wednesday, marking the beginning of a three-day extravaganza celebrating innovation, collaboration, and inclusion in the financial technology sector.
With over 50 distinguished speakers, the festival aims to foster discussions on critical themes such as "Innovation, Global Collaboration, Regulation, and Inclusion."
The event was attended by Union Minister for Information and Technology, Ashwini Vaishnaw, who lauded the remarkable strides made by the Modi government over the past decade.
In his address, Vaishnaw projected India to become the third-largest economy globally by 2027, highlighting the transformative journey the nation has undergone. He emphasised India's rise from the 11th to the 5th position in global standings and the significant growth of premier institutions like AIIMS and IIT.
"It is a kind of industry that is bringing transformative changes. Prime Minister Narendra Modi has made the 140 crore dream a 'Viksit Bharat ka Sankalp' and the Fintech industry plays a crucial role in that," Minister Ashwini Vaishnav told ANI.
Vaishnaw also shed light on India's evolution in mobile manufacturing, showcasing a shift towards self-sufficiency with 99 per cent of phones now being domestically manufactured, a drastic change from importing 98 per cent in 2014.
Moreover, the Modi-led government's commitment to fostering women-led development projects and promoting inclusivity and gender equality was reiterated, showcasing a holistic approach towards nation-building.
The festival kicked off with a thought-provoking exploration of "Innovation: Driver of Financial Inclusion," with Vageesh Tiwari from MeitY setting an inspiring tone in his opening address. Discussions throughout the day delved into the role of AI and ML in shaping the future of banking, with industry leaders emphasizing their transformative potential in enhancing service delivery, empowering farmers, and driving business efficiency.
Noopur Chaturvedi, chief executive officer of NPCI Bharat Billpay, highlighted the incredible growth of UPI and envisioned its integration with voice technology to enhance the digital payment experience.