Speaking at the second day of the FinTech Festival India, Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, Skill Development and Entrepreneurship, Government of India, said that India’s fintech ecosystem is a stark demonstrator of the power of using technology in government and digital government and the impact it has on creating the innovation ecosystem.

“Post 2014, our honorable Prime Minister announced his vision of Digital India where there were three objectives – technology must transform governance; create opportunities for India’s youth, expand digital economy as a part of the overall India’s economy and from being a consumer of technology, be a producer of technology. The citizen’s trust on the government is an outcome of that initiative. India’s fintech ecosystem is a stark demonstrator of the power of using technology in government and digital government and the impact it has on creating the innovation ecosystem,” Mos Chandrasekhar said.

“Last year on August 15th while celebrating our country’s 75th year of independence our honorable Prime Minister announced that this is India’s ‘tech-ade’ as there are now large number of opportunities for start-up and entrepreneurs. This decade will be built on the energy, hardwork, determination along with innovation and ideas of young Indians all around the country”, he added.

At the conference, talking about the role of technology and few of the recent policy changes, Baijayant Panda, National Vice President & Spokesperson, Bhartiya Janta Party and Former Member of Parliament (Rajya Sabha & Lok Sabha), said, “India is no longer just a follower economy. GST is the single biggest economic reform witnessed in the 75 years and it has radically broadened the ambit of formal economy making it accessible and traceable thanks to the fintech revolution. Besides cementing collaboration between the private and public sector, fintech has also emerged as a key collaborator between India and countries like Singapore and the UK.”

The two-day conference is being attended by leading industry stalwarts such as Sarbvir Singh, Chief Executive Officer, Policybazaar; Suhail Sameer, Chief Executive Officer, BharatPe; Raghu Ramanujam, Director of Product, Flipkart; Mridul Gupta, Chief Operating Officer, CoinDCX; Santosh Kumar, Innovation Head, Citi Markets India; Hitesh Sachdev, Head – Startup Engagement & Investments, ICICI Bank and Sunit Vakharia, Head – Consumer Banking Technology India, DBS Bank amongst others.