Creating The Valley Of Good
I dream of a digital India, where mobile and e-banking ensures financial inclusion: Narendra Modi
More often than not, in our roles as chroniclers of the economy, we are required to take an aerial view, if I may call it that, of the direction in which change is setting forth. The more I see the transformation in India today, the impact that it has on people and progress, the more I feel we are in the moment of history, where India is creating its ‘valley of good’.
With Aadhar, we took an important step to create a national identity system, that was strong enough not only to give people secure access to benefits but also to push sectors such as telecom and banking forward. It lay down the guardrails that enable inclusion and democratisation, the digital India that our Prime Minister envisions.
The Indian government’s policies, exemplified by initiatives such as United Payments Interface and the Open Network for Digital Commerce, have paved the way for a more equitable future. By placing a strong emphasis on financial inclusion, India is shattering barriers and rewriting the rules of the game.
I call this convergence of private and public innovations India’s ‘Valley of Good’. This unique blend of entrepreneurial spirit and government support has created an ecosystem in which financial technology can thrive while benefiting society as a whole.
Central to this change is indeed India’s fintech industry, which is also what our cover story is focussed on in this issue. This ever-dynamic sector is poised for remarkable growth, with a projected market size of over $150 billion by 2025.
While the lack of funding has posed significant challenges for entrepreneurs in recent times, there is a notable shift in the mindset of Indian entrepreneurs who are prioritising profitability and global impact. This shift is evident as these founders are actively creating sustainable businesses that prioritise customer acquisition and generate real value.
India’s fintech ecosystem continues to thrive as a hotbed of innovation and opportunity, ranking third globally with an impressive count of 9,646 fintech companies, trailing only behind the United States and the United Kingdom. This thriving ecosystem is a testament to the determination and ingenuity of Indian entrepreneurs who are driving the industry forward.
As the world looks at India for inspiration, this issue is dedicated to fostering a dialogue and building communities within the fintech space. Our lead stories look at the important trends that are shaping this space. We have also documented the journey of some who are contributing to the big picture. Join us on this journey as we witness the remarkable growth of the Indian fintech ecosystem, paving the way for a future where finance, technology and inclusivity converge.
Happy reading!
