“Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas” – with this simple yet powerful mantra, Prime Minister Narendra Modi has given a new direction to India, with a strong focus on uplifting the population in Bharat. Over the last decade, this ideology has had a profound impact on India’s growth story: leading the country towards inclusive progress, backed by innovation, entrepreneurship and technological advancements. In his recent Independence Day address, too, Modi outlined the vision of Viksit Bharat 2047, emphasising that India’s progress is built on self-reliance, innovation, and citizen empowerment.
Financial inclusion plays a crucial role in achieving this vision, with the Fintech ecosystem leading from the front in driving this change. Our Prime Minister’s visionary leadership has positioned India on the global stage today, with the Fintech ecosystem ranking third worldwide. India’s Fintech business has experienced significant growth, with projections indicating income generation of US$180 billion to US$200 billion by 2030. And as we continue our journey to becoming a USD 7 trillion economy by 2030, the financial landscape, especially the fintech sector, will be a cornerstone of socio-economic growth.
Looking back to 2013, the Fintech sector was in its nascent stages. Fast forward to 2025, the country has marked a multifold increase in the number of registered Fintechs, almost growing five times. This surge reflects a broader trend of innovation and entrepreneurship, fueled by supportive government policies and a robust digital infrastructure. Digital lending too has witnessed a striking transformation.
Consumers and small businesses who used to have long wait times and required tedious documentation to seek credit can now avail credit in just a few clicks. Backed by robust policy frameworks and tech stack, including initiatives such as video KYC, Jan Dhan Accounts and Unified Lending Interface, consumers and businesses are now able to access credit easily.
This democratisation of credit has empowered entrepreneurs across Tier II and Tier III cities to expand their businesses, invest in innovation, and participate fully in the nation’s economic growth story. On the other hand, it has helped in fulfilling the aspirations of the youth and supported them in progressing their career growth and making lifestyle upgrades.
The budgetary provisions too have eased regulatory burdens and instilled confidence among investors and entrepreneurs alike. Under Modi Ji’s leadership, India has not just embraced fintech; it has created a digital credit ecosystem that is scalable, secure, and inclusive. With emphasis on regulatory clarity, fintech partnerships, and technology-driven governance, we are witnessing an accelerated adoption of Fintech and the lending ecosystem.
The fintech ecosystem of the country has acquired global acclaim for being innovative and highly scalable. This spot reflects our country’s determination to build a booming fintech network and its capacity to attract large investment inflows. Currently, the true growth and promise of the industry mirror a decade of robust policy support and a conducive environment under the leadership of our Prime Minister.
The exponential surge of our fintech industry aligns precisely with the vision of a ‘Viksit Bharat.’ Fintechs have empowered industries and individuals, particularly in India’s hinterlands, with their pioneering solutions and instilled active engagement in the economy. The sector’s impact goes beyond financial inclusion. Fintech-driven efforts have facilitated lower transaction costs, furthered sustainability and transparency. Thus, building a resilient economic system.
With the nation further adopting digitalisation, the fintech industry will certainly be at the centre of India’s efforts towards achieving a ‘Viksit Bharat,’ spearheading growth and prosperity for all its citizens.
Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the publication.