India positioned as the third-largest global economy by 2027: Ashwini Vaishnaw at Fintech Festival India 2024

By 2027, India is poised to become the third-largest economy globally," said Ashwini Vaishnaw, Minister for Railways, Communications, Electronics and Information Technology, Government of India, at the Fintech Festival India organized in Dwarka, New Delhi.

During his address at the three-day event, Vaishnaw underscored the transformative journey India has undergone in the past ten years. Notably, he highlighted that in 2014, India was ranked 11th in the global standings, whereas today it proudly occupies the 5th position. Shedding light on the exponential growth of key institutions, he emphasized that premier establishments such as AIMS and IIT have witnessed a remarkable doubling of their capacities.

Reflecting on India's mobile manufacturing landscape, he noted that in 2014, India imported 98% of its phones, a figure altered to 99% of phones being domestically manufactured today.

Harsha Bhowmik, Director of Digital Economy and Fintech, Ministry of Finance, provided insights into the government's initiatives, notably the impending CKYC rollout aimed at simplifying investor interactions across the financial sector. Stressing a commitment to consumer protection, Bhowmik outlined a strategic international approach for DPI, encapsulated by six key points: Advocacy, Advisory, Financial, Implementation, System Integration, and Capacity Building.

Noopur Chaturvedi, CEO, NPCI Bharat BillPay, shed light on UPI's incredible growth with over 300 million users, shared her vision for the future, emphasizing the integration of UPI by voice to enhance the digital payment experience. She asserted that continuous innovation would propel the digital payments landscape forward.

The focal point of the festival's second day was the DPI (Digital Public Infrastructure) session on acknowledged growth.

“Liberin Technologies is contributing towards digital transformation in India through its innovative fintech solutions such as SEPTA, Piivacy (an AI powered Regtech platform) and Televo. By leveraging cutting-edge AI technologies and a deep understanding of the market, we are empowering businesses to embrace the digital economy and unlock new opportunities for growth and prosperity," said Prateek Sengupta, founder of Liberin Technologies, a fintech enabler.

By participating as a key exhibitor at Fintech Festival India 2024 has helped us showcases our services stack which enables Fintech companies like us to enhance their offerings, added Sengupta.