India’s Fintech Industry and the G20 Summit

The Group of Twenty (G20) mantle passed onto India in December 2022 will give us a chance to not only host it but also make good use of the platform to showcase our rich cultural heritage and progress. There will be more than 200 meetings to be held in 50 cities in India. The summit will be attended by several world leaders from the most powerful nations to emerging economies, along with their finance ministers and bank governors. It is significant to mention that the G20 members together constitute 85% of the global gross domestic product (GDP) and 75% of global trade. Here, India has a unique opportunity to make a real mark on the global stage by showcasing its recent advancements in financial technology (fintech).

As per a recent study, with more than 2,100 fintech companies and start-ups, India’s fintech industry valuation is projected to go beyond $150–$60 billion by 2025. Another report predicts that the Indian fintech market will reach $2.4 trillion by 2025, making it one of the fastest-growing sectors in India. India has certain strategic advantages with its strong and stable economy, which is the fifth largest in the world by nominal GDP. It is expected to become the world’s third-largest economy by 2050. With a GDP of $2.5 trillion, India is the second largest Asian economy after China and is now the fastest-growing major economy in the world, expected to grow at 7.5% in the next
financial year. As the third largest country in terms of its fintech ecosystem, India has an advantage in driving financial inclusion at the grassroots level. This could solve similar problems across the globe in democratising financial tools for the poor and the excluded sections.