Digital economy to see exponential growth to $800 bn by 2030: FM

According to Ms. Nirmala Sitharaman Minister of Finance and Minister of Corporate Affairs, India's digital economy is predicted to rise exponentially to US$ 800 billion by 2030. She claims that India has over 6,300 fintechs, with 28% specializing in investment technology, 27% in payments, 16% in lending, 9% in banking infrastructure, and over 20% specializing in other industries.

She noted that the overall number of retail investor accounts has nearly doubled, rising from around 45 million in March 2016 to 88.2 million by March 31, 2021. Quoting a report she said that, a 10% increase in internet penetration resulted in a 3.9% boost in GDP per capita. She also stated that 75 Digital Banking Units would be established by scheduled commercial banks in 75 districts across the country to commemorate the country's 75th anniversary of independence.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.