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Fintech the cornerstone to help India achieve financial inclusion: Economic Survey 2023-24

Economic Times · 4m

The Indian government aims to promote data-based lending to support small businesses and economic growth, according to the Economic Survey for 2023-24. It also plans to develop a centralized KYC mechanism to standardize customer identification across financial services sectors. The survey highlights India's position as the third largest fintech market globally and acknowledges the potential of disruptive technologies like AI/ML, decentralized finance, and IoT in the digital payments ecosystem. The government aims to reduce the cost of financial intermediation to drive financial inclusion and has leveraged technology through initiatives like DBT payments, UPI, and Aadhaar to achieve this. The survey emphasizes that digital payment adoption can accelerate economic growth by 2.2%.