FM Sitharaman: Indian Fintech Sector Can Become a Global Public Good

New Delhi, Jun 19 (KNN) Finance Minister Nirmala Sitharaman on Wednesday highlighted the global potential of India’s fintech sector, stating that homegrown innovations could emerge as global public goods, unlocking new markets and opportunities for Indian firms. 

Speaking at the Digital Payments Awards 2025 in New Delhi, Sitharaman underscored the pace of innovation in India’s digital payments ecosystem, calling it “a dream for many other countries.”

With India’s fintech market projected to surpass USD 400 billion by 2028–29, driven by an estimated annual growth rate exceeding 30 percent, the minister called on Indian players to capitalise on their technological leadership. 

“Indian fintech innovations have the potential to become global public goods that can benefit both emerging and developed economies. This will open new markets for our firms,” she said.

She noted that the international footprint of India’s Unified Payments Interface (UPI) is steadily expanding. 

UPI-based merchant payments are now accepted in seven countries—Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the United Arab Emirates. 

“Our players must aim to export our successful models abroad and capture global markets. We have the talent, we have the market scale, and we have the proven solutions,” she added.

Sitharaman praised the role of India’s Digital Public Infrastructure (DPI) in fostering financial inclusion and innovation. 

Citing a World Bank study, she noted that India achieved an 80 percent financial inclusion rate in just six years through the DPI framework—a benchmark for other developing nations.

“The scale of opportunity is immense. I firmly believe its best chapters are yet to be written. Together, let us innovate, include, and inspire,” the minister concluded.

(KNN Bureau)