Finance Minister, Nirmala Sitharamna said on Friday India’s digital economy is expected to witness growth to $800 billion by 2030 owing to rising internet penetration and increasing income. While addressing the Bombay Alumni Association virtually, Sitharaman said our country has more than 6,300 fintech, out of which 28 percent are engaged in investment technology, 27 percent in payments, 16 percent in lending, and 9 percent in banking infrastructure, and about 20 percent are engaged in other fields.
Further, she added, “At the same time, the digital economy in India is being pegged at $85 – 90 billion in the calendar year of 2020 and that will witness an exponential growth to $800 billion by 2030. They should be reaching $800 billion in the backdrop of increased internet penetration, rising incomes, and also the young Indian population.”
She also said a proposal has been made to launch 75 Digital Banking Units in 75 districts of the country by scheduled commercial banks.
