Indian Fintech Industry Set for Explosive Growth

The Indian fintech industry is estimated to grow from USD 110 billion in 2024 to USD 420 billion by 2029, driven by favorable government policies, a push towards digital economy, and a tech-savvy population. Ajay Kumar Choudhary of NPCI emphasized the transformative impact of technology-linked innovation.

The Indian fintech industry is projected to surge from USD 110 billion in 2024 to an impressive USD 420 billion by 2029, according to Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India (NPCI).

Choudhary attributed this anticipated growth to favorable government policies, a strong push towards a digital economy, and a young, tech-savvy population, which are likely to drive the industry to new heights.

The Associated Chambers of Commerce and Industry of India (Assocham) stated that the advent of the fintech ecosystem, fueled by technological innovation, has transformed traditional financial services, significantly improving the efficiency in delivering financial products and services.

(With inputs from agencies.)