India Must Move from Financial Inclusion to Empowerment: Dr Jitendra Singh

The Minister pointed to the National Quantum Mission as evidence of India’s growing capabilities in frontier technologies, with the programme covering quantum computing, communication, sensing and materials.

India needs to move beyond providing access to financial services and focus on giving people the tools to build greater economic security and prosperity, Union Minister Dr Jitendra Singh said, as emerging technologies including Artificial Intelligence, quantum computing and blockchain begin to reshape the country's financial sector.

Addressing the 3rd India International FinTech Festival in New Delhi, Singh said initiatives such as the Jan Dhan Yojana have substantially expanded financial inclusion, creating the foundation for a new phase where technology can help citizens make greater economic use of that access. He described cooperation between banks, financial institutions, technology companies and startups as an important force behind India's expanding FinTech ecosystem.

AI and Quantum Technology Set to Shape FinTech

Singh identified Artificial Intelligence, machine learning, cybersecurity, blockchain and quantum technologies as major areas that could influence the next generation of financial services, particularly as banks and FinTech companies deal with growing demand for fast transactions alongside increasingly complex security risks.

He placed particular emphasis on responsible AI and trusted innovation, arguing that new financial technologies need to provide convenience without compromising security or resilience. Opportunities for Indian companies include AI-powered financial services, real-time banking, advanced fraud prevention, cross-border digital payments and affordable products capable of reaching a wider section of the population.

India Reports Rapid Progress in Quantum Communication

The Minister pointed to the National Quantum Mission as evidence of India's growing capabilities in frontier technologies, with the programme covering quantum computing, communication, sensing and materials.

A target of establishing 2,000 kilometres of secure quantum communication had been set over a 10-year period, while Singh said India has already crossed 1,000 kilometres within three years. Secure quantum communication could become increasingly relevant to financial institutions as they prepare their systems for future cybersecurity threats and seek stronger protection for sensitive transactions and information.

The IndiaAI Mission was also highlighted as part of the broader technology ecosystem supporting the development and adoption of advanced digital capabilities.

Startup Growth Expands India's Innovation Base

India's startup ecosystem has grown from around 350 startups to nearly 2.4 lakh over the past decade, according to Singh, creating a much larger base of entrepreneurs capable of developing technologies for financial services and other industries.

Maintaining that momentum will require closer cooperation between startups, regulators, universities, financial institutions, established companies and technology providers, particularly when innovations move into areas where security, consumer trust and regulatory oversight are critical.

Singh also pointed to reforms opening strategic sectors such as space and nuclear energy to greater private participation. India's space economy, currently estimated at about $9 billion, is projected to reach $45 billion before the end of the decade, illustrating the scale of growth the government expects when policy reforms are combined with private investment and technological capabilities.

From Digital Payments to Digital Prosperity

India's success in expanding digital payments should now translate into wider economic benefits for citizens, Singh said, describing the next step as a shift from "digital payments to digital prosperity."

That shift would require financial technology to do more than make transactions quicker, with digital systems helping people access affordable services, participate in economic opportunities and improve their livelihoods. Singh said India increasingly has the ability to develop technologies alongside global leaders rather than adopting innovations years after they emerge elsewhere.

He also identified biotechnology as another important part of the coming industrial transformation, citing the Genome India Programme, under which 10,000 individuals have been sequenced, and its potential contribution to areas such as healthcare, food security and sustainable development.

Singh said combining scientific capabilities, emerging technologies and public-private partnerships could position India as a trusted global innovation economy while supporting the country's own economic transformation.