Global Fintech Fest 2024 : Prime Minister Narendra Modi said on Friday that the government is taking various steps at the policy level to promote the financial technology (fintech) sector. Modi said that more than $ 31 billion has been invested in this sector in the last 10 years. Abolishing 'angel tax' is also a step towards the growth of this sector. Angel tax (income tax at a rate of more than 30 percent) means the income tax that the government imposes on the funds raised by non-listed companies or startups. If their valuation is more than the fair market value of the company.

More steps needed to be taken to prevent cyber fraud

Addressing the 'Global Fintech Fest 2024' here, the Prime Minister called upon the regulators to take further steps to prevent cyber fraud and increase the digital awareness of people. He said that financial technology has played an important role in the democratization of financial services. Modi expressed confidence that this will help improve the quality of life of Indians. He emphasized that the speed and scale at which financial technology has been adopted by Indians has not been seen anywhere in the world.

Investment increased from financial technology

Modi said that the transformation brought about by the financial technology sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that financial technology has hit the parallel economy and is bridging the gap between villages and cities on the financial services front. The Prime Minister said that in the last 10 years, the financial technology sector has attracted investments of over US $ 31 billion and there has been a 500 percent growth in 'FinTech' startups.

Mudra Yojana is the world's largest microfinance scheme

He said that it is the festive season in India, and there is a festive mood in the economy and markets as well. His clear reference was to the strong GDP growth and the capital market reaching new heights. Modi told the people present at the event that loans worth more than Rs 27 lakh crore have been disbursed under the 'Pradhan Mantri Mudra Yojana'. 'Pradhan Mantri Mudra Yojana' is the world's largest microfinance scheme.

India is the world leader in digital payments

Reserve Bank of India (RBI) Governor Shaktikanta Das said at the event that digital technologies have been key in expanding financial inclusion, improving efficiency, and enabling real-time services across the country. Das said that today India stands as a global leader in digital payments, an achievement achieved by combining proactive policymaking with innovation and technology progress. Collaboration between policymakers, regulators, and innovators defines India's financial technology journey.