Modi Promotes Fintech Growth at Global Fest

Prime Minister Narendra Modi announced a series of policy changes aimed at boosting the fintech sector during his address at the Global Fintech Fest 2024, including the removal of Angel Tax and the allocation of Rs 1 lakh crore to support research and innovation. He highlighted that the fintech sector has attracted over USD 31 billion in investment over the past decade and has played a crucial role in reducing the parallel economy. Modi urged regulators to enhance measures against cyber fraud and promote digital literacy to ensure the sector's growth is not hindered. He emphasized the transformative impact of fintech on financial services and its role in bridging urban-rural divides. Additionally, Modi noted the festive mood in both the economy and capital markets, reflecting robust growth. RBI Governor Shaktikanta Das underlined that digital technologies have significantly improved financial inclusion and efficiency across India.