New Delhi, Aug 7 (INB) India should now move from financial inclusion to financial empowerment and from digital payments to digital prosperity, Union Minister of State for Science and Technology Jitendra Singh said on Friday. The minister also stressed that the country’s next phase of FinTech growth will be powered by artificial intelligence (AI), quantum technologies, cybersecurity and blockchain. Addressing the 3rd India International FinTech Festival here, Singh said initiatives such as the Pradhan Mantri Jan Dhan Yojana had significantly expanded financial inclusion and laid the foundation for a more empowered and technology-driven financial ecosystem. According to an official statement issued by the Ministry of Science and Technology, Singh said India must build an intelligent, secure and trusted FinTech ecosystem driven by emerging technologies, with responsible AI and trusted innovation playing a key role in delivering citizen-centric financial services. He said the National Quantum Mission had already achieved over 1,000 km of secure quantum communication in just three years against a target of 2,000 km over a decade, reflecting the country’s rapid progress in frontier technologies. Singh also highlighted the IndiaAI Mission and said the opening of strategic sectors such as space and nuclear energy to private participation had accelerated innovation and expanded opportunities for technology-led economic growth. The minister said India’s FinTech sector should focus on AI-powered financial services, secure real-time banking, advanced fraud prevention, cross-border digital payments and affordable financial solutions to strengthen its global leadership. He further said India’s startup ecosystem had grown from around 350 startups a decade ago to nearly 2.4 lakh enterprises, attributing the expansion to policy support, public-private collaboration and a strong talent base. Referring to emerging technologies, Singh said AI would drive the next industrial revolution while biotechnology would play a transformative role in healthcare, food security and sustainable development. He also cited the Genome India Programme, under which 10,000 individuals have already been sequenced, as an example of the country’s growing scientific capabilities. The minister expressed confidence that continued investment in frontier technologies and innovation would help India emerge as a trusted global innovation economy, the statement added.
