New Delhi : Shri Rajeev Chandrasekhar, Minister of State in the Ministry of Skill Development and Entrepreneurship and Ministry of Electronics and Information Technology, Government of India, today said that Prime Minister Narendra Modi’s Digital India vision had four pillars namely to transform lives of the citizen, provide ease of living, expand economy, and create opportunity of entrepreneurship and employment. The FinTech industry has delivered on all these critical pillars and led to qualitative improvement in quality of the financial economy.

He was speaking at the Global FinTech Fest, organised by Fintech Convergence Council (FCC) and Payments Council of India (PCI), of Internet and Mobile Association of India (IAMAI), and the National Payments Corporation of India (NPCI).

Responding to a query by Ms. Praveena Rai, Chief Operating Officer, National Payments Corporation of India, on the need for policy momentum in the software and hardware system required for growth of Fintech Future, Shri Chandrasekhar stated that “Two areas that are on government radar are electronic systems design and semiconductor. The action plan to create champions in these spaces will be rolled out in October 2021.” He added, ‘This is the Y2K moment of India in the technology space’!

He said that IAMAI should collaborate with academia and institution to assess the social-economic impact of FinTech and digital impact since 2014.

Emphasizing that Skill India is one the inspiring missions of Government of India, Shri Chandrasekhar stressed on the collaboration between government and industry on predictive planning for sophisticated high-end skilling. He stated that “the government has created a network of training centres across the country and industry should invest capital in expanding the network, training, skills and cease this opportunity.”