India's fintech industry projected to reach $420 bn by 2029 at CAGR of 31%

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India's fintech industry projected to reach $420 bn by 2029 at CAGR of 31% - Business Standard

Quick Summary:

The Indian fintech industry is estimated to be around USD 110 billion in 2024 and its projected to reach about USD 420 billion by 2029, Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India, said.

The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights, he added.

The sector, he said, is expected to continue to grow due to factors like favourable policies of the government.