Ministry of Electronics & IT
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India AI program will be one of the largest publicly assembled datasets in the world: MoS Shri Rajeev Chandrasekhar at the Moneycontrol India FinTech Conclave

India AI program along with Fintech ecosystem will catalyse the next generation of the Fintech: MoS Shri Rajeev Chandrasekhar

Fintech ecosystem is a shining example of India’s entrepreneurship and confidence: MoS Shri Rajeev Chandrasekhar

Posted On: 07 MAR 2023 8:25PM by PIB Delhi

Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT Shri Rajeev Chandrasekhar said today in Mumbai that IndiaAI program to be launched later this month will be one of the largest publicly assembled datasets in the world.

He said the IndiaAI program along with Fintech ecosystem will catalyse the next generation of the Fintech and Internet.

Addressing the Moneycontrol India FinTech Conclave in Mumbai, Shri Rajeev Chandrasekhar spoke about the growth of the Fintech ecosystem in India and its role in India’s Techade.

He said that the emergence of India’s fintech ecosystem has helped resolve the decades’ long problem of ensuring government subsidies reach beneficiaries without leakages and intermediation.

Terming the Unified Payments Interface as crucial component of the Fintech ecosystem, he said, “India today has amongst the highest fintech adoption rates in the world at 87 per cent as opposed to the world average of 67 per cent.”

Shri Rajeev Chandrasekhar said, “A single dimensional, digital economy that we inherited in 2014 has become a broad-based, high growth, independent, asynchronous components of the digital economy that are all growing rapidly and creating innovation in their wake.”

He also said that the  fintech ecosystem was a shining example of India’s entrepreneurship, India’s confidence and Young Indians’ messaging to the world that we are here to compete and win.

Stressing about the government’s initiatives in providing an enabling framework, the Minister said “All legislations are based on the idea of not creating road bumps for the innovation ecosystem.”

Speaking about the launch of the IndiaAI program, he said, “The program will be one of the largest publicly assembled and available data sets in the world. Working with the fintech ecosystem, it will certainly catapult and catalyse the next generation of fintech and other parts of the Internet.”

The Minister address was followed by an interactive session with members of the editorial staff of Money Control.

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