India must come up with a strong privacy law and allow the private sector to implement more innovation, NITI Aayog CEO Amitabh Kant said on Saturday.
Addressing a financial inclusion summit in New Delhi, Kant further said that technology must be the key driver, as it is the only way forward.
"The government of India, through the development of Aadhaar-based financial access India Stack, has created an ecosystem in which financial institutions can offer consumers paperless access to all financial products on their mobile phones," he stressed.
Kant continued: "My belief is that the financial industry with a world-class ecosystem and infrastructure will actually power innovation, financial inclusion and services for decades to come. India has built what is arguably the most powerful framework globally to enable innovation in delivering services to the citizens."
The NITI Aayog CEO also noted that the financial industry only has to scratch the tip of the cutting edge of the India Stack ecosystem, as this world-class infrastructure will further power innovation in financial services and financial inclusion for decades to come.