Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a meeting with Start-up and FinTech Ecosystem Entities, in New Delhi yesterday. The interaction with the Start-up and Fintech ecosystem partners was organised to enable free exchange of ideas to bolster and scale upoperations to facilitate global competitiveness by enabling growth in the Fintech sector. India has approximately 10,244 Fintech entities, which is 3rd largest in the world.
The Union Finance Minister noted the rapid growth of the Start-up and Fintech sector of India, especially in the last decade, and welcomed suggestions from the FinTech leaders to achieve greater Ease of Doing Business and Ease of Living for consumers. Sitharaman exhorted the regulators, including RBI, that they may hold meetings via virtual mode once a month to discuss any questions/queries/concerns of the startups and fintech companies. The number of Start-ups in India has grown significantly from just over 300 in 2016 to over 1.17 lakh in 2023 as recognised by DPIIT, generating more than 12.4 lakh jobs.
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