The presently reigning government recently released its 2019 election’s manifesto that lists the vision it has developed to make the path of development also for the FinTech industry of India a promising one. The manifesto of the incumbent regime does acknowledge and appreciate the FinTech industry contribution in the realisation of a stupendous winning trajectory of Jan-Dhan Yojana.
To further enhance the potential and strengthen the foothold of the FinTech industry in India, the government has made it clear that it is committed to multiply its efforts towards realising augmented financial inclusion with the introduction of a new data-sharing framework “that builds on the success of Jan Dhan and Aadhaar platforms while ensuring data privacy and security.”
The general (overall) goals for the Indian economy as mentioned in the manifesto of the incumbent government (also having developmental effects for the FinTech industry) are as follows:
- For boosting the economy of India, elevating its score in the ‘Ease of Doing Business’ ranking needs an active consideration, and the government has communicated its sincere commitment towards the same.
- For enhancing governance framework, dedicated promotion and augmentation of digital transactions is aimed.
- Relaxing regulatory compliances for startups, whilst also creating a conducive environment for the launch of 50,000 new startups, 500 new incubators and accelerators in India by 2024. Also, making the provision of a ‘Seed Startup Fund’ of Rs. 20,000 crore.
As for the FinTech industry in India, the related goals enlisted in the manifesto of the incumbent government (having developmental effects for the FinTech industry) are as follows:
- So as to make sure that suitable access to (banking facilities inside a radius of 5 km) bank branches, payment banks and banking correspondents is available, the incumbent government is in the process of developing a new data-sharing framework “that builds on the success of Jan Dhan and Aadhaar platforms while ensuring data privacy and security.”
- A program enabled by technology is planned to be developed for broader financial literacy.
- Enactment of legislation to constitute an International Financial Services Centre Authority for developing a sturdy and dynamic regulatory framework.
- Sustainably pursue and augment the continual incentives to enlarge the horizon of digital transactions.
Furthermore, it is worth noting that recently a delegation of 18 FinTech companies (of the mobile technology, data analytics and online payment solutions domain) from India visited London to look at expansion plans to the United Kingdom market under the auspices of the UK-India FinTech Rocketship Programme.