AI, quantum tech to drive next phase of India's fintech growth: Minister
India has substantially advanced financial inclusion through initiatives such as the Jan Dhan Yojana and must now move decisively towards financial empowerment, Union Minister of State for Science & Technology, Earth Sciences Dr. Jitendra Singh said on Friday, asserting that artificial intelligence (AI), quantum technologies, cybersecurity and blockchain will drive the next phase of the country's financial technology growth.
Addressing the 3rd India International FinTech Festival here, the minister said India should build an intelligent, secure and trusted financial ecosystem powered by emerging technologies.
"After achieving remarkable success in financial inclusion, the next goal should be financial empowerment," Singh said.
He noted that India's fintech sector has emerged as a major driver of economic transformation through collaboration among banks, financial institutions, technology firms and startups, supported by strong public-private partnerships.
The minister said future fintech solutions must increasingly focus on artificial intelligence, machine learning, quantum technologies, cybersecurity and blockchain adding that the future belongs to responsible AI and trusted innovation.
Highlighting India's progress in frontier technologies, Singh said the National Quantum Mission has placed the country among a select group of nations investing in quantum computing, quantum communication, quantum sensing and quantum materials.
He said the mission had set a target of establishing 2,000 kilometres of secure quantum communication over a decade, but India has already achieved more than 1,000 kilometres within just three years.
Referring to the IndiaAI Mission, Singh said India is increasingly matching global technological developments in real time rather than following them years later.
He also pointed to policy reforms opening strategic sectors such as space and the nuclear sector to private participation, saying these measures are accelerating innovation and expanding opportunities for technology-led growth.
According to the minister, India's space economy, currently valued at around $9 billion, is projected to grow to $45 billion before the end of the decade.
Calling for stronger collaboration between startups, regulators, academia, financial institutions and industry, Singh said India must now prepare for the next phase of growth in AI-powered financial services, advanced fraud prevention, cross-border digital payments and secure real-time banking.
"After becoming a global leader in digital payments, India should aspire to move from digital payments to digital prosperity," he said.
