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UPI a pillar of support for fintechs: PM at Startup Mahakumbh 

The development of UPI, Modi said, has strengthened financial inclusion and reduced rural and urban divide, while also democratizing technology

UPI a pillar of support for fintechs: PM at Startup Mahakumbh 
[Source photo: PIB]

The Unified Payments Interface, or UPI, has become a pillar of support for fintech startups, Prime Minister Narendra Modi said on Wednesday.

Speaking at the Startup Mahakumbh in New Delhi, Modi said that UPI has enabled the development of innovative products and services for the expansion of digital services in the country. 

The development of UPI, he said, has strengthened financial inclusion and reduced the rural and urban divide, while also democratizing technology. 

Highlighting the growth of Indian startups, Modi said the country has become the world’s third largest startup ecosystem with more than 125,000 startups directly involving 1.2 million youth.

Modi said India’s startup ecosystem is not limited to metro cities, but that it has now become a social culture.

Organized by the central government to promote the startup ecosystem in India, the Startup Mahakumbh event was held at the Bharat Mandapam in Pragati Maidan, New Delhi, from 18-20 March. 

Modi acknowledged investors, incubators, academicians, researchers, industry members, and present and future entrepreneurs at the event and said, “This is indeed a Mahakumbh in its truest form, creating an unprecedented energy and vibe. Any Indian visiting the Startup Mahakumbh will witness the unicorns and decacorns of the future.”

Underlining the development of an ecosystem in tier 2 and tier 3 cities, the prime minister said, “Startup has become a social culture and no one can stop a social culture.”

He said that startups have changed the psyche that a lot of money is needed to start a business. He commended the youth for choosing the path of becoming a job creator rather than a job seeker. 

He also noted that more than 45% of startups in the country are women-led, be it education, agriculture or health. 

Earlier on Tuesday, Peak XV managing director Rajan Anandan said Indian startups are expected to raise $8-12 billion this year.

Amitabh Kant, the former chief executive of government think tank NITI Aayog, raised the issue of transparency and government regulation of startups.

Department for Promotion of Industry and Internal Trade (DPIIT) secretary Rajesh Kumar Singh said a dedicated policy for deep tech startups is in the final stages of inter-ministerial discussion and will be rolled out soon.

Singh also urged startups to convert their innovation into intellectual property rights for the benefit of the nation and themselves.

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