Union Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar said the financial sector is the catalyst, foundation and fuel for an economy that is reimagining its ambitions. Addressing the India Banking Conclave by the Council for International Economic Understanding in New Delhi yesterday, Mr Chandrasekhar said that the structural reforms in India’s financial and banking sector over the past decade have significantly contributed to the country’s overall economic growth. He further added that, apart from conventional industries, a large part of the country’s growth, investments and job creation is coming from startups. Lauding the expanding borrower ecosystem in the country, Mr Chandrasekhar said that India has over one lakh startups and over 100 unicorns.
The Minister said the Government believes in creating guardrails for technology-related innovation to ensure legal accountability in fintech platforms.
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