Fintech Must Lead the Charge Toward a $30 Trillion India: Amitabh Kant At the heart of a buzzing Startup Mahakumbh, Amitabh Kant, G20 Sherpa and former CEO of NITI Aayog, laid out a bold vision for India's economic future.

With the weight of the country's development trajectory in focus, Amitabh Kant, G20 Sherpa and former CEO of NITI Aayog, didn't mince words: to become a Viksit Bharat by 2047, India must transform from a $4 trillion economy into one exceeding $30 trillion. It's not just a leap—it's a generational pivot, and the fintech sector, he argued, must be one of the engines driving it.

"India's GDP has to grow about nine times, its per capita income has to grow about eight times, and its manufacturing has to grow close to about 16 times," Kant said, drawing a direct line between macroeconomic targets and sector-specific catalysts. For him, fintech isn't just another high-growth vertical; it's foundational to achieving inclusive, broad-based growth. "It is very important that the fintech sector continues to grow and expand so that we are able to provide credit at all levels in the society."

The numbers back up his confidence. India is now the third-largest fintech hub globally, not just in volume but in value. The sector recorded $25 billion in revenue in 2023—a blistering 56 per cent year-on-year (YoY) growth. Projections for 2030 are even staggering: 150 fintech unicorns with a combined valuation of $500 billion and annual revenues reaching $190 billion.

Kant attributes this explosion to a potent mix of a tech-savvy youth demographic, improved access to capital, enabling government policies, and sweeping advances in mobile and internet infrastructure. But he also issued a note of caution—this growth must be anchored in responsibility. "Innovation is the lifeblood of fintech, and as we innovate, we must do so responsibly," he said. That means designing products that serve, not sideline, vulnerable populations. It means being constantly alert to cybersecurity threats, and ensuring that mainstream adoption, via UPI, digital wallets, blockchain, is built on trust, not just novelty.

Self-regulation was the central theme. Rather than waiting for the state to dictate every move, Kant sees the future of fintech governance in self-regulatory organizations (SROs) working closely with the Reserve Bank of India. "These entities operate under the oversight of the RBI. They play a crucial role in setting industry standards, enforcing compliance, and acting as a bridge between regulators and fintech companies."

The Fintech Association for Consumer Empowerment has already been recognized as one such SRO, and Kant expects more to follow. But he emphasized inclusivity in this process. "No single entity should hold more than 10 per cent of the paid-up capital in any SRO," he said, citing RBI guidelines that aim to avoid dominance, ensure diverse representation, and maintain regulatory integrity. "Close oversight by the RBI is essential to prevent regulatory capture, ensuring that the fintech industry operates independently of any undue influence from within."

Kant's remarks were a call to action. India's fintech landscape is vast and complex, with widely varying business models and compliance needs. Fragmentation is a risk, he warned, and only a responsible, united sector can navigate that.

As India moves steadily toward its centenary of independence in 2047, Kant sees fintech not just as a growth story but as a symbol of what the country can achieve when ambition is coupled with accountability. "The role of self-regulation is critical and very significant," he said. "It is the cornerstone upon which we can build a trustworthy, inclusive, and resilient financial ecosystem."

In closing, Kant left the fintech community with both a challenge and a blessing. The task ahead is enormous, but the rewards, economic empowerment, financial inclusion, global leadership, are bigger still. "By embracing self-regulation, collaborating effectively, and balancing innovation with responsibility, we can ensure that India's fintech sector continues to thrive, benefiting all segments of our society."

Amitabh Kant was speaking at the Startup Mahakumbh 2025 during the formal launch of the India Fintech Foundation (IFF)—the proposed self-regulatory organization (SRO) for the fintech industry, also known as the SRO-Fintech Development Foundation (SROFT-DF).