A recent news article discusses India’s impressive rise in the global economic ranking. In 2014, India ranked 11th in the world. Today, it sits at number 5. The Minister for Railways, Communications, Electronics, and Information Technology, Ashwini Vaishnaw, predicts that India will be the world’s third-largest economy by 2027.
The article also details India’s mobile manufacturing growth. In 2014, nearly all phones were imported. Today, an impressive 99% are manufactured domestically. This shift reflects India’s overall economic progress.
UPI (Unified Payments Interface) is another area of growth for India. Noopur Chaturvedi, CEO of NPCI Bharat BillPay, predicts that UPI integration by voice will further enhance the digital payment experience.
At the Fintech Festival India 2024, Liberin Technologies, a fintech company, highlighted how their innovative solutions are contributing to India’s digital transformation. The company founder, Prateek Sengupta, mentioned their use of AI and deep market understanding to empower businesses. He also emphasized how their participation at the festival helped showcase their services to other fintech companies.
Read the full article here.