Startup Mahakumbh 2025: Fintech indispensable to achieve 'Viksit Bharat' by 2047: Amitabh Kant

Amitabh Kant, India’s G20 Sherpa and former CEO of NITI Aayog, during a Self-Regulatory Organisation (SRO) on FinTech at Startup Mahakumbh 2025, said fintech will play a key role in shaping a Viksit Bharat (Developed India) by 2047.

"SROs are important," Kant said, adding that "they operate under RBI’s oversight, ensure compliance, and act as a bridge between companies and the regulator. We will not limit ourselves to just one SRO—there will be several SROs in this area." He emphasised that fintech’s rapid expansion must be matched by ethical governance. "It will ensure high compliance. Fintech is diverse, with various models. RBI guidelines mandate that no single company holds more than 10% stake in an SRO. This fosters inclusivity."

The former NITI Aayog chief also painted a bold vision for India’s future. "The Prime Minister’s vision is that India should be Viksit by 2047. This means our GDP must grow from $4 trillion to over $30 trillion, which is a nine-fold increase. Per capita income must rise eight times, and manufacturing must expand nearly 16 times."

For this transformation, Kant said, fintech will be indispensable. "It’s crucial that the sector grows to provide credit at all levels of society." He said though is already a global fintech powerhouse, third in the number of fintechs and fintech unicorns, with innovation comes responsibility, and the companies must innovate responsibly, he cautioned.

Kant credited the fintech industry's rapid growth to "the innovative spirit of our entrepreneurs, tech-savvy youth, access to capital, government initiatives, and advancements in internet and mobile tech." "New products must not exclude vulnerable populations. We must be vigilant about cybersecurity risks."

From digital wallets to UPI, blockchain, and beyond, FinTech has woven itself into daily life. "This isn’t just acceptance—it’s deep integration," Kant said. Stressing the importance of SROs, Kant said they will play a "pivotal" role. "They set industry standards, enforce compliance, and bridge the gap between regulators and companies."

The RBI has also recognised the fintech Association for Consumer Empowerment as an SRO. "I’m sure RBI won’t stop at one—it will approve several SROs," Kant predicted. "Self-regulation ensures accountability while empowering responsible growth," he said.

Kant said India’s fintech landscape is vast and varied and requires safeguards to thrive properly. "SROs must represent diverse business models. RBI’s 10% ownership cap prevents dominance by any single entity." He also warned against regulatory capture, urging "close RBI oversight to ensure independence." He said self-regulation is critical for Viksit Bharat. "It’s the cornerstone of a trustworthy, inclusive, and resilient financial ecosystem."