Union Minister of State for Science and Technology Dr. Jitendra Singh on Friday, 7 August declared that artificial intelligence (AI), quantum technologies, cybersecurity, and blockchain will define the next phase of India's financial technology growth, calling on the sector to shift its ambition from financial inclusion to financial empowerment. He was speaking at the 3rd India International FinTech Festival in New Delhi.

From Inclusion to Empowerment

Singh credited initiatives such as the Jan Dhan Yojana with substantially advancing financial inclusion across the country. However, he argued that inclusion alone is no longer sufficient. “After achieving remarkable success in financial inclusion, the next goal should be financial empowerment,” he said.

He described India’s fintech sector as a major engine of economic transformation, driven by collaboration among banks, financial institutions, technology firms, and startups, underpinned by robust public-private partnerships.

Quantum Mission Milestones

Highlighting India’s strides in frontier technologies, Singh pointed to the National Quantum Mission as evidence of the country’s ambition. The mission had originally set a target of establishing 2,000 kilometres of secure quantum communication over a decade. According to the minister, India has already surpassed 1,000 kilometres within just three years — a pace that he said places the country among a select group of nations actively investing in quantum computing, quantum communication, quantum sensing, and quantum materials.

IndiaAI Mission and Strategic Sector Reforms

Singh also referenced the IndiaAI Mission, asserting that India is increasingly matching global technological developments in real time rather than lagging behind by years. He pointed to policy reforms that have opened strategic sectors — including space and nuclear — to private participation, saying these moves are accelerating innovation and broadening the scope for technology-led growth.

India’s space economy, currently valued at approximately $9 billion, is projected to reach $45 billion before the end of the decade, according to the minister.

What the Sector Must Prepare For

Singh called for deeper collaboration among startups, regulators, academia, financial institutions, and industry. He outlined four priority areas for the next growth phase: AI-powered financial services, advanced fraud prevention, cross-border digital payments, and secure real-time banking.

“After becoming a global leader in digital payments, India should aspire to move from digital payments to digital prosperity,” he said, framing responsible AI and trusted innovation as the foundation for that transition. The remarks signal a broader government push to position India’s fintech ecosystem as a technology-led global standard-setter, not merely a volume leader in transactions.