Latest news with #DigitalPublicInfrastructure
Hindustan Times
5 days ago
- Business
- Hindustan Times
India's fintech market to become $400 billion in next 3 years: Finance minister
New Delhi: India's fintech market is flourishing and projected to become $400 billion in the next three years, Union finance minister Nirmala Sitharaman said on Wednesday urging the industry to continue 'fearlessly' innovating people-centric new solutions to maintain the country's leadership position in this area. India accounts for almost half of all real time digital transactions in the world, she said at the Digital Payments Awards 2025 ceremony organised by the department of financial services (DFS), an arm of the finance ministry. According to industry estimates, the country's fintech market is estimated at around $110 billion with an adoption rate of 87%, significantly high compared to the global average of 67%. 'The fintech revolution in India will further flourish. Our fintech market is projected to grow to over $400 billion by 2028-29, reflecting an anticipated annual growth of over 30%. The scale of opportunity is immense. I firmly believe its best chapters are yet to be written. Together, let us Innovate, Include, and Inspire. Innovate new solutions fearlessly, include every citizen in your vision, and inspire the world with what India can achieve,' the finance minister said. The speed at which innovation is happening in India is just a dream for many other countries, she said. 'Several advanced countries are nowhere close to the kind of momentum our fintech companies have achieved, not just in terms of progress in their respective areas, but also in creating entirely new paradigms. This is something which is very unique of the Indian fintech sector,' she said. She said the scale of adoption in India is also phenomenal and the same is globally acclaimed. Citing Prime Minister Narendra Modi's call for 'Make in India, Make for the world', she said: 'In this context, Indian fintech innovations have the potential to become global public goods that can benefit other emerging and developed economies. This will open new markets for our firms.' 'Our players must aim to export our successful models abroad and capture global markets. We have the talent, we have the market scale, and we have the proven solutions,' she said. India's international merchant payments through Unified Payment Interface (UPI) are now accepted at select merchant outlets in seven countries -- Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the United Arab Emirates (UAE). Quoting from a World Bank's report, she said that through the Digital Public Infrastructure (DPI), India achieved an 80% financial inclusion rate in just six years. 'Some observers who have gone through this report have said that this feat would have otherwise taken nearly 50 years,' she added. During the pandemic, payment apps became lifelines – enabling contactless payments and doorstep banking when mobility was restricted, she said. As per the Reserve Bank of India (RBI), India's Digital Payments Index, which measures the overall usage of digital payments, has quadrupled in the last five years, from 100 in 2018 to 465 in 2024, she added. India now accounts for over 48.5% of all real-time digital payment transactions in the world. Over 35 crore users are part of the UPI ecosystem.
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Business Standard
5 days ago
- Business
- Business Standard
Nirmala Sitharaman ask fintechs to find solutions to prevent cyberfrauds
Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyberfrauds. Lauding the success of fintechs, the Finance Minister said they have helped in speeding up financial inclusion, and taking the payment system to even the far-flung areas of the country. Speaking at the Digital Payments Awards 2025 Ceremony here, Sitharaman said it is important to ensure that startup companies come up with solutions so that people are not arrested at home digitally, or fly by night operators don't take away their money. Another major threat, she pointed out, is 'deep fake', which is causing a lot of damage to the public in large. "Today, we should take care of addressing them so we need a set of fintech companies which are constantly working to give solutions for the newer challenges which are arising," Sitharaman said. She also called upon the fintech sector to further expand the digital lending facilities to the key MSME sector. Sitharaman further said Indian fintech innovations have the potential to become global public goods that can benefit other emerging and developed economies. This will open new markets for our firms. International merchant payments through UPI are now accepted at select merchant outlets in seven countries, including Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the UAE. "Our players must aim to export our successful models abroad and capture global markets. We have the talent, we have the market scale, and we have the proven solutions," she said. This, she said, will open up new markets for domestic firms. Indian fintech market is projected to grow to over $400 billion by 2028-29. "That's not too far away. Just three years. Reflecting on an anticipated annual growth of 30 per cent. The scale of opportunity is immense. I firmly believe its best chapters are yet to be written. "Together, let us Innovate, Include, and Inspire'. Innovate new solutions fearlessly, include every citizen in your vision, and inspire the world with what India can achieve," she said. Noting that India now actually accounts for almost half of all real-time digital transactions in the world, she said direct benefit transfer (DBT) has saved a lot money by plugging leakages. About Rs 44 trillion have been transferred through DBT since 2014 and Rs 3.48 trillion have been saved. The Minister said the speed at which innovation is happening in India is just a dream for many other countries. "Several advanced countries are nowhere close to the kind of momentum our fintech companies have achieved, not just in terms of progress in their respective areas, but also in creating entirely new paradigms. This is something which is very unique of the Indian fintech sector," she said. A World Bank study noted that through Digital Public Infrastructure (DPI), India achieved an 80 per cent financial inclusion rate in just six years. Some observers who have gone through this report have said that this feat would have otherwise taken nearly 50 years, Sitharaman said.
Time of India
5 days ago
- Business
- Time of India
PM Modi takes part in G7 Summit's outreach session on energy security
Kananaskis: Prime Minister Narendra Modi participated in the outreach session on energy security at the 51st G7 Summit here on Tuesday. During his address, PM Modi highlighted the need to ensure energy security for all the people through a sustainable and green pathway and elaborated upon India's global initiatives such as International Solar Alliance (a treaty-based international organisation focused on solar energy), Coalition for Disaster Resilient Infrastructure (CDRI) (it is a global partnership focused on enhancing the resilience of infrastructure systems to climate and disaster risks, with strong support from national governments), and the Global Biofuels Alliance, towards this objective, the Ministry of External Affairs (MEA) Spokesperson Randhir Jaiswal said in a post on social media platform X. Prime Minister Modi also said: "AI itself is an energy-intensive technology. If there is any way to sustainably fulfill the energy requirements of a technology-driven society, it is through renewable energy . Ensuring affordable, reliable, and sustainable energy is India's priority." India believes that any technology is valuable only if its benefits reach every person and no country in the Global South should be left behind, he added. India has democratised technology and empowered the economy as well as common people through Digital Public Infrastructure while meaningful and qualitative data is the guarantee of an inclusive, capable, and responsible AI, PM Modi added. "We have to work on global governance, to address concerns related to AI and promote innovation. In the era of AI, close collaboration between critical minerals and technology is essential. We have to make their supply chains safe and resilient." "Deep fake is a cause of great concern. Therefore, water-marking or clear declaration should be made on Al-generated content," the Prime Minister noted. "In the last century, we saw competition for energy. In this century, we will have to cooperate for technology. Moving forward on the fundamental principles of availability, accessibility, affordability, acceptability, India has chosen the path of inclusive development." "Despite being the world's fastest-growing major economy, India is a country that fulfilled the Paris Commitments ahead of time. We are rapidly moving towards the goal of Net Zero by 2070. Currently, renewable energy accounts for around 50 per cent of our total installed capacity." "Unfortunately, the Global South countries suffer the most from uncertainty and conflicts. They are the first to be hit by crises related to food, fuel, fertiliser, and finance. India considers it its responsibility to bring the priorities and concerns of the Global South to the world stage," PM Modi said. "There should be no place for double standards on terrorism. The terrorist attack that happened on April 22 was not only an attack on Pahalgam, but also on the soul, identity, and dignity of every Indian. It was an attack on the entire humanity. Terrorism is an enemy of humanity. It is against all countries that uphold democratic values. For global peace and prosperity, our thought and policy must be clear -- if any country supports terrorism, it will have to pay the price for it. On one hand, we are quick to impose all kinds of sanctions based on our own preferences," the Prime Minister added. Calling for attention to the concerns and priorities of the Global South, the Prime Minister noted that India took it as its responsibility to bring the voice of the Global South to the world stage, MEA Spokesperson Jaiswal said on X. "The Prime Minister reiterated India's stand against terrorism and thanked the world leaders at the G7 summit for condemning the ghastly Pahalgam terror attack. He urged them to galvanise global action against terrorism and underlined the need to take strict action against those who promote and support terrorism," he added on X. "The Prime Minister also highlighted India's experience in democratising use of technology and its human-centric approach in deploying it. He (PM Modi) called for addressing global governance issues to tackle concerns of Artificial Intelligence (AI) and to promote innovation in the field," he noted on X. --IANS int/khz
Yahoo
10-06-2025
- Business
- Yahoo
Pinduoduo, FAO Hold Global Digital Agriculture Bootcamp for Young Innovators in China
DALI, China, June 10, 2025 /PRNewswire/ -- A group of young entrepreneurs from eight countries have completed a three-day digital agriculture bootcamp in Yunnan province, part of a global effort to equip the next generation of agrifood leaders with the skills and tools needed to solve real-world farming challenges. The Digital Agriculture Innovation Bootcamp, co-hosted by the Food and Agriculture Organization of the United Nations (FAO), Zhejiang University, and e-commerce platform Pinduoduo, brought together 18 startup founders for hands-on training and field research. All participants were previous winners of the Global AgriInno Challenge, an FAO-led competition recognizing youth-led innovation in agriculture. "At FAO, we believe that youth-led innovation powered by emerging technologies and Digital Public Infrastructure can play a transformative role in building more climate-resilient, efficient, and equitable agrifood systems," said Vincent Martin, director of the FAO Office of Innovation. The bootcamp builds on the momentum of past competitions and is part of Pinduoduo's ongoing campaign to drive agricultural modernization through digital tools and scientific innovation. The program was split into two parts. The Yunnan leg, held in the ancient village of Gusheng in Dali, gave participants firsthand exposure to how digital agriculture is being deployed at the grassroots level. Entrepreneurs conducted interviews with local farmers, visited "Science and Technology Courtyards," or field-based research stations, and observed smart farming initiatives aimed at improving soil health and reducing chemical use. "Mechanized planting and modern practices are transforming local agriculture," said Robinson, a startup founder from Peru who took part in the bootcamp. "Seeing firsthand how digital tools are improving efficiency and sustainability has been incredibly valuable." The first part of the bootcamp was held at Zhejiang University in Hangzhou, where participants were introduced to innovation tools such as stakeholder mapping, needs assessment, and startup fundraising. Experts from FAO, Pinduoduo, and top agricultural universities shared practical strategies for scaling agri-tech solutions in smallholder contexts. Back in Dali, participants learned how local farmers use app-based platforms to order fertilizer tailored to their crop and soil profiles. One pilot program has reportedly reduced nitrogen and phosphorus runoff into nearby Erhai Lake by more than 30%. "This exchange gave me new ways to think about adoption," said Robinson, the startup founder. "Farmers won't pay for innovation—they'll pay for solutions that improve their lives." For Pinduoduo, the bootcamp is part of a long-term commitment to agricultural development. The company has continuously supported initiatives such as the Global AgriInno Challenge, the Science and Technology Courtyard Competition, and now this bootcamp, all under its mission to strengthen agriculture through digital commerce and technology. In April, Pinduoduo announced a new RMB 100 billion support plan to deepen investment in farmer support and agri-tech innovation. Agricultural research, talent development, and technology promotion are core parts of the strategy. The company said it will continue using its digital platform to improve productivity at the source of the supply chain and support rural revitalization efforts. "Innovation technology is the wind, data empowerment is the rain, and multidisciplinary talent is the plow. Together, they drive modern agriculture forward," said Hou Kaidi, vice president at Pinduoduo. "In the next three years, we will continue to leverage the company's digital platform and resources to support global agricultural talent development and innovation, allowing the fruits of science and technology to take root in the fields and energize rural revitalization." FAO said it will continue building its global network of Digital Agriculture Innovation Hubs, linking governments, academia, the private sector and farmers to fast-track sustainable transformation in food systems worldwide. SOURCE Pinduoduo Sign in to access your portfolio
Cision Canada
10-06-2025
- Business
- Cision Canada
Pinduoduo, FAO Hold Global Digital Agriculture Bootcamp for Young Innovators in China
DALI, China, June 10, 2025 /CNW/ -- A group of young entrepreneurs from eight countries have completed a three-day digital agriculture bootcamp in Yunnan province, part of a global effort to equip the next generation of agrifood leaders with the skills and tools needed to solve real-world farming challenges. The Digital Agriculture Innovation Bootcamp, co-hosted by the Food and Agriculture Organization of the United Nations (FAO), Zhejiang University, and e-commerce platform Pinduoduo, brought together 18 startup founders for hands-on training and field research. All participants were previous winners of the Global AgriInno Challenge, an FAO-led competition recognizing youth-led innovation in agriculture. "At FAO, we believe that youth-led innovation powered by emerging technologies and Digital Public Infrastructure can play a transformative role in building more climate-resilient, efficient, and equitable agrifood systems," said Vincent Martin, director of the FAO Office of Innovation. The bootcamp builds on the momentum of past competitions and is part of Pinduoduo's ongoing campaign to drive agricultural modernization through digital tools and scientific innovation. The program was split into two parts. The Yunnan leg, held in the ancient village of Gusheng in Dali, gave participants firsthand exposure to how digital agriculture is being deployed at the grassroots level. Entrepreneurs conducted interviews with local farmers, visited "Science and Technology Courtyards," or field-based research stations, and observed smart farming initiatives aimed at improving soil health and reducing chemical use. "Mechanized planting and modern practices are transforming local agriculture," said Robinson, a startup founder from Peru who took part in the bootcamp. "Seeing firsthand how digital tools are improving efficiency and sustainability has been incredibly valuable." The first part of the bootcamp was held at Zhejiang University in Hangzhou, where participants were introduced to innovation tools such as stakeholder mapping, needs assessment, and startup fundraising. Experts from FAO, Pinduoduo, and top agricultural universities shared practical strategies for scaling agri-tech solutions in smallholder contexts. Back in Dali, participants learned how local farmers use app-based platforms to order fertilizer tailored to their crop and soil profiles. One pilot program has reportedly reduced nitrogen and phosphorus runoff into nearby Erhai Lake by more than 30%. "This exchange gave me new ways to think about adoption," said Robinson, the startup founder. "Farmers won't pay for innovation—they'll pay for solutions that improve their lives." For Pinduoduo, the bootcamp is part of a long-term commitment to agricultural development. The company has continuously supported initiatives such as the Global AgriInno Challenge, the Science and Technology Courtyard Competition, and now this bootcamp, all under its mission to strengthen agriculture through digital commerce and technology. In April, Pinduoduo announced a new RMB 100 billion support plan to deepen investment in farmer support and agri-tech innovation. Agricultural research, talent development, and technology promotion are core parts of the strategy. The company said it will continue using its digital platform to improve productivity at the source of the supply chain and support rural revitalization efforts. "Innovation technology is the wind, data empowerment is the rain, and multidisciplinary talent is the plow. Together, they drive modern agriculture forward," said Hou Kaidi, vice president at Pinduoduo. "In the next three years, we will continue to leverage the company's digital platform and resources to support global agricultural talent development and innovation, allowing the fruits of science and technology to take root in the fields and energize rural revitalization." FAO said it will continue building its global network of Digital Agriculture Innovation Hubs, linking governments, academia, the private sector and farmers to fast-track sustainable transformation in food systems worldwide.
