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ISSN 2063-5346
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ROLE OF FINTECH TO ACCELERATE INDIA'S ECONOMY

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Mrs. Nilambari Moholkar, Dr. Kunte B, Dr. Shama Sikandar Mulla , Dr. Devyani Ingale , Ms. Prajakta B Deshmukh
» doi: 10.31838/ecb/2023.12.s3.764

Abstract

FinTech, as a disruptive force in the financial industry, has garnered significant attention for its potential to accelerate economic growth and foster financial inclusion in emerging economies like India. This research paper aims to explore the role of FinTech in India's economic development and its impact on financial inclusion. Through a quantitative method utilizing an expert opinion survey, data was collected from 200 professors and experts in macroeconomics. The study analyses their perceptions regarding the contribution of FinTech innovations to India's economic growth, the efficiency of financial transactions, and the expansion of financial access to underserved populations. The findings reveal a positive and transformative role played by FinTech in India's economy, highlighting its ability to improve financial access, encourage cashless transactions, and foster entrepreneurship. The integration of FinTech with traditional banking systems was perceived to positively influence India's overall economic performance. Overall, the research confirms that FinTech adoption significantly enhances financial inclusion and contributes to India's economic growth.

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