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India is undergoing a financial transformation as it approaches its centennial year of independence in 2047. The “Viksit Bharat 2047” vision seeks to establish India as a global economic powerhouse, driven by digital innovation and financial inclusion. The financial services sector will continue to play an important role in this progress. Rapid economic growth, the advent of the “India Stack” and digital payment systems like the Unified Payments Interface (UPI) have revolutionized the financial landscape, empowering underserved populations, especially women and rural communities. Government initiatives, such as the Pradhan Mantri Jan Dhan Yojana, have expanded access to banking, while policies like GIFT City and FDI liberalization continue to attract global investors. The integration of advanced technologies has propelled innovation across the financial sector. However, challenges like infrastructure gaps and financial literacy persist. How has India balanced global aspirations with equitable growth? This article describes the roadmap that India has followed for financial revolution through technology and policy innovations.
Priya M Vaidya (Thu,) studied this question.