India is no longer merely a market for technology and is increasingly emerging as a maker of technology, builder of digital platforms and designer of global standards, Union Communications Minister Jyotiraditya Scindia said at the Global Fintech Festival 2026 in Mumbai.
Scindia said India's transition from a services-led technology ecosystem to a product-driven model was becoming increasingly visible through the country's fintech and digital infrastructure.
His remarks came as India expands its ambitions in artificial intelligence, 5G, 6G and digital public infrastructure.
India Shifts From Market to Technology Maker
Scindia said the country's technology journey has undergone a major change.
India, he argued, is moving beyond being a large consumer market and is increasingly developing technologies and platforms that can be used both domestically and internationally.
The minister linked this shift to the rapid expansion of India's digital infrastructure and the growth of platforms such as UPI and India Stack.
He said India's objective should be to innovate, build and scale in India while serving global markets securely.
UPI Drives India's Digital Payments Growth
Highlighting India's fintech expansion, Scindia said UPI processes more than 240 billion transactions annually and handles transactions worth close to US$4 trillion.
He also said UPI has expanded to nine countries, with India looking to take the platform to around 20 more countries.
The minister presented India's digital payment infrastructure as an example of how a platform developed in India can acquire international relevance.
Telecom Network Forms Digital Foundation
Scindia said India's fintech growth cannot be separated from the expansion of its telecom network.
He described the mobile phone as increasingly functioning like a new bank branch, while telecom networks are becoming the infrastructure through which financial services reach citizens.
The minister highlighted the convergence of 5G, BharatNet, Aadhaar, UPI, fintech and artificial intelligence as the foundation of India's next phase of digital finance.
India Sets Sights on Global 6G Leadership
Scindia also outlined India's ambitions in next-generation mobile technology.
He said India had lagged behind during the 4G era but had caught up during 5G and now aims to lead globally in 6G.
The minister said the Bharat 6G Alliance is working to increase India's contribution to international technology standards. The government has also positioned indigenous telecom technology and global standard-setting as important parts of India's digital strategy.
AI and Fintech Moving Together
Artificial intelligence is expected to become increasingly integrated with India's financial technology ecosystem.
Scindia described connectivity, compute and trust as the new digital foundation for the AI-driven financial economy. He said AI could help financial institutions move towards faster credit assessments, personalised services and real-time fraud detection.
The minister also stressed that greater automation must be accompanied by strong safeguards for digital identities and financial transactions.
Focus on Preventing Digital Fraud
Scindia said India's approach to financial security must shift from detecting fraud after it occurs to anticipating and preventing suspicious transactions.
He referred to the Financial Fraud Risk Indicator (FFRI) as part of efforts to identify potential risks and improve coordination across the financial system.
As digital payments and AI-based financial services expand, the minister said trust and security would remain essential to ensuring that technology benefits citizens rather than creating new vulnerabilities.
From India to the World
Scindia's remarks underline the government's broader ambition to turn India's digital infrastructure into a platform for global technology leadership.
The country's expanding 5G network, indigenous telecom capabilities, digital public infrastructure and growing fintech ecosystem are being positioned as building blocks for the next stage of economic development.
The minister has previously said that India's telecom journey is moving from connecting the next billion people to enabling the next billion possibilities. The broader goal, he said, is to develop technologies and standards in India that can scale globally.
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