NE SCIENCE & TECH BUREAU
MUMBAI, OCT 7
“AI is a true disruptor, reshaping society on an unprecedented scale,” said B.V.R. Subrahmanyam, Chief Executive Officer, NITI Aayog, during a fireside chat with Kunal Shah, Founder of CRED, at the Global Fintech Fest (GFF) 2025 held at the Jio World Centre, Mumbai, from Tuesday to Thursday (October 7 to 9).
Organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC), the event is supported by the Ministry of Electronics and IT, the Ministry of Finance, the Ministry of Commerce and Industry, the Ministry of External Affairs, the RBI, SEBI, IRDAI, and IFSCA, reflecting the government’s holistic approach to nurturing the AI and fintech ecosystem.
- Government-backed innovation, regulation, and inclusion shaping the AI-powered economy of tomorrow
- Digital India and IndiaAI Mission, the National Programme on Artificial Intelligence, and AI research clusters are key initiatives positioning India as a global leader in AI-driven governance and fintech innovation: B.V.R. Subrahmanyam, Chief Executive Officer, NITI Aayog
- Credit, safety, flexibility, and mentorship are essential to unlock women’s potential and ensure that AI-driven growth remains equitable
- In a world where AI is rewriting every rule of productivity and governance, India’s proactive policy framework, skilled human capital, and digital infrastructure are ensuring that technology remains not only intelligent — but also inclusive and humane
AI: Redefining Work, Process, and Transformation
Explaining AI’s profound impact, Shri Subrahmanyam said, “AI will influence at three levels — improving tasks, changing processes, and eliminating processes altogether. Improving tasks is efficiency. Changing processes is job substitution. Eliminating processes entirely is transformation.”
He noted that AI’s true power lies in its ability to fundamentally transform systems, not merely make them faster or cheaper. “This is the scale at which AI is reshaping how economies function — from manufacturing and governance to education and finance,” he said.
Government Support Driving India’s AI Revolution
Subrahmanyam lauded the Government of India’s strong institutional backing for AI and emerging technologies, citing the establishment of frameworks, innovation funds, and regulatory support systems that encourage experimentation and responsible adoption.
He pointed to the Digital India and IndiaAI Mission, the National Programme on Artificial Intelligence, and AI research clusters as key initiatives positioning India as a global leader in AI-driven governance and fintech innovation.
“India’s strength lies in scale, talent, and digital depth,” he said. “Our vast pool of skilled professionals in technology and finance, coupled with deep digital penetration, gives us a phenomenal opportunity to lead globally in fintech.”
AI and Fintech 2.0: The Next Growth Frontier
This year’s GFF theme, ‘Empowering Finance for a Better World Powered by AI,’ underscores how AI is merging with finance to redefine economic growth.
“For a $30 trillion, technology-driven economy, the financial sector will be massive,” Subrahmanyam observed. “Whether banks, financial firms, or fintech startups, all will find transformative opportunities.”
He stressed that AI-powered fintech 2.0 will not just automate tasks but also deliver hyper-personalised financial products, bringing efficiency and inclusion to the next level.
Balancing Innovation and Regulation
Highlighting the need for innovation-friendly regulation, the NITI Aayog CEO called for regulatory sandboxes — controlled environments where new technologies can be safely tested.
“Regulators need to be nimble-footed — create pilots, test ideas, see what works, and then scale the successful ones,” he said, suggesting a shift from institution-based to activity-based frameworks to match the pace of technological change.
This flexible approach, he said, ensures responsible innovation while maintaining stability and trust in the financial ecosystem.
AI for Inclusion and Empowerment
AI’s transformative impact, Subrahmanyam noted, must be inclusive. He pointed out persistent credit gaps for women, MSMEs, youth, and underserved individuals, and praised initiatives like the Account Aggregator Framework for leveraging digital footprints to expand access to credit.
“Women form half the population — and an economy cannot walk on one leg,” he said. “A 10% increase in women’s labour participation can boost GDP growth by around 1.5%.”
He emphasised that credit, safety, flexibility, and mentorship are essential to unlock women’s potential and ensure that AI-driven growth remains equitable.
India’s Vision: Global Standards in Responsible AI
Looking ahead, Subrahmanyam said AI will define the next decade of global competition and collaboration.
“With the right balance of innovation and regulation, India can set the standards in global fintech,” he asserted. “AI is not just a technological revolution—it’s a societal transformation, and India is ready to lead it.”
In a world where AI is rewriting every rule of productivity and governance, India’s proactive policy framework, skilled human capital, and digital infrastructure are ensuring that technology remains not only intelligent — but also inclusive and humane.
