Digital economy may soar to $800 bn by 2030: FM

New Delhi: India's digital economy is expected to witness exponential growth to $800 billion by 2030 on the back of rising internet penetration and increasing income, Union Finance Minister Nirmala Sitharaman said on Friday.

Addressing the IIT Bombay Alumni Association virtually, she said India has over 6,300 fintechs, of which 28 per cent are into investment technology, 27 per cent into payments, 16 per cent into lending and 9 per cent into banking infrastructure, while over 20 per cent are into other fields.

So they are spread across different activities and not concentrated, she noted.

"At the same time, the digital economy in India is being pegged at $85-90 billion in the calendar year of 2020 and that will see an exponential rise to $800 billion by 2030. They should be reaching $800 billion in the backdrop of increased internet penetration, rising incomes and also the young Indian population," she said.