By Amit Nigam, Executive Director & CEO, BANKIT
With a population of over 140 crore, India has become the most populous nation with a vast workforce looking for gainful employment. For years, sectors like technology, medicine, and government services have been the major employers for Indian youth. However, with the advent of the latest technologies, the past decade has witnessed a transformation. Technology has permeated nearly every facet of modern life, and the financial sector is a prime example of an industry that has flourished due to this technological integration.
India’s fintech landscape is experiencing explosive growth, driven by increasing digitalization and government initiatives promoting financial inclusion, the sector has witnessed remarkable expansion. In 2024, reports indicate that the Indian fintech sector garnered $1.9 billion in funding, solidifying its position as one of the top three globally funded fintech ecosystems, trailing only the US and the UK.
Fintech has been central to India’s digital transformation, expanding financial access, empowering MSMEs, and accelerating digital transactions. Thus, India’s progressive 2025-26 Union Budget also reinforces its commitment to Viksit Bharat, prioritizing financial inclusion, innovation, and sustainable growth. This dynamic sector is also a significant contributor to India’s employment landscape. Job opportunities within the Indian fintech industry are projected to surge by 7.5% amidst the widespread adoption of digital payments, blockchain innovations, and the expansion of open banking systems. The banking sector itself has recorded a 7.3% net increase in employment, propelled by regulatory initiatives, while non-banking financial companies (NBFCs) are demonstrating steady growth with a 5.1% net rise. India is projected to boast approximately 150 fintech unicorns, collectively valued at $500 billion, by 2030.
However, while job availability is plentiful, the sector faces a critical skills gap. This is where India encounters a significant challenge: a severe talent shortage. Government-backed skilling programs are therefore not just desirable, but essential to bridge this divide and ensure India’s fintech sector can realize its full potential.
The Fintech Talent Crunch
The integration of technology within the financial sector has become indispensable. While technologies like Artificial Intelligence (AI) have automated numerous tasks, thereby reducing manual effort, advancements such as digital payments have revolutionized convenience. Consumers can now easily transact anywhere using their smartphones, ensuring secure financial management while contributing to India’s vision of a less cash-dependent economy. Moreover, technologies like blockchain ensure enhanced security and transparency in financial transactions while robust cybersecurity measures safeguard sensitive financial data, protecting against fraud and cyberattacks.
