Speaking at the , Agrawal said services exports were already growing strongly and that financial services represented a significant opportunity for India, particularly as technology enables services to be delivered across borders without the movement of people.
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India’s services exports have traditionally been concentrated around IT and IT-enabled services and the movement of professionals, he said, making diversification critical for sustained growth.
“India is one of the powerhouse when it comes to ITS services,” Agrawal said, adding that professionals delivering services from India and overseas account for another substantial share of exports.
“But it needs diversification. If we have to grow, if you have to grow sustainably for a long period of time, I think we need diversification.”
Agrawal said fintech could be central to that diversification, with India’s recent growth in digitally delivered financial services showing the potential to export technology-enabled solutions to other markets.
He cited the (UPI) as a key example of India’s digital public infrastructure, saying the system had demonstrated how identity, consent and data technology could be combined to deliver financial inclusion while reducing transaction costs.
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India’s transition from a predominantly cash-based economy to one increasingly driven by digital transactions over the past decade had created an experience that could be adapted for other countries, particularly in the Global South, he said.
“Now it’s time to see whether we can use this unique experience to take these services across the world,” Agrawal said.
He pointed to countries in Asia, Africa and Latin America that face challenges similar to those India has confronted, including large informal sectors, cash dependence and limited access to financial services outside urban centres.
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