India’s data costs have plunged from ₹287 per GB to just ₹9 per GB over the past decade, Communications Minister Jyotiraditya M. Scindia said on Thursday, describing India as the “cheapest data capital of the world today.”

Speaking at the Global Fintech Fest, Scindia highlighted the sharp expansion of India’s digital connectivity, saying the number of people with access to broadband has risen from around 6 crore a decade ago to more than 102 crore today.

The minister linked the fall in data prices to the rapid expansion of India’s digital infrastructure, which has also helped widen access to online financial services.

India’s 5G network reaches 99.9% of districts

Scindia said India began rolling out its 5G network in 2022 and achieved network capability across 99.9 per cent of the country’s districts within the next 26 months.

The network now covers around 85 per cent of India’s population, he said, with a capital expenditure of ₹4,500 crore.

“As we connect each of India's villages, they become a member of this global Fintech Fest,” Scindia said.

UPI accounts for 84% of digital transactions

Scindia also pointed to the scale of India’s digital payments ecosystem. According to him, 84 per cent of digital transactions in India now take place through UPI, while India accounts for 49 per cent of the world’s digital transactions.

He said UPI has already expanded beyond India to nine countries, with plans to take the technology to another 20 countries.

Scindia said India’s experience showed how digital infrastructure could drive wider financial participation, arguing that open infrastructure helps innovation scale, affordable infrastructure expands inclusion and secure infrastructure builds trust.

Aadhaar crosses 144 crore identities, Jan Dhan accounts hit 60 crore

The minister cited the scale of other digital public infrastructure as another indicator of India’s digital transformation.

Aadhaar has more than 144 crore identities, while the number of Jan Dhan accounts has reached 60 crore, he said. Scindia also pointed to affordable smartphones and DigiLocker, which he said now holds 9 billion documents, as tools that have made financial services more accessible to citizens.

India is also the second-largest telecom market, according to Scindia, with 133 crore mobile phones in use. Nearly 52 crore of those phones are in the rural sector, he said.

“These statistics portray a case of economic mobility,” Scindia said.

RBI Governor highlights India’s fintech growth

RBI Governor Sanjay Malhotra, speaking at the event, said India’s fintech ecosystem ranks among the largest globally and has attracted $2.4 billion in funding.

Malhotra said India has an opportunity to become a trusted partner in shaping the architecture of global finance and said the Reserve Bank of India is committed to supporting the industry in developing a connected global financial system.

With IANS inputs