IIMS Journal of Management Science
issue front

Poonam Sethi1 and Rinku Manocha

First Published 5 Jan 2023. https://doi.org/10.1177/0976030X221139662
Article Information
Corresponding Author:

Rinku Manocha, Department of Commerce, Hindu College, University of Delhi, Delhi 110007, India
Email: rmanocha2002@yahoo.com

1 Department of Commerce, Hindu College, University of Delhi, India

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed


Fintech adoption (technology-enabled finance) has not only supplemented the existing physical financial setups for India but has also stretched its wings towards providing the financial services to those who had limited or no access to physical banking (and other financial institutions). Moreover, COVID-19-based restrictions have further strengthened the Fintech adoption among suppliers, regulators and consumers of financial services which in turn has benefited the economy at large. The present study is an attempt to empirically evaluate the impact of Fintech adoption on India’s select macro-economic variables. The macro-economic variables, namely economic growth; income per individual; official exchange rate as a proxy of financial stability vis-à-vis world at large; and labour participation were examined. An index was formed via principal component analysis to capture Fintech adoption over the period 2001–2020 and ARDL framework was employed to examine the results. The results indicate that Fintech adoption has supported India’s economic growth, income per capita and also official exchange rate. Intense regulatory measures towards technical-efficient financial structures might have contributed towards such results. However, the results indicate that the growth in digital financial medium is leading to a reduction in jobs in India.


Fintech, economic growth, exchange rate, labour participation


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