India, Dec. 19 -- SMPL

Mumbai (Maharashtra) [India], December 19: India's fintech looks cutting-edge - but could a small Rs.3,000 machine on a dusty counter be its biggest blind spot! On one side, India is facing an identity-fraud wave. Deepfake-related cybercrime cases have surged by over 550% since 2019, with losses projected to reach about Rs.70,000 crore in 2024.

On the other side, we are still importing a majority of our electronic components and devices from outside India. In 2023-24, electronics, telecom and electrical imports were dominated by China and Hong Kong - together accounting for a large chunk of our components and finished devices. While China currently dominates India's electronics and component imports, the deeper is...