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PM Modi lauds India's fintech growth at GFF 2024, highlighting UPI's global impact and India's leadership in digital transactions.
Prime Minister Modi highlights India's fintech success at GFF 2024, with 500% startup growth and $31 billion investments in the last decade. UPI leads nearly half of global digital transactions.
Prime Minister Narendra Modi addressed the Global Fintech Fest (GFF) 2024 today at the Jio World Convention Centre in Mumbai, emphasizing the revolutionary impact of India’s fintech sector on global ease of living. The event, organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, showcased India’s growing dominance in the fintech landscape.
In his speech, Prime Minister Modi praised India's fintech innovations, sharing that international visitors are now as impressed by the country's fintech advancements as they are by its cultural diversity. Over the last decade, India has attracted over $31 billion in fintech investments and witnessed a 500% rise in startups. This rapid growth reflects India's leadership in driving digital payments and financial solutions.
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Modi highlighted the role of UPI (Unified Payments Interface), which has become a global benchmark for digital payments. Today, nearly half of the world's digital transactions take place in India, thanks to the widespread adoption of UPI. This innovation has made digital transactions seamless for millions of Indians and has been recognized internationally for its efficiency and security.
The Prime Minister attributed the success of India's fintech revolution to affordable mobile phones, low-cost data, and the widespread use of Aadhaar, India's digital identification system. He noted that the number of broadband users in India has surged from 60 million to 940 million, with most citizens now having access to digital banking through the Jan Dhan, Aadhaar, and Mobile (JAM) trinity.
Modi also pointed to the social impact of fintech, making financial services like loans, credit cards, and investments more accessible to all, particularly women and small business owners. Programs such as PM SVANidhi and Jan Dhan Yojana have provided financial support and empowerment, creating opportunities for growth and stability across the country.
The Indian government has been proactive in supporting the fintech sector, with initiatives like the removal of the Angel Tax and the introduction of the Digital Personal Data Protection Act to foster innovation while ensuring security. Prime Minister Modi urged fintech companies to keep cybersecurity at the forefront of their innovations, ensuring the protection of digital assets and transactions.
Looking ahead, Modi expressed confidence that India's fintech ecosystem would continue to evolve and enhance the quality of life for people globally. He promised to return for the 10th edition of the Global Fintech Fest in five years, optimistic about an even brighter future for the industry.
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Prime Minister Modi emphasized India's leadership in fintech, which is driven by innovation and government support. He expressed confidence that India's fintech ecosystem will continue to enhance global ease of living, with UPI leading the way and India's financial inclusion initiatives empowering millions across the nation and beyond.