MUMBAI: Prime Minister Narendra Modi on Thursday said that India has democratised technology over the past decade and created one of the most technologically inclusive societies in the world.
Addressing the Global Fintech Fest at the Jio World Centre in Mumbai in the presence of visiting United Kingdom Prime Minister Keir Starmer, Modi suggested that this technological inclusiveness has helped India gain fintech prowess which is now getting global recognition.
“Today, digital payments have become a part of everyday life in India, and the biggest credit goes to the JAM trinity: Jan Dhan, Aadhaar, and mobile. Just look at UPI transactions. Today, over 20 billion transactions take place every month, with a value exceeding ₹25 lakh crore. Currently, out of every 100 real-time digital transactions in the world, 50 happen solely in India,” the PM told the gathering at the GFF.
Calling India the mother of democracy, the PM further stated that the country has turned this democratic spirit into a strong pillar of governance. “Five years ago, when the Global Fintech Festival started, at that time the world was fighting a global pandemic. Today, this festival has become a global platform for financial innovation and financial cooperation. This time, the UK has participated in this event as a partner country. The partnership between two big democracies of the world will strengthen the global financial landscape,” Modi said.
“India is the mother of democracy. When we talk about democracy, it is not limited to elections or policymaking alone. India has made this democratic spirit a strong pillar of governance… In the past decade, India has democratised technology. Today’s India is one of the most technologically inclusive societies,” he added.
He said technology has become a means of equality in India as the inclusive approach has transformed the country’s banking system. “What was once a privilege has now become a medium of empowerment through digital technology… Today, digital payment is a part of everyday life,” the PM stated.
Modi further asserted that India and the UK will forge a win-win partnership in the fields of artificial intelligence and fintech, adding New Delhi was in favour of global framework for ethical AI.
On his part, Starmer said the UK and India are natural partners and global leaders in fintech, and described the recent bilateral trade deal as one of the most ambitious ever. “It is the most ambitious trade deal India has ever done, so I want to thank Prime Minister Modi for this partnership. This is a huge win for both nations,” he said, adding that he wants the UK to be the number one choice for investment in finance and fintech.
Earlier, while starting his address at the GFF, the UK PM spoke in Hindi evoking smiles from those present including PM Modi. “Mujheyahan aa kar bahut khushi hui (I am very happy to be here),” he said.
Agencies