Prime Minister Narendra Modi addressed the Global Fintech Fest (GFF) 2024 today at the Jio World Convention Centre in Mumbai, showcasing India's rapid strides in the fintech sector. The event, jointly organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, brought together key stakeholders to celebrate and explore the future of fintech in India.
During his speech, Prime Minister Modi highlighted the celebratory mood of India's economy and markets, coinciding with the festive season. He welcomed the dignitaries and guests, sharing his experiences from the exhibition at the event, which highlighted the innovative potential of India's youth. Modi praised the organizers for successfully hosting the GFF 2024.
Hailing India's fintech innovation, Modi remarked that foreign visitors are now as impressed by India's fintech diversity as they are by its cultural diversity. He highlighted the exponential growth of the fintech sector, noting that in the past decade, the industry has attracted over $31 billion in investments and seen a 500% increase in startups.
Modi credited affordable mobile phones, inexpensive data, and Jan Dhan Bank accounts for driving this revolution. He also pointed out that India's broadband user base has skyrocketed from 60 million to 940 million, with the majority of citizens now having Aadhaar, a digital identification.
Modi celebrated the success of the Jan Dhan, Aadhaar, and Mobile (JAM) trinity in transforming India's financial landscape. He noted that half of the world's digital transactions now take place in India, with UPI (Unified Payments Interface) becoming a global benchmark. The Prime Minister highlighted that despite the challenges of the COVID-19 pandemic, India's banking system remained uninterrupted, thanks to fintech innovations.
Reflecting on the social impact of fintech, Modi emphasized how it has democratized financial services, making loans, credit cards, and investments more accessible to all. He highlighted the success of initiatives like PM SVANidhi, which provides collateral-free loans to street vendors, and Jan Dhan Yojna, which has empowered women through financial inclusion.
Modi urged the fintech sector to continue innovating while ensuring cybersecurity. He also highlighted the government's efforts to support the sector through policy changes, including the removal of the Angel Tax and the introduction of the Digital Personal Data Protection Act.
In conclusion, Prime Minister Modi expressed confidence in India's fintech ecosystem, believing it will enhance the quality of life for people worldwide. He envisioned an even brighter future, promising to return for the 10th edition of the GFF in five years.
