look news india
From the platform of Global Fintech Summit, Prime Minister Narendra Modi has praised India’s digital public infrastructure and rapidly growing fintech sector. Describing the Unified Payments Interface (UPI) as the undisputed champion of the country’s fintech success, PM Modi said that instead of limiting the use of technology only to the rich, India has made it the biggest weapon in the daily life of the common citizen. The Prime Minister stressed that today India’s strong GDP growth and financial inclusion have emerged as a strong beacon of hope and confidence for the entire world economy.
In his address, the Prime Minister said that when India took steps towards financial inclusion a decade ago, many experts were skeptical. India made the impossible possible through the ‘JAM trinity’ of Jan-Dhan bank accounts, digital identity and cheap mobile data. Today, from a small village tea seller to a big mall, everyone is making secure payments in the blink of an eye by scanning QR codes. This fundamental change has directly contributed to the country’s GDP by linking India’s informal economy with the formal system.
PM Modi underlined that today UPI is no longer limited to the borders of India, but has become a trusted global brand internationally. Indian travelers and local citizens are easily making digital transactions in many countries like France, United Arab Emirates (UAE), Singapore, Mauritius, Sri Lanka and Nepal. Central banks and financial institutions around the world are studying this open-architecture model of India today. India has proven that a large digital payments network can be operated in a secure, fast and reliable manner without any excessive service charges.
The Prime Minister said that when the entire world is struggling with geopolitical tensions and economic recession, India is continuously growing at the rate of more than 7 percent. This sustainable growth rate motivates the world’s investors to bet on India. India’s fintech ecosystem is not limited to transactions only, but it is also providing credit to micro, small and medium enterprises (MSMEs) instantly and without any complicated paperwork. This has made doing business easier and millions of new employment opportunities are being created.
Along with the fast pace of the digital world, PM Modi also strongly raised the importance of cyber security and fraud prevention. He called upon fintech companies, startups and banks to use AI and machine learning to create a strong firewall to prevent financial frauds. The technology should be such that even the person standing at the lowest rung of the society has unwavering faith in it. India aims to keep technology inclusive, democratic and completely transparent.