Prime Minister Narendra Modi addressed the Global Fintech Fest 2024 at the Jio World Convention Centre in Mumbai on August 30. His speech highlighted the rapid strides India has made in the fintech sector and emphasized the need for global collaboration to address emerging challenges.
Modi acknowledged concerns about the potential misuse of artificial intelligence (AI). He stressed the importance of developing a global framework for the ethical use of AI, ensuring that this transformative technology is harnessed responsibly. The Prime Minister also reassured the audience that the Indian government is committed to creating a conducive environment for the fintech sector, citing recent policy changes like the removal of angel tax.
He underscored the role of digital technology in enhancing transparency and efficiency in India’s governance. Modi pointed to the success of direct benefit transfer programs, which have eliminated leakage in government schemes and reached millions of beneficiaries directly.
The Prime Minister emphasized the far-reaching social impact of the fintech revolution in India. He lauded the role of fintech in bridging the gap between urban and rural communities, citing the success of Jan Dhan accounts in connecting women’s self-help groups with banking services. He highlighted the empowerment of 10 crore rural women through this program.
Modi also reflected on the significant transformation in India’s financial landscape over the past decade. He pointed to the dramatic increase in broadband users, from 60 million to 940 million, as evidence of India’s rapid digitalization. This growth has facilitated the rise of a vibrant fintech ecosystem in India.
Addressing the global audience at the Global Fintech Fest, Modi remarked on India’s emerging reputation as a fintech powerhouse. He stated that India’s fintech diversity is now as renowned as its cultural diversity, evident in the seamless integration of fintech solutions into daily life, from airport arrivals to street food vendors.
Concluding his address, Modi expressed optimism about India’s economic prospects, highlighting the festive mood in both the economy and the markets. His speech served as a rallying call for global cooperation and innovation in the fintech sector, emphasizing India’s role as a leader in this rapidly evolving field.
