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India-ASEAN partnership may be just 25 years old. But, India’s ties with Southeast Asia stretch back more than two millennia: PM
India's free trade agreements in ASEAN region are its oldest and among the most ambitious anywhere, says the PM
Over six-million-strong Indian diaspora in ASEAN- rooted in diversity & steeped in dynamism - constitutes an extraordinary human bond: PM

Prime Minister Shri Narendra Modi has shared his vision about ASEAN-India partnership in an op-ed piece titled, “ ASEAN-India: Shared values, common destiny”. The article has been published in the leading dailies from the ASEAN member nations. Following is the complete text of the article.

ASEAN-India: Shared values, common destiny”

By : Shri Narendra Modi

Today, 1.25 billion Indians will have the honour to host 10 esteemed guests -- leaders of Asean nations -- at India's Republic Day celebrations in our capital, New Delhi.

On Thursday, I had the privilege to host the ASEAN leaders for the Commemorative Summit to mark 25 years of ASEAN-India Partnership. Their presence with us is an unprecedented gesture of goodwill from ASEAN nations. Responding to this, on a winter morning, India has come out to greet them in a warm embrace of friendship.

This is no ordinary event. It is a historic milestone in a remarkable journey that has brought India and ASEAN in a deepening partnership of great promise for their 1.9 billion people, about one-fourth of human kind.

The India-ASEAN partnership may be just 25 years old. But, India's ties with Southeast Asia stretch back more than two millennia. Forged in peace and friendship, religion and culture, art and commerce, language and literature, these enduring links are now present in every facet of the magnificent diversity of India and Southeast Asia, providing a unique envelope of comfort and familiarity between our people.

More than two decades ago, India opened itself to the world with tectonic changes. And, with instincts honed over centuries, it turned naturally to the East. Thus began a new journey of India's reintegration with the East. For India, most of our major partners and markets -- from ASEAN and East Asia to North America -- lie to the East. And, Southeast Asia and ASEAN, our neighbours by land and sea, have been the springboard of our Look East and, for the last three years, the Act East Policy.

Along the way, from dialogue partners, ASEAN and India have become strategic partners. We advance our broad-based partnership through 30 mechanisms. With each Asean member, we have growing diplomatic, economic and security partnership. We work together to keep our seas safe and secure. Our trade and investment flows have multiplied several times. ASEAN is India's fourth largest trading partner; India is ASEAN's seventh. Over 20% of India's outbound investments go to ASEAN. Led by Singapore, ASEAN is India's leading source of investments. India's free trade agreements in the region are its oldest and among the most ambitious anywhere.

Air links have expanded rapidly and we are extending highways deep into continental Southeast Asia with new urgency and priority. Growing connectivity has reinforced proximity. It has also put India among the fastest growing sources of tourism in Southeast Asia. Over a 6 million strong Indian diaspora in the region -- rooted in diversity and steeped in dynamism -- constitutes an extraordinary human bond between us.

The Prime Minister has shared his views for each of the ASEAN member nations as follows 

 

Thailand

Thailand has emerged as an important trading partner of India in Asean and is also one of the important investors in India from Asean. Bilateral trade between India and Thailand has more than doubled over the last decade. Relations between India and Thailand are extensively spread across many areas. We are important regional partners linking South and Southeast Asia. We cooperate closely in the Asean, East Asia Summit and Bimstec (the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation), as also in the frameworks of Mekong Ganga Cooperation, Asia Cooperation Dialogue and Indian Ocean Rim Association. Thailand's prime minister's state visit to India in 2016 has made a long-lasting impact on bilateral relations.

The whole of India mourned with their Thai brothers and sisters the demise of the great and popular King Bhumibol Adulyadej. The people of India also join the friendly people of Thailand in praying for the long, prosperous and peaceful reign of the new king, His Majesty King Maha Vajiralongkorn Bodindradebayavarangkun.

 

Vietnam

The traditionally close and cordial relations have their historical roots in the common struggle for liberation from foreign rule and the national struggle for independence. Leaders like Mahatma Gandhi and President Hồ Chí Minh led our peoples in the heroic struggle against colonialism. During the visit of Prime Minister Nguyễn Tấn Dũng to India in 2007, we signed the Strategic Partnership agreement. This strategic partnership has grown into a Comprehensive Strategic Partnership with my visit to Việt Nam in 2016.

India’s relations with Việt Nam are marked by growing economic and commercial engagement. Bilateral trade between India and Việt Nam has increased about 10 fold in 10 years. Defence Co-operation has emerged as a significant pillar of strategic partnership between India and Việt Nam. Science and Technology is another important area of cooperation between India and Việt Nam.

 

Myanmar

India and Myanmar share a land-border of over 1600 kms as well as a maritime boundary. Religious and cultural traditions flowing from our deep sense of kinship and our common Buddhist heritage bind us as closely as does our shared historical past. Nothing illuminates it more gloriously than the gleaming tower of Shwedagon Pagoda. The cooperation to restore Ananda Temple in Bagan with assistance of the Archaeological Survey of India also is emblematic of this shared heritage.

During the colonial period, political bonds were forged between our leaders, who displayed a great sense of hope and unity during our common struggle for independence. Gandhiji visited Yangon several times. Bal Gangadhar Tilak was deported to Yangon for many years. The clarion call of Netaji Subhash Chandra Bose for India’s independence stirred the souls of many in Myanmar.


Our trade has more than doubled over the last decade. Our investment ties are also robust. Development cooperation has a significant role in India’s relations with Myanmar. This assistance portfolio is presently worth over $1.73 billion. India’s transparent development cooperation is in line with Myanmar’s national priorities and also builds synergy with the Master Plan of ASEAN Connectivity.

 

Singapore

Singapore is a window to the heritage of India's ties to the region, the progress of the present and the potential of the future. Singapore was a bridge between India and Asean.

Today, it is our gateway to the East, our leading economic partner and a major global strategic partner, which resonates in our membership in several regional and global forums. Singapore and India share a strategic partnership.

Our political relations are infused with goodwill, warmth and trust. Our defence ties are among the strongest for both.

Our economic partnership covers every area of priority for our two nations. Singapore is India's leading destination and source of investments.

Thousands of Indian companies are registered in Singapore.

Sixteen Indian cities have over 240 direct flights every week to Singapore. Indians make up the third-largest group of tourists in Singapore.

Singapore's inspirational multiculturalism and respect for talent have nurtured a vibrant and dynamic Indian community that is contributing to deeper cooperation between our nations.

 

Philippines

I had a very satisfying visit to the Philippines a little over two months ago. In addition to attending the ASEAN-India, EAS and related Summits, I had the pleasure of meeting President Duterte and we had extensive discussions on how to carry forward our warm and problem-free relationship. We are both strong in services and our growth rates are amongst the highest among major countries. Our business and trade potential holds great promise.

I laud President Duterte’s commitment to bringing about inclusive development and to fighting corruption. These are areas where both countries can work together. We are happy to share our experience with the Philippines in universal ID cards, financial inclusion, making banking accessible to all, facilitating direct transfer of benefits, and in promoting cashless transactions. Making affordable medicines available to all is another priority area for the government of the Philippines that we are ready to contribute to. From Mumbai to Marawi, terrorism knows no boundaries. We are enhancing our cooperation with the Philippines in facing this common challenge.

 

Malaysia

The contemporary relations between India and Malaysia are quite extensive and spread across many areas. Malaysia and India share s Strategic Partnership and we cooperate in a number of multilateral and regional fora. Malaysian Prime Minister’s State visit to India in 2017 has made a long-lasting impact on the bilateral relations.

 

Malaysia has emerged as the third largest trading partner of India in ASEAN and is one of the important investors in India from ASEAN. Bilateral trade between India and Malaysia has increased more than two-fold in 10 years. India and Malaysia have a bilateral Comprehensive Economic Cooperation Agreement since 2011. This Agreement is unique in the sense that both sides have offered ASEAN Plus commitments in trade in goods and have exchanged WTO Plus offers in trade in services. The Revised Double Taxation Avoidance Agreement between the two countries, signed in May 2012, and the MoU on Customs Cooperation, signed in 2013 further facilitate our trade and investment cooperation.

Brunei

Bilateral trade between India and Brunei has more than doubled over the last decade. India and Brunei share common membership of UN, NAM, Commonwealth, ARF, etc., and as developing countries with strong traditional and cultural ties, Brunei and India enjoy a fair degree of commonality in their perceptions on major international issues. the visit of the Sultan of Brunei to India in May 2008 was a landmark in India-Brunei relations. Vice-President of India visited Brunei in February 2016.

Lao PDR

Relations between India and Lao PDR are extensively spread across many areas. India has been actively involved in power transmission and agricultural sectors in Lao PDR. Today, India and Lao PDR cooperate in a number of multilateral and regional fora.

 

While the trade between India and Lao PDR is still below potential, India has extended Duty Free Tariff Preference Schemes to Lao PDR, encourage exports of goods from Lao PDR to India. We also have immense opportunities in services trade that goes in building the economy of Lao PDR. Implementation of the ASEAN-India Services and Investment Agreement would help facilitate our services trade.

 

Indonesia

Separated by a mere 90 nautical miles in the Indian Ocean, India and Indonesia share a continuity of civilizational relationship that spans over two millennia.

Whether it is the annual Balijatra celebrated in Odisha or the legends of Ramayana and Mahabharata, which are visible across the entire landscape of Indonesia, these unique cultural threads umbilically bind the peoples of Asia’s

two largest democracies in a special neighbourly embrace.

 

‘Unity in Diversity’ or Bhinneka Tunggal Ika is also a key facet of the shared societal value structures that both countries celebrate, as also the common values of democracy and rule of law. Today, as Strategic Partners, our cooperation spans across the entire gamut of political, economic, defence & security, cultural and people to people fields. Indonesia continues to be our largest trading partner in ASEAN. Bilateral trade between India and Indonesia increased 2.5 times in the last ten years. President Joko Widodo’s State visit to

India in 2016 has made a long-lasting impact on the bilateral relations.

Cambodia

 

The traditional and friendly relations between India and Cambodia are deeply rooted in civilizational ties. The magnificent structure of Angkor Wat temple is a glorious testimony and grand symbol of our ancient historical, religious and cultural links. India was proud to undertake restoration and preservation of Angkor Wat temple during the difficult period from 1986-1993. India continues this valuable association in the ongoing restoration of Ta-Prohm temple. 

After the collapse of Khmer Rouge regime, India was the first country to recognize the new government in 1981. India was also associated with the Paris Peace Accord and its finalization in 1991. These traditional bonds of friendship have strengthened through regular exchange of high level visits. We have expanded our cooperation in diverse fields such as institutional capacity building, human resource development, developmental and social projects, cultural exchanges, defence cooperation, tourism and people-to- people contact.

In the ASEAN context, and on various global platforms, Cambodia is an important interlocutor and a supportive partner for India. India is committed to remain a partner in Cambodia’s economic development and looks forward to further deepen its traditional ties.

And, India and ASEAN are doing much more. Our partnership in ASEAN-led institutions like East Asia Summit, ADMM+ (the ASEAN Defence Ministerial Meeting Plus) and ARF (the ASEAN Regional Forum) are advancing peace and stability in our region. India is also an eager participant in the Regional Comprehensive Economic Partnership Agreement, seeking a comprehensive, balanced and fair agreement for all 16 participants.

The strength and resilience of partnerships come not just from arithmetic of numbers, but also from the underpinnings of the relationship. India and ASEAN nations have relations free from contests and claims. We have a common vision for the future, built on commitment to inclusion and integration, belief in sovereign equality of all nations irrespective of size, and support for free and open pathways of commerce and engagement.

The ASEAN-India partnership will continue to grow. With the gift of demography, dynamism and demand -- and with rapidly maturing economies -- India and ASEAN will build a strong economic partnership. Connectivity will increase and trade will expand. In an era of cooperative and competitive federalism in India, our states are also building productive cooperation with Southeast Asian nations. India's Northeast is on a resurgent path. Links with Southeast Asia will accelerate its progress. In turn, a connected Northeast will be a bridge to ASEAN-India ties of our dreams.

As Prime Minister, I have attended four annual ASEAN-India Summits and East Asia Summit. These have reinforced my conviction in ASEAN unity, centrality and leadership in shaping the region in this vision.

This is a year of milestones. India turned 70 last year. ASEAN reached the golden milestone of 50 years. We can each look to our future with optimism and to our partnership with confidence.

At 70, India exudes the spirit, enterprise and energy of its young population. As the fastest growing major economy in the world, India has become the new frontier of global opportunities and an anchor of stability of the global economy. With every passing day, it is easier and smoother to do business in India. I hope that ASEAN nations, as our neighbours and friends, will be an integral part of New India's transformation.

We admire ASEAN's own progress. Born when Southeast Asia was a theatre of a brutal war and a region of uncertain nations, ASEAN has united 10 countries behind a common purpose and a shared future. We have the potential to pursue higher ambitions and address the challenges of our times: from infrastructure and urbanisation to resilient agriculture and a healthy planet. We can also use the power of digital technology, innovation and connectivity to transform lives at unprecedented speed and scale.

A future of hope needs a solid bedrock of peace. This is an age of change, disruptions and shifts that comes only rarely in history. ASEAN and India have immense opportunities -- indeed, enormous responsibility -- to chart a steady course through the uncertainty and turbulence of our times to a stable and peaceful future for our region and the world.

Indians have always looked East to see the nurturing sunrise and the light of opportunities. Now, as before, the East, or the Indo-Pacific Region, will be indispensable to India's future and our common destiny. The ASEAN-India partnership will play a defining role in both. And, in Delhi, ASEAN and India renewed their pledge for the journey ahead.

 

The text of Prime Minister’s op-ed in ASEAN newspapers can be accessed at the following links:

https://www.bangkokpost.com/opinion/opinion/1402226/asean-india-shared-values-and-a-common-destiny

 

http://vietnamnews.vn/opinion/421836/asean-india-shared-values-common-destiny.html#31stC7owkGF6dvfw.97

 

http://www.businesstimes.com.sg/opinion/asean-india-shared-values-common-destiny

 

http://www.globalnewlightofmyanmar.com/asean-india-shared-values-common-destiny/

 

http://www.thejakartapost.com/news/2018/01/26/69th-republic-day-india-asean-india-shared-values-common-destiny.html

 

http://www.mizzima.com/news-opinion/asean-india-shared-values-common-destiny

 

http://www.straitstimes.com/opinion/shared-values-common-destiny

 

https://news.mb.com.ph/2018/01/26/asean-india-shared-values-common-destiny/

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It is time to convert fintech initiatives into a fintech revolution: PM Modi
December 03, 2021
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“last year, in India, mobile payments exceeded ATM cash withdrawals for the first time”
“Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance”
“Now it is time to convert these fintech initiatives into a fintech revolution. A revolution that helps to achieve financial empowerment of every single citizen of the country”
“Trust means that you need to ensure that the interests of people are secured. Fintech innovation will be incomplete without fintech security innovation”
“Our Digital Public Infrastructure solutions can improve the lives of citizens around the world”
“GIFT City is not merely a premise, it represents India. It represents India’s democratic values, demand, demography & diversity. It represents India’s openness to ideas, innovation & investment”
“Finance is the life blood of an economy and technology is its carrier . Both are equally important for achieving Antyodaya

Excellencies,

Distinguished colleagues,

My fellow citizens from the Tech and Finance world, Tens of thousands of Participants from over 70 countries,

Namaskar!

Friends,

I am delighted to inaugurate the first 'Infinity Forum' and welcome you all. 'Infinity Forum' represents the immense possibilities that Fintech has in India. It also shows the huge potential for India's Fintech to provide benefits to the entire world.

Friends,

The history of currency shows tremendous evolution. As humans evolved, so did the form of our transactions. From barter system to metals, from coins to notes, from cheques to cards, today we have reached here. Earlier developments used to take decades to spread across the world but not any more in this era of globalisation .Technology is bringing a big shift in the world of finance. Last year, in India, mobile payments exceeded ATM cash withdrawals for the first time. Fully digital banks, without any physical branch offices, are already a reality and may become common-place in less than a decade.

Friends,

India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for Fintech innovations to be applied in governance. Technology has also catalyzed financial inclusion. From less than 50% Indians having bank accounts in 2014, we have almost universalized it with 430 million Jan Dhan accounts in the last 7 years. So far, 690 million RuPay cards have been issued. RuPay cards clocked 1.3 billion transactions last year. UPI processed around 4.2 billion transactions in just last month.

Almost 300 million invoices are uploaded on the GST portal every month. More than 12 billion US dollars worth payment is done through the GST portal alone every month. Despite the pandemic, about 1.5 million railway tickets get booked online everyday. Last year, FASTag processed 1.3 billion seamless transactions. PM Svanidhi is enabling access to credit for small vendors across the country. e-RUPI has enabled targeted delivery of specified services without leakages; I can go on and on, but these are just a few examples of the scale & scope of Fintech in India.

Friends,

Financial inclusion is the driver of Fintech Revolution. Fintech is resting on 4 pillars; income, investments, insurance, and institutional credit. When income grows, investment becomes possible. Insurance coverage enables greater risk taking ability and investments. Institutional credit gives wings for expansion. And we have worked on each of these pillars. When all these factors come together, you suddenly find so many more people participating in the financial sector. The large base becomes the perfect springboard for Fintech innovations. Fintech industry in India is innovating to enhance access to finance and the formal credit system to every person in the country. Now it is time to convert these fintech initiatives into a fintech revolution. A revolution that helps to achieve financial empowerment of every single citizen of the country.

Friends,

As we see the widening reach of fintech, there are considerations that need attention. Fintech industry has achieved huge scale, and scale means people from all walks of life as customers. This fintech acceptability among the masses has a unique feature. That feature is trust. The common Indian has shown immense trust in our Fintech ecosystem by embracing digital payments and such technologies! This trust is a responsibility. Trust means that you need to ensure that the interests of people are secured. Fintech innovation will be incomplete without fintech security innovation.

Friends,

We believe in sharing our experiences and expertise with the world and learning from them as well. Our Digital Public Infrastructure solutions can improve the lives of people around the world. Tools like UPI and RuPay provide an unparalleled opportunity for every country. An opportunity to provide a low cost and reliable 'real time payment system' as well as a 'domestic card scheme' and 'fund remittance system'.

Friends,

GIFT City is not merely a premise, It represents the promise of India. It represents India's democratic values, demand, demography & diversity. It represents India's openness to ideas, innovation & investment. GIFT City is a gateway to the global fintech world. (IFSC) at GIFT City was born out of the vision that finance combined with technology would be an important part of India's future development. Our aim is to provide the best International Financial Services not just for India but for the World.

Friends,

Finance is the life blood of an economy and technology is its carrier. Both are equally important for achieving ''Antyodaya and Sarvodaya''. Our flagship Infinity Forum is part of our endeavor to bring together all key stakeholders of the global Fintech Industry to explore the limitless future of the industry. I remember the conversation I had with Mr Mike Bloomberg on this subject when we last met. And I thank the Bloomberg group for their support. Infinity forum is a forum of belief, belief in the spirit of innovation and the power of imagination. Belief in the energy of youth and their passion for change. Belief in making the world a better place. Let us together, explore and advance innovative ideas in Fintech to solve the most pressing issues emerging globally.

Thank You!