PM pays respects to Dr. Babasaheb Ambedkar at Chaitya Bhoomi in Mumbai
PM lays Foundation Stone of Dr. Babasaheb Ambedkar Memorial
PM lays Foundation Stones of important infrastructure projects in Mumbai
PM calls on senior leaders Shri Atal Bihari Vajpayee and Shri George Fernandes
The Prime Minister, Shri Narendra Modi, today visited Mumbai.
He paid respects to Bharat Ratna Dr. Babasaheb Ambedkar, at Chaitya Bhoomi in Mumbai. The Prime Minister later unveiled a plaque to mark the laying of Foundation Stone of Dr. Babasaheb Ambedkar Memorial at the Indu Mills Compound, in Mumbai.
The Prime Minister unveiled the plaque for laying of the Foundation Stone of the Fourth Container Terminal of the Jawaharlal Nehru Port at Mumbai. At a public meeting, the Prime Minister also unveiled a plaque for the laying of Foundation Stone for two metro rail corridors.
Addressing the gathering, the Prime Minister spoke of the contributions of Dr. Babasaheb Ambedkar to the nation. He said a world-class memorial would be built at the Indu Mills Compound, and said this memorial should have public participation from all villages of Maharashtra. He said that November 26th will be observed as Constitution Day, to generate awareness about Dr. Ambedkar’s contributions.
The Prime Minister strongly refuted all rumours about any review of the reservations policy. He said no one could take away the benefits that had been given by Dr. Ambedkar.
The Prime Minister appreciated the work being done by Maharashtra Chief Minister Shri Devendra Fadnavis, in areas such as speeding up infrastructure development, and the “Jal Sanchay” (water storage) facilities in rural areas.
The Prime Minister praised Union Ministers Shri Suresh Prabhu and Shri Nitin Gadkari for the work being done by them. He emphasized the importance of port-led development for the economic development of the country and the success of the Make in India initiative.
Earlier this morning, the Prime Minister made a courtesy call on senior leaders Shri Atal Bihari Vajpayee and Shri George Fernandes on the occasion of the birth anniversary of Loknayak Jayaprakash Narayan.
Text of PM’s address at Inauguration of InFinity Forum, 2021
December 03, 2021
“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
My fellow citizens from the Tech and Finance world, Tens of thousands of Participants from over 70 countries,
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.
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.
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.
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.
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.
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'.
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.
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.