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Global economic resilience can be achieved by stronger domestic economic capacities: PM
India is contributing towards a prosperous and resilient world through the clarion call of ‘Aatmanirbhar Bharat’: PM
There has never been a better time to invest in India: PM
India is emerging as a land of opportunities: PM
India-US partnership can play an important role in helping the world bounce back faster after the pandemic: PM

Prime Minister Shri Narendra Modi delivered the keynote address at the India Ideas Summit today. The Summit is being hosted by the US-India Business Council (USIBC). The theme for this year’s Summit is ‘Building a Better Future’.

Prime Minister congratulated USIBC on its 45th anniversary this year. He thanked the USIBC leadership for their commitment to advancing India-US economic partnership.

Global economic resilience through stronger domestic economic capacities

Prime Minister talked about the need to place the poor and the vulnerable at the core of growth agenda. He underlined that ‘Ease of Living’ is as important as ‘Ease of Business’. He said that the pandemic has reminded us of the importance of resilience of the global economy against external shocks, which can be achieved by stronger domestic economic capacities. He emphasized that India is contributing towards a prosperous and resilient world through the clarion call of an ‘Aatmanirbhar Bharat’.

India offers a perfect combination of openness, opportunities and options

Prime Minister said that there is global optimism towards India because it offers a perfect combination of openness, opportunities and options. He noted that in the last six years, efforts have been undertaken to make our economy more open and reform oriented, adding that reforms have ensured competitiveness, enhanced transparency, expanded digitization, greater innovation and more policy stability.

Citing a recent report, Prime Minister said that there are more rural internet users than urban internet users. Hailing India as a land of opportunities, he said there are about half a billion active internet users in the country now, while there are over half a billion more people who are being connected. He also mentioned opportunities in the frontier technologies of 5G, Big Data analytics, Quantum Computing, Block-chain and Internet of Things.

Extensive opportunities to invest across sectors

Prime Minister underlined that there are extensive opportunities to invest in a variety of sectors in India. He talked about the historic reforms recently undertaken in the agriculture sector and said that there are opportunities to invest in areas including agriculture inputs and machinery, agriculture supply chain, food processing sector, fisheries and organic produce. Noting that the healthcare sector in India is growing faster than 22% every year and the progress of Indian companies in production of medical-technology, tele-medicine and diagnostics, he said that now is the best time to expand investment in Indian healthcare sector.

Prime Minister listed several other sectors which offer tremendous opportunities to invest, viz. the energy sector; infrastructure creation including building houses, roads, highways and ports; civil aviation, wherein top private Indian airlines plan to include over a thousand new aircrafts over the coming decade, thus opening up opportunity for any investor who chooses to set up manufacturing facilities in India, and also through setting up of Maintenance Repair and Operations facilities. He mentioned that India is raising the FDI cap for investment in defence sector to 74%, two defence corridors have been established to encourage production of defense equipment and platforms, and added that special incentives are offered for private and foreign investors. He also mentioned path-breaking reforms being undertaken in the space sector.

Inviting investment in finance and insurance, Prime Minister said that India has raised the FDI cap for investment in insurance to 49% and 100% FDI is permitted for investment in insurance intermediaries. He noted that there are large untapped opportunities for increasing insurance cover in health, agriculture, business and life insurance.

Rising investments in India

Prime Minister talked about India’s rise in Ease of Doing Business rankings of the World Bank. He underlined that each year, India is reaching record highs in FDI, adding that FDI inflows in India in 2019-20 were 74 billion dollars, which is an increase of 20% over the previous year. He highlighted that even during the pandemic, India has attracted foreign investment of more than 20 billion dollars between April and July this year.

Best time to invest in India

Prime Minister said that India has what is needed to power the global economic recovery. He noted that India’s rise means a rise in trade opportunities with a nation that can be trusted, a rise in global integration with increasing openness, a rise in competitiveness with access to a market which offers scale, and a rise in returns on investment with the availability of skilled human resources. Calling USA and India as natural partners, he said this partnership can play an important role in helping the world bounce back faster after the pandemic. Reaching out to the American investors, he said that there has never been a better time to invest in India.

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20 વર્ષની સેવા અને સમર્પણ દર્શાવતા 20 ચિત્રો.
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‘ચલતા હૈ’ નું વલણ છોડી દઈને ‘બદલ સકતા હૈ’ વિચારવાનો સમય પાકી ગયો છે: વડાપ્રધાન મોદી

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‘ચલતા હૈ’ નું વલણ છોડી દઈને ‘બદલ સકતા હૈ’ વિચારવાનો સમય પાકી ગયો છે: વડાપ્રધાન મોદી
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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!