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From the Legend of Rama to the Wisdom of Buddha our (India and Thailand) ties are founded on a shared cultural heritage: PM Modi
Thailand is a trusted and valued friend, and one of our closest partners in Southeast Asia: Prime Minister
Rapid spread of terrorism and radical ideology poses a common challenge to both our societies (India and Thailand): PM
Beyond terrorism, we have agreed to deepen engagement in cyber security and several other key areas: PM
We welcome the first meeting of the India-Thailand Joint Business Forum: PM Modi
We have prioritized completion of India-Myanmar-Thailand Trilateral highway: PM
Connectivity is priority for India’s development. Improving access to Southeast Asia from our Northeast benefits both our peoples: PM

You Excellency Prime Minister General Prayut Chan-o-cha Ladies and Gentlemen

It is a great pleasure to welcome you to India.

Your visit is a high point in our top-level political exchanges.

You come from a land that is very familiar to us.

From the Legend of Rama to the Wisdom of Buddha our ties are founded on a shared cultural heritage. Our historical people-to-people ties provide a strong basis to our partnership.

Thailand is a trusted and valued friend, and one of our closest partners in Southeast Asia.

Friends,

Today, Prime Minister and I reviewed the full range of our bilateral engagement:

From culture to commerce;

From closer contacts between our peoples to deeper connectivity; and From counter-terrorism to defence and security.

We are both aware that rapid spread of terrorism and radical ideology poses a common challenge to both our societies.

And, we also recognize that our close security partnership would help us to secure our peoples from these threats.

In our shared objective to combat these challenges, India is particularly grateful to Thailand for its assistance and cooperation.

Beyond terrorism, we have agreed to further deepen our security engagement in the fields of cyber security, narcotics, transnational economic offenses and human trafficking.

Friends,

The land frontiers of our two countries are not far apart.

And, we are also maritime neighbours.

So, Prime Minister and I have agreed to forge a closer partnership in the fields of defence and maritime cooperation.

A partnership to meet our bilateral interests ; and to respond to our shared regional goals.

And a partnership, which will be shaped by:

Sharing of expertise and experiences;

Greater staff exchanges and more exercises;

Cooperation on counter-piracy on seas;

Deeper engagement in naval patrolling; and Building linkages in the field of defence R&D and production.

Friends,

Trade and commerce flows are an important lifeline of the interdependent world today.

Excellency and I agree that a more diversified commercial engagement between us would not only benefit both our economies. It would also enable greater regional economic prosperity.

In this context, we welcome the first meeting of the India-Thailand Joint Business Forum to be held later today. We encourage them, and the other business-sector stakeholders, to take lead in tapping the emerging business opportunities in both our countries.

Alongside trade, there are also ample avenues for greater manufacturing and investment linkages.

We see a particular synergy between Thai strengths in infrastructure, particularly tourism infrastructure, and India's priorities in this field.

Information Technology, pharmaceuticals, auto-components, and machinery are some other areas of promising collaboration.

We also see early conclusion of a balanced Comprehensive Economic and Partnership Agreement as our shared priority.

Friends,

Prime Minister and I are fully aware that smooth flow of goods, services, capital and human resources between our economies needs a strong network of air, land and sea links.

We have, therefore, prioritized completion of India-Myanmar-Thailand Trilateral highway; and early signing of the Motor Vehicles Agreement between our three countries.

Connectivity is also an area of priority for India’s development.

Improving access to Southeast Asia from our Northeastern States benefits both our peoples.

Friends,

Stronger connectivity is essential not just for expanding bilateral trade ties. It also brings our people closer and facilitates enhanced science, education, culture and tourism cooperation.

Next year, to commemorate the seventy years of establishment of our diplomatic relations, we will celebrate Festival of India in Thailand, and Festival of Thailand in India.

This year, India is also celebrating one hundred and twenty-fifth birth anniversary of Dr. B.R. Ambedkar, the architect of Indian Constitution.

I am delighted that the Indian Constitution will soon be translated into Thai language.

I am also happy to announce that to welcome more tourists from Thailand to India, and to help them enjoy their visits to Buddhist sites in India, we will soon facilitate double entry e-tourist visas for citizens of Thailand.

Excellency,

India has always deeply appreciated the warmth and affection of the Royal Family of Thailand for India.

Her Royal Highness Princess Maha Chakri Sirindhorn has been a frequent and very welcome visitor to India.

We look forward to welcoming her in India again later this year.

We also look forward to the honour of receiving His Royal Highness Crown Prince Vajiralongkorn in India at his earliest convenience.

In conclusion, let me say that the convergence of Thailand's 'Look West', and India's 'Act East' policy lights the path to a bright future of our partnership.

Excellency, let me once again welcome you and your delegation to India.

Thank you.

20 ವರ್ಷಗಳ ಸೇವಾ ಮತ್ತು ಸಮರ್ಪಣದ 20 ಚಿತ್ರಗಳು
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Text of PM’s address at Inauguration of InFinity Forum, 2021
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!