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"PM calls upon the Indian diaspora across the world to unite as a positive global force in the cause of humanity"
"प्रधानमंत्री ने प्रवासी भारतीयों से मानवता के हित में सकारात्‍मक वैश्विक ताकत के रूप में एकजुट होने का आह्वान किया"

The Prime Minister, Shri Narendra Modi, today called upon the Indian diaspora across the world to unite as a positive global force in the cause of humanity. In his inaugural address at the Pravasi Bharatiya Diwas at the Mahatma Mandir in Gandhinagar, the Prime Minister recalled that exactly 100 years ago, a Non Resident Indian - Gandhi - had returned to India to serve the people. Today, he said, he was welcoming NRIs from across the world as a Non Resident Gujarati.

684-lamp at the inauguration of the Pravasi Bharatiya Divas The Prime Minister said NRIs are present across the world, in more than 200 countries. "India is global because of you," he told the gathering. He said that in the past, Indians had travelled across the world in search of opportunity, or to gain knowledge and exposure. "Today, opportunities beckon you in India," he asserted, adding that today, the world looks at India with hope. He said times are changing quickly, and India is rising with great strength.

684-STAMP RELEASE (18) The Prime Minister exhorted the Indian diaspora to contribute to India`s success in any way possible, including knowledge, expertise or skills. The Prime Minister mentioned in particular, the Namaami Gange project to clean the River Ganga, and make it a source of economic empowerment for 40 percent of India`s population. He said he was sure all NRIs would be inspired to contribute to this cause.

684-DSC_4728 The Prime Minister welcomed the dignitaries from Guyana, South Africa and Mauritius. He recalled how Indian festivals such as Holi and Diwali are enthusiastically celebrated in Guyana. He recalled that today - January 8th - was the founding day of the African National Congress in South Africa. He mentioned that Mahatma Gandhi`s birth anniversary - October 2 - is observed in Mauritius with even greater vigour than it is observed in India.

The Prime Minister called upon NRIs across the world to forge and take pride in a common identity and heritage, and to use this strength collectively. He said even if a solitary NRI is present anywhere in the world, India is alive and present in that corner of the world through him.

684-PBD Inauguration (12) The Prime Minister said he had met representatives of 50 countries since assuming office, and he could say with confidence that rich or poor, all nations across the world, today feel that their goals and objectives can be met in partnership with India. He said this was a rare opportunity, and it was now upto everyone to use this opportunity for the benefit of humanity, and for India`s benefit.

684-IMG_9498 The Prime Minister said the world was showering affection on India, as was evident from the fact that a record 177 nations out of 193, had co-sponsored India`s resolution on International Day of Yoga at the United Nations. 

684-IMG_0081

The Prime Minister said he firmly believes that NRIs are a big strength of India, and India can make a global impact by reaching out to them. The Prime Minister said he was happy to announce that he had fulfilled all promises made to NRIs, such as lifelong visa for PIO cardholders, merging of PIO and OCI schemes, visa on arrival for 43 countries, and electronic travel authorization.

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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!