Place : New Delhi Speech Date :18-03-2011

  • A holistic view of human life and the surroundings is essential for our sustainable development and India presents a premier model in a situation like this .
  • To balance between development and economic growth, we have to look towards Mahatma Gandhi.
  • Even in the midst of robustness, there may be small devices and structures which are closer to the nature. Even amidst the mega creations, there may be small mechanisms which can empower and take care of the last person.
  • Gujarat's model of development is an amazing mix of the big and small; robust and inclusive; fast and yet sustainable.
  • India has the power of new energy in the form of its youth.
  • India has the strength of its tradition in the form of its caring culture.
  • India has the warmth of participation in the form of its democracy.
 

“Leadership in an Emerging Nation: Balancing Development and Economic Growth”

 Mr. Birthe Foster, the Chairperson of EBG, Excellencies, Leaders of the European and Indian corporate world, Ladies and Gentlemen!

At the very outset, I wish to compliment the organizers for choosing this topic. It is not only relevant for the economy but also for the humanity. It is also a matter very close to my heart. Such deliberations help us a lot in learning from each other. I have been a firm believer in noble intentions in every human being. We all want to do good. And the collective wisdom does give us the way forward. In fact, the term leadership has a wider meaning. There are leaders in every walk of life. The real work of a true leader is to unleash that creativity of the people around him. If we encourage leaders in all fields, there would be automatic balance in the society and economy. We have to work on this collective strength of the people.

Friends! I think after the world wars, this is the most critical moment in human history. Established theories are getting diluted. Our beliefs are getting tested. Our structures are still looking for the capacity to withstand the nature. Our safety nets are not safe enough. Our systems are not strong to safeguard us before human and natural adventures. Employment and livelihood is not secure for all time. Infrastructure and amenities are not sustainable. But we have to live and have to live in a better way. For this, we have to make this world a better place to live. Not only for ourselves, but also for the coming generations. The option is not to escape from the reality. The option is also not to disappear from this planet. There is a common belief that if you are living at a particular place, you are better off. But recent economic crisis and natural disasters have shown that it is not so. So WHERE do we live is not an important question. To my mind, the important question is HOW do we live?

Friends! To say conclusively as to how do we live is not easy. Unfortunately, there are very few models left on which we can rely. All philosophies have been tested. All technologies have been tried. The industrial revolution gave us the confidence that we can make anything. The world wars gave the confidence that we can destroy anything. But when it comes to development of all, no theory, philosophy or strategy has proved to be enough. There have been elections, civil unrest and wars in the name of equality and justice. But we all know where we stand. What is the reason for this situation? The answer, to my mind, is within us. We have to look within. The biggest problem of the present model of development is that it is based on exploitation. Exploitation of nature and its resources. Exploitation of the poor by the rich. Exploitation of one part of the world by another part. Exploitation of the feelings of the common man through dreams of consumerism. It will not work for a long time.

The answer is not in exploitation. The answer is in nurturing. We have to find and exchange technologies which ensure maximum productivity from minimum usage of natural resources. The ‘throw away' culture is not sustainable. This is leading to a mad rush of consumerism. By the time we get used to one particular model of an instrument, there is a newer version. What we need is satisfaction and value for the consumer. Only the satisfaction of the producer is not enough. Moreover, we have to use our resources in a manner that the same is available in equal or greater measure for the posterity. Unfortunately, the term ‘development' has become a limited concept. It is understood as relating only to economic development and physical wellbeing. Moreover, it attempts to meet only the present demands. While nurturing takes a holistic view of the situation. It combines the people, resources and amenities. It combines the past, the present and the future . A holistic view of human life and the surroundings is essential for our sustainable development . I can say that such models are available in many emerging nations . I have the humility to say that India presents a premier model in a situation like this .

India has been a society and culture of nurturing and nourishment . We have been told to thank and seek forgiveness from the mother earth as soon as we get up in the morning . We have been told not only to plant trees but to preserve and worship them . We have been told to raise cattle, feed them and pray for their well being if we want our good fortunes . We have been told to treat the entire universe as one family . These thoughts are embedded in our culture and scriptures . Since ancient times, our society has practiced them . However, it was Mahatma Gandhi who showed us that these ideals work even in the modern age . Friends! In this light, I can answer your topic in one line. And the answer is that we have to look towards Mahatma Gandhi. There can not be a better guide to balance the conflicting demands of present day. The conflicts are there for economic growth, disaster management and ecological conservation. The challenge is to ensure smooth, equitable and sustainable development .

Thus, living in harmony with the nature; living with compassion for others is the only way to live happily . I have not read anything more profound than what Gandhi has told for the people like us sitting here . And this is relevant for the entire topic of today. He said, “If you are in a dilemma, just remember the face of the last person who is going to be affected by your decision”. So, ‘UNTO THE LAST' is the best guiding principle for balancing the economic growth and development. However, we have misinterpreted it to mean just ‘trickle down' of wealth and development . This is not enough .

Just distribution is not enough . It will not reach till the last person . It will not reach to him at the time when he needs it . It will not be available in the manner he needs it . What we need is the models of development where people are not just beneficiaries . Rather they are made equal partners in the process of development . People should be in the beginning of the development cycle, not at the end . Someone had said ‘Small is Beautiful' . But, unfortunately, small became a synonym of poverty . Actually, it is not so . Even in the midst of robustness, there may be small devices and structures which are closer to the nature . Even amidst the mega creations, there may be small mechanisms which empower and take care of the last person . This is essential . The ‘Big' will not be sustainable unless its foundation lies in the small . Small devices, small mechanisms, and above all, the feelings of the small man .

Friends! You must be aware that Gujarat is the birth place of Gandhi . And then who else will follow what he said, if we don't . I must admit that our eyes are always on robust and faster economic growth . I always say ‘Gujarat's growth is needed for India's growth' . We are committed to contribute immensely to India's faster growth . However, Gujarat's growth model is very different . It is a very unique model .

  • Our Growth is with active participation of people
  • Our Growth is a mass movement
  • Our growth is both robust and pervasive
  • Our growth is both quantitative and qualitative
Friends! ‘India Has Emerged' is the buzz word all around the world today . However, to make India's emergence steady and sustainable, we in the States have to put up strong foundations . I am happy to say that Gujarat represents the elements of such a strong foundation . Its fundamentals are strong . They are strong not in a particular sector but all across the economic sectors . Its vibrancy can be felt not only in economic activities but also in social life . Its richness can be seen not only in its infrastructure but also in its flora and fauna.
  • Gujarat is a place where rural development has kept pace with urban Growth
  • Gujarat is a place where agriculture has kept pace with industry
  • Gujarat is a place where wellbeing of workers has kept pace with industrialization
Friends! Gujarat has emerged as the Growth Engine of India not only because it contributes immensely in its economic growth . Actually, the bigger success is that it has an amazing mix of the big and small; robust and inclusive; fast and yet sustainable . It has done wonderfully well on both the Macro and the Micro indicators . Our growth rate of GDP has been in double digits for a decade . At the same time, the per capita income of the people has also grown at the fastest rate of 13.8% . Not only the multinationals and big companies have done well, but a large number of SMEs have also prospered . Not only the industry has grown at 13% but agriculture has also grown at 9.6% . We have not only created world's largest multi-purpose dam but also several hundred thousands of small water harvesting structures . We have not only added Megawatts to our electric generation, but have also taken to the remotest households giving them power on a 24X7 basis (Jyotigram scheme) . We have not only created world class roads and ports, but also rooms and toilets in all our schools . We have not only created world class institutions, but have also ensured 100% enrollment in elementary education .

Gujarat's growth is sufficiently uniform and inclusive . However, our present emphasis is on better Human Development Index . On the one hand, we have created world class hospitals . At the same time, we have made the poor people get easy access to the medical facilities (Chiranjeevi Yojna) . On the one hand, we export quality industrial products of the country and on the other, our farmers supply important agri and dairy produce in the foreign countries . There is a long list of the things in Gujarat which are innovative, modern and progressive . And yet they are humanitarian solutions to our problems . This is the reason that Gujarat's multi-faceted growth and excellence has been recognized not only in the country but in the entire world . This is because we work with people . We work holistically and strengthen the entire value chain .

To give a few examples:

  • In water: From harvesting to its economic use leading to high agri-productivity
  • In agriculture: from farm to factory, from factory to fashion from fashion to foreign .
  • In energy: from generation to management and its conservation and saving
  • In forestry: from conservation to social forestry to creation of forests based on the planets and stars
Gujarat represents an enterprising spirit . It has a development friendly environment . Gujarat is a place where democratization has gone to the next level of innovation . We have created participatory institutions of new age which will be reckoned as models in the years to come . Our Panchayati Raj and Co-operative institutions have taken deep roots . To add to that, we have launched several long-lasting initiatives . One of them is a technology enabled State wide Grievance Redressal System called SWAGAT . The United Nations has given Public Service Award to my office for this programme . Similarly, in our attempt to take the Government closer to the people, we have reorganized our sub-district level administration . Our efforts in Good Governance have been applauded the world over . We have received more than 200 national and international awards in the last eight years . We are getting such awards on a weekly basis . They are in recognition of excellence in various fields . However, we treat these awards as just milestones in our journey . They are only indicators that we are in the right direction . We are constantly improving our standards . Alongwith many offices of the State, my own office is an ISO certified office .

Friends! To sum up, I must reiterate that if you want sustainability in development, the whole world has to be viewed as one organic unit . We have seen that in bad times of the Global economy, it was the emerging nations who sustained the pace of economy . They did it through creation of demand for the products and thus creation of jobs . It was they who helped in sustaining global recovery during the recession . However, even when the time is good, the whole world treats them just as markets . I will give you only one example . We all know that thermal energy is too expensive from the viewpoint of its carbon footprint . We have seen recently that even Nuclear energy can be very expensive for human lives . Their adverse impacts are felt for several generations . The developed world wants renewable and eco-friendly sources of energy to be exploited . This is indeed the need of the hour . But then we are not getting the technology at cheaper prices . We all know that given the high input prices, we can not do it with the desired momentum . We, in Gujarat, have started harnessing the wind and solar energy in a big way . I am personally committed for it and we are going ahead . I firmly believe that we must tackle the issues impacting the climate . We can not ignore it any longer . In fact, in order to give focus and to work in organised manner on the climate change issues, we have created a full fledged department for Climate Change . We have taken a lot of measures in this direction . Some of these measures have been listed in my recent book ‘Convenient Action' .

So, if we want the world to be a better place to live, we have to treat it as one unit. If we want economic growth to be pervasive, we have to make people its partners . If we want the process of development to be sustainable, we have to work with the environment. If we want our coming generations to enjoy the fruits of development, we have to nurture the nature . Even at the cost of repetition, I would say that India is an excellent model in this regard . India has the power of new energy in the form of its youth. India has the strength of its tradition in the form of its caring culture. India has the warmth of participation in the form of its democracy. The whole world has seen during the recession that India has its inherent strength to withstand a crisis. A strength, which is rooted in its universal thinking and interdependence .

And friends ! Gujarat always represents the best of what is India

Thank You!

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UPI is a major champion of India's FinTech story: PM Modi at Global FinTech Fest in Mumbai
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RBI Governor Shri Sanjay Malhotra ji, Global Fintech Fest Chairman Kris Gopalakrishnan ji, all innovators, leaders and investors of the fintech world, ladies and gentlemen.

I welcome all guests and delegates who have come from India and abroad to the Global Fintech Fest. I am happy that today another hat‑trick has been achieved. One hat‑trick was in 2024 when the government was formed for the third time, and another hat‑trick is my presence among you. This is my third consecutive year at the Global Fintech Fest. This hat‑trick shows how important you are for a developed India, how important your work is.

Friends,

Every time I come here, I see more youth, I feel more energy. I see the scope of possibilities expanding. It is clear that risk‑taking capacity is increasing, dreams are becoming bolder. And therefore, my confidence in the future of developed India is becoming stronger.

Friends,

Amidst this energy of fintech, Mumbai is also experiencing cultural energy at its peak these days. In just a few days, Ganeshotsav will begin in Maharashtra and across the country. In our tradition, Lord Ganesh is remembered before every auspicious work. Bowing to Ganapati Bappa, I extend my best wishes to all of you for Global Fintech Fest 2026.

Friends,

You all know well what the global situation is. The world is passing through a period of conflicts and uncertainty. Energy and commodity supply chains are under pressure, there are tensions in trade. These conditions have persisted for many months. The quarter from April to June was the most challenging. And even in such a situation, when India grows at 7.8 percent, the world gains new confidence. And this trust, I can clearly see on your faces here.

Friends,

Another example of this growing trust in India is our sovereign ratings. Recently, a Japanese credit rating agency upgraded India’s sovereign ratings to the A category. An upgrade is a matter of happiness, but very few people know that this fortune has come after three decades - after thirty years. This shows how assured the world is about India’s growth momentum, our macro‑economic stability, and the structural reforms carried out in recent years. And I repeat, India’s reform express will move forward at even greater speed.

Friends,

India’s fintech story has been extraordinary. And one of its biggest champions is our UPI. I spoke about it last year too. But this transformation is so big that whenever fintech is discussed, it will always be incomplete without UPI.

Friends,

Just a few days ago, on 25th August, UPI completed 10 years. Ten years ago, when I said that your bank would be at your fingertips, some people thought it impossible - and I am talking about well‑informed people, remember their faces. I am not talking about the millions of Indians whose bank accounts had just been newly opened then. Generations of theirs had never even seen the door of a bank. But today, ten years later, look - those same millions of people, who for generations were outside the banking system, have become the big drivers of fintech growth in India.

Friends,

Today, in the month of August alone, more than 2,400 crore transactions were done through UPI. That means, in just the time we have been sitting here, in 10 minutes alone, on average more than 5 million UPI transactions have taken place across the country. This is the impact because of which France’s President Macron said - he said that UPI is not just a tech story, it is a civilizational story.

And friends,

UPI is no longer limited to India. A few years ago, if someone had said that payments could be made abroad directly from an Indian bank account, hardly anyone would have believed it. But today, it is a reality. India’s UPI is now live in 11 countries. These are extraordinary figures, showing how long a journey we have traveled. But now the question is - should we be satisfied with this journey? Should we consider fintech’s success in India as final?

Friends,

I am completing 25 years in the ecosystem of policy and governance. And those who have seen me in these years know - Modi is not one to stop at a milestone, celebrate, and be satisfied. When one goal is achieved, I immediately begin preparing for an even bigger goal.

Friends,

Today our UPI has reached many countries. But this is only the first step. Our next goal should be to connect with the payment systems of those countries. We have already done this with Singapore. Because of this, transactions between India and Singapore happen just like between two neighborhoods of the same city. This same connection we must build with other countries, other markets. We must move forward with this goal. Wherever Indians live in large numbers, wherever India trades on a large scale, whichever country is ready to walk with us - we must work to connect them all.

Friends,

This is also necessary because abroad, a large number of Indians work. And Indians are the largest in the world in sending money back home. But today, a part of that money is lost in transaction costs. UPI can save Indians even in this, and money can reach Indian families more quickly.

Friends,

Today, how do you make payments in India with cards? This system runs on standards that were designed elsewhere. We adopted those standards and rules that others had created. At that time, we did not have our own option. But now we have our own option. Now we can create our own rules and standards, and connect them with the world. I have full confidence in all of you that you can do this.

Friends,

Technology is the most effective tool of inclusion. And UPI has demonstrated this. When it comes to fintech, its unique feature must be to reach where traditional models could not. Where traditional banks could not reach, where bank branches could not reach, UPI has taken the banking system to that place, to that person.

Friends,

Today, a large part of the fintech market is only payments. But now we must move to the next level, and move quickly. In the fintech market, along with payments, the share of credit transactions must increase, the share of insurance must increase, the share of savings, investments, and pensions must increase.

Friends,

I believe fintech can bring out that strength of the country which is still outside the reach of traditional financial models, or not being addressed properly. For a developed India, bringing out this strength is very necessary.

Friends,

We can already see the impact of this in the success of PM SVANidhi. Our street vendors are the backbone of cities. But they were outside the country’s banking system, outside the formal credit system. PM SVANidhi connected millions of street vendors to the formal system. And now these companions also have the SVANidhi credit card - that means they have a tool of formal credit access. And studies show that the average annual income of these beneficiaries has increased by more than 20 percent. Not only this, their families have seen improvements in housing, nutrition, healthcare access, and children’s education. That is why the government has decided to extend this scheme until 2030.

Friends,

PM SVANidhi would not have achieved this success if UPI did not exist. UPI has played a very big role in the success of this scheme. Learning from this experience, we must use the power of fintech to further increase economic activities. Let me give you an example from the world of capital and credit. There is a sister who runs a small shop. She receives digital payments every day. Now her income and expenses show a clear pattern. Her business is running well. She has moved beyond the level where small capital was enough. Now she needs goods, equipment to scale up her business, and for this she needs a little more money. This is not very large credit. And her business is still so small that traditional credit models cannot serve her efficiently. There are many such businesses whose needs fintech can analyze, anticipate, and address. And the number of such businesses is very large.

Friends,

Technology can help us study the economic activities of such businesses and design curated models for them. I believe the next chapter of fintech will be written here. We have shown speed and scale in payments. Now we must help increase the share of non‑payment transactions. For example, a delivery partner, or a person doing some small work - he earns every month, but he needs access to services like savings and pension products. Fintech can address the needs of such people. Similarly, fintech can make access easier to insurance products and other financial services. All these can be made just as simple, easy, and accessible as making a payment today with a QR code.

Friends,

The first quarter of the 21st century has ended. Now we are in the year 2026. The second quarter has brought even newer possibilities for us. Agentic AI, tokenization, quantum - such technologies are opening new doors of possibilities in the financial sector. Now the challenge before us is how to turn these possibilities into real impact. And for this, I want our fintech companies to set some tasks for themselves. And I want to place some suggestions before you. First - we must make cyber security in India top‑notch. Second - our industry must have its own ethical data protection standards. Third - we must build a strong fintech regulator‑industry innovation ecosystem. And fourth - we must have a fintech consumer protection index, on the basis of which every company can have a transparent rating. If we test ourselves on these parameters, India’s fintech sector can become the gateway of countless possibilities. We have the experience, and we have the way to implement it on the ground. Therefore, we must work quickly.

Friends,

The success story of Digital India is now ready for a new chapter. The success of our fintech story so far has been scale, scope, secure systems, democratization of technology, and public trust. Keeping these core values in mind, the fintech sector must focus on next‑generation innovation. With this appeal, once again I extend my best wishes to all of you. Thank you very much.