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Exercise restraint by staying at home and not stepping out as much as possible during the Coronavirus pandemic: PM urges citizens
All citizens must follow 'Janta Curfew' on 22nd March, from 7 AM to 9 PM: PM Modi
Keeping in mind economic challenges arising out of Coronavirus pandemic, government has a decided to constitute COVID-19 Economic Response Task Force led by Finance Minister: PM

Prime Minister Shri Narendra Modi addressed the nation on combating the challenge of COVID-19. On the occasion of ‘Navratra’, Prime Minister made nine requests to the people.

Prime Minister said that patience and resolve of all Indians  is vital in fighting the global pandemic which has wreaked havoc all over the world. He requested citizens to follow certain measures to ensure the containment of the fast spreading virus. He emphasized on the importance of not taking the pandemic lightly and the need to be aware and proactive towards prevention of COVID-19.

Prime Minister urged citizens to follow the mantra of “when we are healthy, the world is healthy”. He stressed on the importance of following self imposed norms like ‘social distancing’. Requesting citizens to patiently abide by the norm, he urged the need to isolate oneself and come out of the house only if imperative, while trying to work from home and avoid unnecessary travel. He also urged that senior citizens above the age of 60 should not come out of their homes for the coming few weeks. Highlighting the stress on the hospitals, he urged everyone to avoid routine check ups during this time and to extend the date of surgeries scheduled, wherever feasible.

‘Janta Curfew’

Prime Minister urged citizens to follow the concept of  ‘Janta Curfew’ on 22 March, 2020 from 7 AM to 9 PM, wherein no one apart from those involved with essential services is supposed to venture out of home. He said that the success of such a people’s movement and the experiences gained from it will prepare us for the challenges ahead. He added that our efforts on March 22, would be a symbol of our self restraint and determination to perform duty in the national interest.

Urging the state governments to take the lead, Prime Minister asked all youth organizations including NCC and NSS, civil societies to generate awareness among people about the ‘Janta Curfew’. He urged everyone to try to inform at least ten other people over phone about this self imposed curfew.

Thanking the selfless service providers

Prime Minister said that there are many brave people who are in the forefront of fighting the COVID-19 pandemic like medical staff, police, government servants, airline staff, media persons, bus/train/auto operators and those involved in providing home delivery. 

To pay respects to their huge service to the nation during such trying times, Prime Minister suggested that on March 22 at 5 PM, all citizens should acknowledge and salute their efforts by standing in the balconies and at the doors of their houses and clap or ring bells for five minutes as a show of appreciation .

He urged the local government across the country to indicate the timing through blaring out a siren at 5 PM.

Meeting the Economic Challenges

To deal with the economic challenges caused by the pandemic, Prime Minister announced the creation of ‘COVID-19 Economic Response Task Force’ under the Union Finance Minister. The Task Force will consult stakeholders, take feedback, on the basis of which decisions will be taken to meet the challenges. The Task Force will also ensure implementation of the decisions taken to meet these challenges. 

Prime Minister also urged the business community and higher income groups to look after the economic needs of those from lower income groups, from whom they take various services, urging them not to cut their salary on the days they are unable to render the services due to inability to come to the workplace. He stressed on the importance of humanity during such times.

He also assured the countrymen that there would not be any shortage of essential items like food, milk, medicines etc. He urged people to not resort to panic buying.

Prime Minister exhorted everyone to work together and contribute fully to overcome the crisis of COVID-19. He urged the citizens not to fall prey to misinformation. Prime Minister said that  during the time of such a global pandemic, it is important to ensure that ‘humanity wins and India wins’. 

 

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সেবা অমসুং সমর্পনগী চহি 20 তাক্লিবা ফোতো 20
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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!