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Bihar’s politics has become ‘people-centric’ since the NDA government assumed power in the state and centre: PM Modi in Bhagalpur
While the previous governments ensured proper roads to their own homes, this ‘Chowkidar’ ensured that proper roads reach every village of Bihar: PM Modi
The NDA government is also actively strengthening the silk weaving community of Bhagalpur: Prime Minister Modi

 Prime Minister Narendra Modi addressed a large public meeting in Bhagalpur, Bihar today. 

Contrasting the tenure of the NDA in Bihar with that of other parties like the RJD and Congress, PM Modi said, “Over the years, people of Bihar saw the power of the politicians increase rapidly while the people remained helpless. However, Bihar has witnessed a change in this culture since the NDA and BJP governments assumed power in the state and centre respectively. Our politics is ‘people-centric’ and we have spent our terms empowering the most vulnerable and poor sections of society by providing them complete access to basic necessities like sanitation, electricity and clean cooking fuel.” 

PM Modi also spoke at length about the radical shift in India’s national security strategy under the BJP saying, “The whole nation remembers the times when the Congress was in power and terrorist attacks had become very common across the country. Yet despite all this, India took a soft approach against the terror sponsored by Pakistan under the Congress rule. I changed this policy and decided that any attack against us will be responded back in the same language.” 

 

 

 

 

Describing the key schemes initiated by the BJP government for the poor, Prime Minister Modi said, “While the previous governments ensured proper roads to their own homes, this ‘Chowkidar’ ensured that proper roads reach every village of Bihar. Although tall promises were made about farmer welfare before 2014, it was the NDA government that increased the Minimum Support Price (MSP) to one-and-half times the cost. We have taken several transformative steps in genuinely empowering our farmers.” He further added that the NDA government is also actively strengthening the silk weaving community of Bhagalpur and the recently established Mega Handloom Cluster will greatly empower the weavers and traders of Bhagalpur. 

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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!