Share
 
Comments
To overcome environmental pollution, the Government is promoting the usage of environment friendly transportation fuel: PM
To cut down on import of Crude oil, government has taken decisive steps towards reducing imports by 10% and saving the precious foreign exchange: PM
Indian refinery industry has done well in establishing itself as a major player globally: Prime Minister

Prime Minister Narendra Modi visited Kochi , Kerala today and dedicated to the nation and also laid foundation stone for various projects in the state.

Among the projects dedicated to the nation include Integrated Refinery Expansion Project Complex (IREP) at Kochi. IREP will be a modern expansion complex and transform Kochi refinery into the largest PSU Refinery in India with world class standards. It will be equipped for production of cleaner Fuels for India. It will double the production of LPG & diesel and commence production of feedstock for petrochemical projects in this plant.

Inaugurating IREP Complex PM said, “Today is a historic day when the largest industrial unit of Kerala is entering its next phase of development. It is indeed a proud moment not just for God's Own Country, but also for the entire nation”. He also praised Bharat Petroleum Corporation Limited (BPCL) Kochi for playing a critical role in popularizing clean fuels among masses in Kerala and neighbouring states over the past 50 years.

Talking about the strides made by the Government, PM said Ujjwala has brought cheers to many and nearly six crore LPG connections have reached to the households of the poorest of the poor since May 2016. More than 23 crore LPG consumers have joined the Pahal scheme. The transparency in the scheme has helped in identifying ghost accounts, multiple accounts and inactive accounts. Over 1 crore customers have given up LPG subsidies under Give it up initiative. PM lauded the role of Kochi refinery and said it is making a great
contribution towards Ujjwala Yojana, by doubling the LPG production with the help of the recent expansion”.

PM said that use of CNG a clean fuel is being promoted by expanding the coverage of City Gas Distribution (CGD) network in the country. After the successful completion of 10 CGD bidding rounds more than 400 districts of the country will be connected for providing piped gas supply. The National Gas Grid or Pradhan Mantri Urja Ganga has also been created to have a gas based economy and enhance the share of gas in the energy basket.” He revealed that the Government has thought of developing additional 15000 km of gas pipeline network. Besides , the Government has reduced oil import by 10% and saved precious Foreign Exchange.

PM said that India as the second largest oil refiner in Asia is emerging as a refining hub He congratulated all for the timely completion of IREP, especially the labourers who worked day and night during the construction. He said that at the peak of the project over 20000 labours were working at the site and they are the real heroes of the project.

He praised the strategic move of BPCL to diversify into non fuel sector through this project. He said, “Friends, petrochemicals are a grade of chemicals which we don't speak much about. But they exist invisibly and touch many aspects of our daily However most of these chemicals are imported from other countries. It is our endeavour to see that these petrochemicals are manufactured in India itself.”

He expressed happiness that Kochi refinery will now be able to produce propylene after execution of IREP. Besides the other niche petrochemicals will find use in different products such as paints, inks, coating, detergent and many other articles. He expressed hope that all these many ancillary industries will come to Kochi and business opportunities will be expanded.

PM said that the nation is proud of the works by Kochi refinery. He recalled ,when Kerala was passing through worst floods in a 100 years last August, BPCL came running against all odds to ensure continuous production of Petrol, Diesel and LPG. He added, We are proud of Kochi refinery's contribution towards nation building but now we have greater expectations.” PM wished that Kochi refinery leads a petrochemical revolution in southern India and support the of growing needs of New India.

Prime Minister laid the foundation stone of second campus of the Skill development institute set up by BPCL at Ettumanoor. He said, it will help skill development and create employment opportunities for the youth.

PM also dedicated to the nation mounded storage facility by Indian Oil at its Kochi LPG based bottling Plant at a cost of Rs 50 crores. This will enhance LPG storage capacity and also reduce road movement of LPG tankers.

Click here to read full text speech

20 Pictures Defining 20 Years of Seva Aur Samarpan
Mann KI Baat Quiz
Explore More
It is now time to leave the 'Chalta Hai' attitude & think of 'Badal Sakta Hai': PM Modi

Popular Speeches

It is now time to leave the 'Chalta Hai' attitude & think of 'Badal Sakta Hai': PM Modi
India Inc raised $1.34 billion from foreign markets in October: RBI

Media Coverage

India Inc raised $1.34 billion from foreign markets in October: RBI
...

Nm on the go

Always be the first to hear from the PM. Get the App Now!
...
It is time to convert fintech initiatives into a fintech revolution: PM Modi
December 03, 2021
Share
 
Comments
“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!