Mera Saansad
Search Search
English language

PM Modi addresses the Global Fintech Fest 2025 in Mumbai

Published By : Admin | October 9, 2025 | 14:50 IST
India has made the democratic spirit a strong pillar of its governance: PM
In the past decade, India has achieved the democratisation of technology, today's India is among the most technologically inclusive societies in the world: PM
We have democratised digital technology, making it accessible to every citizen and every region of the country: PM
India has shown that technology is not just a tool of convenience, but also a means to ensure equality: PM
India Stack is a beacon of hope for the world, especially for the nations of the Global South: PM
We are not only sharing technology with other countries but also helping them develop it, and this is not digital aid, it is digital empowerment: PM
Thanks to the efforts of India's fintech community, our Swadeshi solutions are gaining global relevance: PM
In the field of AI, India's approach is based on three key principles - Equitable access, Population-scale skilling and Responsible deployment: PM
India has always supported a global framework for ethical AI: PM
For us, AI stands for All Inclusive: PM
We aim to create a fintech world where technology enriches both people and the planet: PM

Prime Minister Shri Narendra Modi addressed the Global Fintech Fest 2025 in Mumbai, Maharashtra today. Extending a warm welcome to all attendees in Mumbai, Shri Modi described Mumbai as the City of Energy, the City of Enterprise, and the City of Endless Possibilities. He specially welcomed his friend, Prime Minister H.E. Mr. Keir Starmer, and expressed gratitude for his presence at the Global Fintech Festival, acknowledging the time he took to attend the event.

Recalling that five years ago, when the Global Fintech Festival was launched, the world was battling a global pandemic, the Prime Minister highlighted that today, the festival has evolved into a global platform for financial innovation and cooperation. He noted that this year, the United Kingdom is participating as a partner country, and emphasized that the partnership between two major democracies will further strengthen the global financial landscape. Shri Modi remarked on the vibrant atmosphere, energy, and dynamism at the venue, calling it remarkable. He stated that this reflects global trust in India’s economy and growth. The Prime Minister congratulated Shri Kris Gopalakrishnan, all organizers, and participants for the successful conduct of the event.

“India is the mother of democracy and democracy in India is not limited to elections or policymaking, but has been established as a strong pillar of governance”, affirmed Shri Modi, highlighting technology as a prime example of this democratic spirit. He noted that while the world has long discussed the technological divide—and India too was once affected—over the past decade, India has successfully democratized technology. “Today’s India is among the most technologically inclusive societies in the world”, stated Shri Modi.

Underlining that India has democratized digital technology, making it accessible to every citizen and every region of the country, the Prime Minister highlighted that this has now become India’s model of good governance. He explained that in this model, the government develops digital infrastructure in the public interest, and the private sector builds innovative products on that platform. Shri Modi further emphasized that India has demonstrated how technology can serve not only as a tool of convenience but also as a means of equality.

“India’s inclusive approach has transformed the banking ecosystem”, emphasised the Prime Minister. He remarked that banking was once a privilege, but digital technology has turned it into a medium of empowerment. He highlighted that digital payments have become routine in India, attributing this success to the JAM Trinity—Jan Dhan, Aadhaar, and Mobile. Pointing out that UPI alone facilitates twenty billion transactions every month, with a transaction value exceeding twenty-five lakh crore rupees, Shri Modi emphasized that out of every hundred real-time digital transactions globally, fifty occur in India alone.

Noting that the theme of this year’s Global Fintech Fest reinforces and advances India’s democratic spirit, Shri Modi highlighted that India’s digital stack is being discussed globally, citing key components such as the Unified Payments Interface (UPI), Aadhaar Enabled Payment System, Bharat Bill Payment System, Bharat-QR, DigiLocker, DigiYatra, and the Government e-Marketplace (GeM) as the backbone of India’s digital economy. The Prime Minister expressed satisfaction that the India Stack is now giving rise to new open ecosystems. He noted that ONDC—Open Network for Digital Commerce—is proving to be a boon for small shopkeepers and MSMEs, enabling them to access markets across the country. He added that OCEN—Open Credit Enablement Network—is simplifying access to credit for small entrepreneurs and addressing the issue of credit shortage for MSMEs. The Prime Minister expressed confidence that the digital currency initiative being pursued by the RBI will further enhance outcomes. He further added that all these efforts will transform India’s untapped potential into a driving force for the nation’s growth story.

“India Stack is not merely a story of India’s success, but a beacon of hope for the world, especially for countries in the Global South”, exclaimed the Prime Minister, emphasising that through its digital innovations, India aims to foster digital cooperation and digital partnerships globally. He highlighted that India is sharing both its experience and open-source platforms as global public goods. Shri Modi cited Modular Open-Source Identity Platform (MOSIP) developed in India, as a major example, noting that over twenty-five countries are adopting it to build their sovereign digital identity systems. He affirmed that India is not only sharing technology but also assisting other nations in developing it. He underscored that this is not digital aid, but digital empowerment.

Highlighting that the efforts of India’s fintech community have given indigenous solutions global relevance, Shri Modi cited interoperable QR networks, open commerce, and open finance frameworks as key areas where the growth of Indian startups is being recognized worldwide. The Prime Minister noted that within the first six months of this year, India has emerged among the top three most-funded fintech ecosystems globally.

Emphasising that India’s strength lies not just in scale, but in integrating scale with inclusion, resilience, and sustainability, Shri Modi highlighted the role of Artificial Intelligence (AI) in reducing underwriting bias, detecting fraud in real time, and enhancing various services. To unlock this potential, the Prime Minister called for joint investment in data, skills, and governance.

“India’s approach to AI, built on three key principles—Equitable Access, Population-scale Skilling, and Responsible Deployment”, outlined the Prime Minister. Under the India-AI Mission, the government is developing high-performance computing capacity to ensure affordable and accessible resources for every innovator and start-up. Shri Modi affirmed that efforts are underway to deliver the benefits of AI to every district and in every language. He noted that India’s Centers of Excellence, skilling hubs, and indigenous AI models are actively ensuring this outreach.

Affirming that India has consistently supported the creation of a global framework for ethical AI, Shri Modi stated that India’s experience with digital public infrastructure and its learning repository can be valuable for the world. He emphasized that the path India has followed in digital public infrastructure is the same approach it seeks to advance in AI. “For India, AI stands for All Inclusive”, stated Shri Modi.

Noting that while global debates continue around trust and safety rules for AI, India has already built a trust layer, the Prime Minister highlighted that India’s AI Mission is equipped to handle both data and privacy concerns. He expressed India’s intent to develop platforms that enable innovators to build inclusive applications. In payments, India prioritizes speed and assurance; in credit, the focus is on approvals and affordability; in insurance, the targets are effective policies and timely claims; and in investments, the goal is success in access and transparency. The Prime Minister stated that AI can be the driving force behind this transformation. For this, AI applications must be designed with people at the center. He stressed that a first-time digital finance user must have confidence that errors will be swiftly resolved. This confidence, he said, will further strengthen digital inclusion and trust in financial services.

Noting that the AI Safety Summit began in the UK a few years ago, and next year, the AI Impact Summit will be held in India, the Prime Minister highlighted that while the dialogue on safety started in the UK, the conversation on impact will now take place in India. He stated that India and the UK have shown the world a win-win partnership model in global trade, and their collaboration in AI and fintech further strengthens this spirit. The Prime Minister emphasized that the UK’s research and global finance expertise, combined with India’s scale and talent, can open new doors of opportunity for the world. He announced a renewed commitment to deepen connections between start-ups, institutions, and innovation hubs. The Prime Minister remarked that the UK-India Fintech Corridor will create opportunities to pilot and scale new start-ups, and also pave the way for enhanced cooperation between the London Stock Exchange and GIFT City. He added that this financial integration between the two countries will help companies maximize the benefits of the free trade agreement.

Underscoring the immense responsibility shared by all stakeholders, Shri Modi extended an invitation from the platform to every global partner, including the United Kingdom, to collaborate with India. He welcomed every investor to grow alongside India’s growth. The Prime Minister concluded by calling for the creation of a fintech world that enriches both technology, people and planet—where innovation aims not only for growth but also for goodness, and where finance signifies not just numbers but human progress. With this call to action, he conveyed his best wishes to all present.

The Prime Minister of the United Kingdom, H.E. Mr. Keir Starmer, the Governor of Reserve Bank of India, Shri Sanjay Malhotra were present among other dignitaries at the event.

Background

Global Fintech Fest 2025 will bring together innovators, policymakers, central bankers, regulators, investors, academicians, and industry leaders from around the world. The conference’s central theme, ‘Empowering Finance for a Better World’ – Powered by AI, Augmented Intelligence, Innovation, and Inclusion, highlights the convergence of technology and human insight in shaping an ethical and sustainable financial future.

This year’s edition is expected to attract a footfall of over 100,000 participants from more than 75 countries, making it one of the world’s largest fintech gatherings. The event will feature participation from around 7,500 companies, 800 speakers, 400 exhibitors, and 70 regulators representing both Indian and international jurisdictions.

Among the participating international institutions are renowned regulators such as the Monetary Authority of Singapore, the Deutsche Bundesbank of Germany, Banque de France, and the Swiss Financial Market Supervisory Authority (FINMA). Their participation underscores GFF’s growing stature as a global forum for financial policy dialogue and cooperation.

Click here to read full text speech

Login or Register to add your comment
Explore More
Today, the entire country and entire world is filled with the spirit of Bhagwan Shri Ram: PM Modi at Dhwajarohan Utsav in Ayodhya

Popular Speeches

Today, the entire country and entire world is filled with the spirit of Bhagwan Shri Ram: PM Modi at Dhwajarohan Utsav in Ayodhya
View All
Lakshadweep Tourist Numbers Soar After PM Modi’s Appeal, Maldives Sees Sharp Dip In Indian Visitors

Media Coverage

Lakshadweep Tourist Numbers Soar After PM Modi’s Appeal, Maldives Sees Sharp Dip In Indian Visitors
View All
NM on the go

Nm on the go

Always be the first to hear from the PM. Get the App Now!
Download App
...
India-Italy Joint Declaration
May 20, 2026

At the invitation of the President of the Council of Ministers of the Italian Republic, Giorgia Meloni, the Prime Minister of India, Shri Narendra Modi, paid an official visit to Italy on 19-20 May 2026. The visit, following Prime Minister Modi’s visit to Italy in June 2024 for the G7 Summit and Prime Minister Meloni’s visit to India for the G20 Summit in 2023, provided renewed momentum to the bilateral ties. The two leaders decided to elevate India-Italy relations to the level of a Special Strategic Partnership.

Political Dialogue

The two Prime Ministers welcomed the strong momentum of high-level exchanges and agreed to hold annual meetings of leaders including on the sidelines of multilateral events, as well as regular Ministerial and institutional-level meetings.

They appreciated the concrete progress achieved across the diverse pillars of the Joint Strategic Action Plan 2025-2029 adopted by the two leaders in their meeting during the G20 Summit held in Rio de Janeiro in November 2024. They agreed to establish Foreign Ministers-led mechanism to review the India-Italy Joint Strategic Action Plan 2025-29 and provide strategic guidance to India-Italy Special Strategic Partnership.

Economic Cooperation and Investments

Both leaders expressed satisfaction at the growing dynamism of bilateral economic and industrial cooperation, with three high level business fora held since the last year. Building on the opportunities arising from India’s rapid and consistent economic growth and the successful conclusion of the negotiations for the EU–India Free Trade Agreement, they reaffirmed the shared objective of expanding bilateral trade in both direction with aim to reach to € 20 billion by 2029.

They welcomed the increase of bilateral investments in key sectors and encouraged the respective industries to forge industrial and technology partnerships in order to build resilient supply chains. They welcomed the prospect of greater investments, particularly in textiles, clean technologies, semiconductors, automotive, energy, tourism, pharmaceuticals and medical technologies, digital technologies, critical raw materials, steel, ports and infrastructure. They encouraged industries to utilize the policy incentives and schemes in place in both countries which seek to enhance business linkages and production facilities.

Both Prime Ministers agreed to encourage dialogue and cooperation among stock exchanges, investment funds, venture capital, banks, insurance companies and financial institutions.

They agreed to facilitate industrial partnerships, including between SMEs, to foster deeper integration of supply chains. They encouraged new sectoral missions in the coming months in priority areas of mutual interest.

The two Prime Ministers welcomed the signing of the Memorandum of Understanding for cooperation in Critical Minerals. They agreed to further strengthen and expand bilateral cooperation in field of critical minerals by establishing a structured framework for collaboration, with particular emphasis on sustainability and resilient supply chains. They underscored the importance of promoting joint efforts in recovery of critical minerals from unconventional sources, including electronic waste and mine tailings, as an integral component of circular economy initiatives. They also expressed satisfaction on signing of the Memorandum of Understanding for cooperation in the field of agriculture and agricultural research between respective ministries and institutions.

Connectivity

The two Prime Ministers reaffirmed their commitment to cooperate on the India-Middle East-Europe Economic Corridor (IMEC), recognising its transformational potential in reshaping and promoting global trade, connectivity and prosperity. Appreciating the preliminary discussions around the project, they encouraged the first IMEC Ministerial meeting to take concrete steps for advancing this initiative in 2026.

They welcomed the signing of an MoU on maritime transport and ports and directed their respective ministries/departments to establish a joint working group to implement the MoU at the earliest.

Science, Technology, Innovation, Start-ups and Artificial Intelligence

The two Prime Ministers reaffirmed that innovation, science and technology are core drivers of the India-Italy partnership.

They announced the creation of INNOVIT India, an innovation hub located in India aimed at strengthening cooperation between the respective innovation ecosystems, support startup acceleration programs, market access and business matching, joint research, university collaboration, and talent mobility in sectors including fintech, healthcare, semiconductors, logistics and supply chains, agritech, energy, quantum computing, and artificial intelligence. Both leaders welcomed the inaugural Science and Innovation Dialogue between Indian and Italian universities and research centres held in Delhi in April 2025 and look forward to holding its next edition in Italy later this year.

Both leaders underlined the importance of an open, free, secure, stable, accessible and peaceful ICT environment, which is an enabler for innovation and economic growth. PM Modi thanked PM Meloni for Italy’s constructive participation in the AI Impact Summit that took place on 19th February 2026 in New Delhi. Both leaders reaffirmed their commitment to a human-centric, secure, trustworthy and robust Artificial Intelligence. They agreed to collaborate in this domain including in third countries.

The two Prime Ministers placed particular emphasis on opportunities for cooperation in the field of supercomputing.

Building on the 2025–2027 Executive Program for Scientific Cooperation, they supported the implementation of joint projects and the facilitation of mobility of researchers in area of quantum technologies, renewable energy, green hydrogen and sustainable blue economy. They also welcomed the ongoing implementation of the Memorandum of Understanding for cooperation in the field of scientific research and the launching of a joint call for proposals to fund research projects.

The two Prime Ministers acknowledged the longstanding scientific collaboration between the Indian Academia and the International Centre for Theoretical Physics (ICTP) in Trieste and welcomed the signing of a Letter of Intent between the Indian Department of Science and Technology and the Elettra Sincrotrone center in Trieste, Italy in support of activities related to the access of synchrotron radiation facility at Elettra for Indian researchers.

Space

While appreciating the ongoing collaboration between Italian Space Agency and the Indian Space Research Organisation, the two leaders agreed to strengthen the partnership on Earth observation, heliophysics and space exploration, with focused thematic engagement and to explore cooperation on access to space and protection of space infrastructures. They expressed satisfaction with the recent reciprocal visits of their respective space industry delegations and looked forward to further promote commercial collaboration through exchanges of experts and joint initiatives also in third countries.

Defence

Both Prime Ministers expressed satisfaction with the deepening of defence cooperation including through Ministerial exchanges, service-to-service ties, port visits, and welcomed the adoption of a Joint Declaration of Intent and a Defence Industrial Roadmap which will promote partnerships for technological cooperation, co-production and co-development projects, including helicopters, naval platforms, marine armament and electronic warfare. They also recognized the importance of protecting critical infrastructures and their related supply chains through the strengthening of industrial resilience.

The two sides agreed to examine the feasibility of establishing an annual high level military structured dialogue, complementing the work of the Joint Defence Committee and the Military Cooperation Group, and to promote joint exercises and inter-force courses.

Both leaders agreed to launch a Dialogue on Maritime Security, with the aim of increasing maritime security cooperation, coordination, and the exchange of information and best practices in the maritime domain.

Security

The two leaders strongly condemned terrorism and violent extremism in all its forms and manifestations, including cross border terrorism. The two leaders strongly condemned the April 2025 Pahalgam terror attack and reiterated their commitment to cooperate in the fight against terrorists and terrorist groups and their affiliates including those listed in the UN Security Council 1267 Sanctions regime. They called upon all countries to continue to work towards eliminating terrorist safe havens and infrastructure, disrupting terrorist networks and combating the financing of terrorism, consistent with the Financial Action Task Force’s guidelines. Both leaders reiterated their commitment to work together at the UN, FATF and other multilateral platforms.

Both leaders welcomed the first meeting of the Permanent Task Force between India and Italy on countering the financing of terrorism and the upcoming meeting of the Joint Working Group on Counter Terrorism.

Both leaders welcomed the conclusion of an MoU between the Italian Guardia di Finanza and the Directorate of Enforcement of India and looked forward to early conclusion of the Agreement on Exchange and Mutual Protection of Classified Information and the Agreement on strengthening of Police Cooperation. They also welcomed the ongoing discussions on other agreements including Extradition Treaty and Mutual Legal Assistance Treaty.

Migration and Mobility

The two leaders agreed to enhance mobility of students, researchers and skilled workers, particularly in STEM sectors, and to expand cooperation on skills development, in line with the needs of the labour market, including through a specific Joint Declaration of Intent on the facilitation of mobility of nurses from India to Italy. In this context, they welcomed the ongoing discussions between relevant agencies on Social Security Agreement (SSA).

They welcomed the launch of "ICI - Italy Calls India: a University-Enterprise talent bridge” aimed at enhancing the talent of Indian students enrolled in Italian universities by offering concrete pathways for guidance, matching, and qualified integration into Italian enterprises.

They also discussed the possibility of strengthening the cooperation to fight against irregular migration, labour exploitation and human trafficking to ensure safe and legal migration.

Culture and Educational Exchanges

The two leaders highlighted culture as a key pillar of bilateral dialogue and welcomed the signing of an MoU regarding Italy’s participation in the development of the National Maritime Heritage Complex in Lothal. They acknowledged the Indian National Pavilion at the Venice Art Biennale in 2026. They expressed their intention to celebrate 2027 as the "Year of Culture and Tourism between Italy and India”, which will feature a broad calendar of initiatives, and pave the way to a major exhibition on ancient cultural relations between Italy and India to be co-organized by the two Ministries of Culture.

The two leaders encouraged the organization of an Italy–India Cultural Forum, bringing together institutions, experts, and representatives of the creative industries. The two leaders appreciated the launching of the twinning program between Indian and Italian sites inscribed on the UNESCO World Heritage List, aimed at strengthening cooperation in the protection, enhancement and management of cultural heritage.

The two leaders agreed to further develop the film and audio-visual cooperation between the two Nations, building on the strength and innovative capacities of their industries and on the legal framework provided by the bilateral co-production agreement.

The two Prime Ministers reaffirmed their intention to strengthening cooperation in higher education and welcomed the adoption of the Indo-Italian Roadmap on Higher Education and Research. Prime Minister Modi invited Italian universities and institutions of excellence to open campuses in India under India’s New Education Policy.

India-EU Relations

The Leaders welcomed the new Joint India–EU Comprehensive Strategic Agenda agreed at the India–EU Summit on 27 January 2026 and the conclusion of negotiations of the India–EU Free Trade Agreement which would elevate ties to a new level by enhancing market access, reducing trade barriers, and strengthening economic security and resilience through diversified value chains and new market opportunities.

They also reaffirmed their support for strengthening the India–EU Trade and Technology Council as a key platform for cooperation in trade, critical technologies, and economic security. The leaders welcomed the India–EU Security and Defence Partnership and appreciated progress in mobility cooperation, including the MoU on a Comprehensive Framework for Mobility.

Multilateral Cooperation

Both Leaders stressed the urgent need to reform the United Nations to make it more representative and suited to present-day realities.

Both Leaders emphasized the importance of working together in the United Nations and other global platforms including G20 to protect multilateralism and uphold a rules-based international order.

Recognizing the strategic priority both countries attach to Africa, the two Prime Ministers agreed to work together in trilateral initiatives with African partners in areas such as Digital Public Infrastructure (DPI), agriculture, education, healthcare, artificial intelligence, connectivity and infrastructure and renewable energy in line with India’s development partnership in Africa and Italy’s Mattei Plan.

The Leaders reaffirmed their shared commitment to a free, open, peaceful and prosperous Indo-Pacific, in line with international law, including UNCLOS. They look forward to their continued partnership in Science and Technology and Academic cooperation pillar of Indo-Pacific Ocean Initiatives.

Both leaders expressed deep concern over the situation in the West Asia/the Middle East and its effects in the region as well as the rest of the world. The leaders welcomed the ceasefire announced on 8 April 2026 and underlined the importance of de-escalation, dialogue and diplomacy for a lasting peace in the West Asia/the Middle East. They also called for freedom of navigation and the resumption of global flows through Strait of Hormuz.

Both leaders expressed concern over the ongoing war in Ukraine, which continues to cause immense human suffering and negative global consequences. They agreed to continue to support efforts towards the achievement of a comprehensive, just and lasting peace in Ukraine through dialogue and diplomacy, in accordance with the international law and the principles of the UN Charter.

Conclusion

Noting the impressive growth and deepening of India-Italy Special Strategic Partnership, the two leaders reaffirmed their commitment to further expand cooperation across all sectors and continue close high-level consultations on key global and regional developments.

Prime Minister Modi thanked Prime Minister Meloni for the warm hospitality extended by the Government and the people of the Italian Republic and invited Prime Minister Meloni to visit India at a mutually convenient time.