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PM Modi inaugurates InFinity Forum – a thought leadership Forum on FinTech

Published By : Admin | December 3, 2021 | 10:00 IST
“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

Prime Minister Shri Narendra Modi inaugurated InFinity Forum, a thought leadership Forum on FinTech through video conference.

Addressing the gathering, the Prime Minister said that the history of currency shows tremendous evolution. The Prime Minister informed that 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 commonplace in less than a decade. “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”, he said.

The Prime Minister noted that 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 innovative Fintech solutions to be applied in governance. The Prime Minister emphasized that 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”, he said.

Explaining how technology has also catalyzed financial inclusion, Shri Modi pointed out that from less than 50% of Indians having bank accounts in 2014, India has almost universalized it with 430 million Jan Dhan accounts in the last 7 years. He also listed initiatives like 690 million RuPay cards clocking 1.3 billion transactions last year; UPI processing around 4.2 billion transactions in just last month; almost 300 million invoices are uploaded on the GST portal every month; despite the pandemic, about 1.5 million railway tickets are getting booked online every day; last year, FASTag processed 1.3 billion seamless transactions; PM Svanidhi enabled access to credit for small vendors across the country; e-RUPI enabled targeted delivery of specified services without leakages.

The Prime Minister stressed that financial inclusion is the driver of the Fintech Revolution. Explaining further, the Prime Minister said, 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 Prime Minister elaborated.

The Prime Minister stressed the importance of trust in fintech in the light of the wide acceptance of these innovations among the masses. 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”, he said.

The Prime Minister commented on the wider applicability of India’s experience in the fintech area. He stressed India’s tendency to share experiences and expertise with the world and learn from them as well. “Our Digital Public Infrastructure solutions can improve the lives of citizens around the world”, the Prime Minister offered.

The Prime Minister remarked that 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. GIFT City is a gateway to the global fintech world.

The Prime Minister concluded by saying “Finance is the lifeblood of an economy and technology is its carrier . Both are equally important for achieving ''Antyodaya and Sarvodaya ''

The event is being hosted by International Financial Services Centres Authority (IFSCA), under the aegis of the Government of India in collaboration with GIFT City and Bloomberg on December 3 and 4, 2021. Indonesia, South Africa and the U.K. are partner countries in the first edition of the Forum.

InFinity Forum will bring together the leading minds of the world in policy, business, and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving humanity at large.

The agenda of the Forum is focusing on the theme of 'Beyond'; with various sub-themes including FinTech beyond boundaries, with governments and businesses focussing beyond the geographical boundaries in the development of global stack to promote financial inclusiveness; FinTech beyond Finance, by having convergence with emerging areas such as SpaceTech, GreenTech and AgriTech to drive sustainable development; and FinTech Beyond Next, with focus on how Quantum Computing could impact the nature of Fintech industry in the future and promote new opportunities.

The forum has participation from over 70 countries.

Click here to read PM's speech

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English Translation of Foreign Secretary's statement on the telephone conversation between PM and US President
June 18, 2025

Prime Minister Modi and President Trump were scheduled to meet on the sidelines of the G7 Summit. However, President Trump had to return to the U.S. early, due to which this meeting could not take place.

After this, at the request of President Trump, both leaders spoke over a phone call today. The conversation lasted approximately 35 minutes.

President Trump had expressed his condolences to Prime Minister Modi over a phone call after the terrorist attack in Pahalgam on April 22. And he also expressed his support against terrorism. This was the first conversation between the two leaders since.

Hence, Prime Minister Modi spoke in detail about Operation Sindoor with President Trump.

Prime Minister Modi told President Trump in clear terms that after April 22, India had conveyed its determination to take action against terrorism to the whole world. Prime Minister Modi said that on the night of May 6-7, India had only targeted the terrorist camps and hideouts in Pakistan and Pakistan occupied Kashmir. India’s actions were very measured, precise, and non-escalatory. India had also made it clear that any act of aggression from Pakistan would be met with a stronger response.

On the night of May 9, Vice President Vance had made a phone call to Prime Minister Modi. Vice President Vance had conveyed that Pakistan may launch a major attack on India. Prime Minister Modi had conveyed to him in clear terms that if such an action were to occur, India would respond with an even stronger response.

On the night of May 9-10, India gave a strong and decisive response to Pakistan’s attack, inflicting significant damage on the Pakistani military. Their military airbases were rendered inoperable. Due to India’s firm action, Pakistan was compelled to request a cessation of military operations.

Prime Minister Modi clearly conveyed to President Trump that at no point during this entire sequence of events was there any discussion, at any level, on an India-U.S. Trade Deal, or any proposal for a mediation by the U.S. between India and Pakistan. The discussion to cease military action took place directly between India and Pakistan through the existing channels of communication between the two armed forces, and it was initiated at Pakistan's request. Prime Minister Modi firmly stated that India does not and will never accept mediation. There is complete political consensus in India on this matter.

President Trump listened carefully to the points conveyed by the Prime Minister and expressed his support towards India’s fight against terrorism. Prime Minister Modi also stated that India no longer views terrorism as a proxy war, but as a war itself, and that India’s Operation Sindoor is still ongoing.

President Trump enquired if Prime Minister Modi could stop over in the U.S. on his way back from Canada. Due to prior commitments, Prime Minister Modi expressed his inability to do so. Both leaders agreed to make efforts to meet in the near future.

President Trump and Prime Minister Modi also discussed the ongoing conflict between Israel and Iran. Both leaders agreed that for peace in the Russia - Ukraine conflict, direct dialogue between the two parties is essential, and continued efforts should be made to facilitate this.

With regard to the Indo-Pacific region, both leaders shared their perspectives and expressed their support towards the significant role of QUAD in the region. Prime Minister Modi extended an invitation to President Trump to visit India for the next QUAD Summit. President Trump accepted the invitation and said that he is looking forward to visiting India.