Shri Narendra Modi's speech on Pravasi Bhartiya Divas 2012 at Jaipur.

Published By : Admin | January 9, 2012 | 19:53 IST
"It is always a pleasure to return to this event year on year. The Pravasi Bhartiya Divas is a unique platform which gives us an opportunity to deliberate the development agenda with the Overseas Indians. This interaction gives a world’s view on our development process."
"India has the largest Diaspora in the world after China, estimated at 25 million"
"This includes a large number of Gujaratis, who have travelled to foreign lands and made it big."
"The Non-resident Gujaratis are now spread all around the globe and are settled in various countries including USA, UK, Canada, New Zealand, South Africa, Uganda, Kenya, Tanzania, Australia and the Gulf."
"I think we need a major shift in the way we have been thinking. We need to think afresh. We need to change our strategies and theories from the roots."

Place : Jaipur,  Date : 9-01-2012

 

Hon’ble Union Minister, my colleague Chief Ministers,Distinguished Overseas Indians, Honoured Guests, Ladies and Gentlemen!

It is always a pleasure to return to this event year on year. The Pravasi Bhartiya Divas is a unique platform which gives us an opportunity to deliberate the development agenda with the Overseas Indians. This interaction gives a world’s view on our development process.

With the efforts of all of us, India has emerged in the frontline of the world economy. It is not only the efforts of industrious people residing in this country but also the support and dedication of all of you – India's sons and daughters – that has enabled us to grow faster. This event provides us an opportunity to reaffirm our commitment to make India stronger each day, in every sphere.

India has the largest Diaspora in the world after China, estimated at 25 million, as per UNDP 2010 report. India is also one of the largest ‘sending’ nations in Asia, with an emigration rate of 0.8%, of which 72% work in other Asian countries. Also, as per UNESCO Institute for Statistics, the number of Indian students abroad tripled from 51,000 in 1999 to over 153,000 in 2007, making India second after China among the world’s largest ‘sending’ countries for tertiary students. This includes a large number of Gujaratis, who have travelled to foreign lands and made it big.

The Gujarati Diaspora forms an important part of the great Indian Diaspora. The Non-resident Gujaratis are now spread all around the globe and are settled in various countries including USA, UK, Canada, New Zealand, South Africa, Uganda, Kenya, Tanzania, Australia and the Gulf. Being an important component of the host societies, providing services in sectors as diverse as medicine, engineering, hospitality, retail, information technology and financial services, they are making immense contribution to the socio-economic, cultural and political life of the host countries.

The Diaspora is very special to Gujarat. Residing in distant lands, its members have succeeded spectacularly in their chosen professions by dint of their single-minded dedication and hard work. What is more, they have retained their emotional, cultural and spiritual links with the land of their origin. It is manifest in the Diaspora’s desire to make emotional and socio-economic contribution and investment in Gujarat by promoting and establishing hospitals, schools, colleges and various other public assets. They have successfully lobbied in their host countries for foreign investment in India and in influencing policies that are in India’s interests. Their role in getting the latest technology and their contribution to the enrichment of religious and cultural life cannot be exaggerated.

Friends!, when we say India is emerging, we must see that every Indian benefits from the growth. In fact, all economies around the world are putting stress on inclusive growth today. We all know what inclusive growth means and how important it is. But the million dollar question is ‘How do we achieve that?’Unfortunately, there are very few models left on which we can rely. Many philosophies have been tested. Many techniques have been tried. The human race has mastered how to make anything and it also knows how to destroy it. But when it comes to “inclusive growth”, no strategy, no science, no management theory has proved to be enough. How do we overcome this? I think we need a major shift in the way we have been thinking. We need to think afresh. We need to change our strategies and theories from the roots.

I strongly feel that the biggest problem of the present model of development is that it is based on exploitation. The way natural resources are depleting, the way the gap between the rich and the poor is widening, the way consumerism is flourishing, the way ill-will among nations is increasing; are all due to this basic lacunae of our present model. This cannot sustain.

We must bring a paradigm shift from this model of exploitation to the model of nurturing and fostering.We have to find and exchange technologies which ensure optimum utilization of natural resources. We have to find ways that ensure maximum satisfaction and value for the consumers and workers, not just the producers.We need to broaden our horizon. We cannot limit the terms ‘development’ and ‘growth’ to economic development. Moreover, we also need to think beyond the present needs.A model with a holistic view of human life and the surroundings is essential for our sustainable development- a model that combines the people, resources and amenities; a model that combines the past, the present and the future; a model that does not just consume but also regenerates resources. I can say that such models are available in many emerging nations. I have the humility to say that India has the best answer to this. I am proud to say that the great son of Gujarat, Mahatma Gandhi has showed us a way in this direction.

We, in India, have been taught “SarveJanahaSukhinoBhavantu” (let all be happy).We have been taught to worship the elements of nature. Serving the deprived and the disadvantaged has been imbibed in our social traditions. These thoughts have been embedded in our epics and scriptures since ancient times. And our modern Mahatmagaveus a golden rule for translating these values and concepts into action. Gandhiji gave a one liner. He said, “If you are in a dilemma, just remember the face of the last person who is going to be affected by your decision”. ‘UNTO THE LAST’ is thus the best guiding principle for inclusive growth.However, we have misinterpreted it to mean just ‘trickle down’ of wealth and development. This is not enough. Just distribution is not enough. It will not reach till the last person. It will not reach to him at the time when he needs it. It will not be available in the manner and form in which he needs it. What we need is models of development where people are not just beneficiaries. Rather they are made equal partners in the process of development. People should be involved right from the beginning of the development cycle, not just at the end. And that is why in Gujarat we are working on the mantra “SabkaSaath, SabkaVikaas” (Development of all with co-operation of all). This is a total shift from the traditional approach wherein the government is perceived as the giver and the people as takers. In Gujarat, efforts for inclusive growth are made not only through Government policies but by the action of the society as a whole. Development is with involvement of the private sector through PPP projects, through ‘Jan Bhagidari’ (people’s involvement) and with better involvement of public servants.

Let me give you a few examples. We have not only created robust and world class infrastructure like ports & roads on PPP basis, but have also given access to good medical facilities to the poor, through Chiranjeevi & Balsakha Yojana, by involving private sector gynaecologists and paediatricians.This has saved lives of many mothers and infants in recent years. In the water sector, we have created lakhs of water harvesting structures like farm ponds, boribunds and checkdams through ‘jan bhagidari’ We are also involving the community in helping the poor like the drive for collection of toys for poor children, giving food to the children of Aanganwadis (Teethi Bhojan), collecting milk for the poor and so on. We encourage the public servants to take up social development projects under the ‘Swantah Sukhay’ scheme. My cabinet colleagues, bureaucrats and their families enjoy being a part of drives like Kanya Kelavani Rath Yatra (for promoting girl child education) and drive for promoting quality education (Gunotsav). Our agriculture scientists and other administrative staff tread in villages for a month in scorching heat to educate our farmers about modern scientific practices in agriculture during Krishi Mahotsav.

And the results are there for all to see. Gujarat is consistently achieving double digit growth in GDP since last so many years. The State which was never known for agriculture development has now achieved an unprecedented double digit growth in agriculture against an average national growth of 2 to 3%. The ground water tables are rising due to the water conservation drive. As per Census 2011, the State has shown more than 13 per cent increase in female literacy in the last decade, one of the highest among Indian States. School drop-out rate has reduced drastically by 29.77 per cent. These are but a few examples of the success of our approach to inclusive growth.

The best of intentions can go haywire without efficient delivery mechanisms. To address this, we organise Garib Kalyan Melas to deliver assistance under various schemes under one umbrella. This has led to time bound and efficient delivery, ending the scope for middlemen or manipulation. We have decentralised our administration upto Taluka (sub district) level and are reinvigorating the grass root administration through the concept of Apno Taluko, Vibrant Taluko (our sub-district be vibrant).

One factor that has contributed substantially to the success of our robust yet inclusive model is e–governance. It has been a great enabler for efficient and transparent delivery. Having connected all our villages through WAN and broadband, we track the health of mothers and new-borns with e-mamta, we track the school drop-out rates with software, our farmer knows the profile of his soil through soil health card, we redress the grievances of common citizens through SWAGAT online. We are now moving on to M-governance by sending SMS alerts to citizens for immunisation and other services.

Friends !, when we talk of inclusive growth, we also pay special attention on certain less developed sections and regions. Schemes were being run for these sections since years together. But they were fragmented among multiple departments of the government with the result that both the government and the beneficiaries were clueless regarding the actual meaningful impact on the life of the beneficiaries. We have addressed this through a unique convergence approach. We have clubbed the benefits under various schemes under a package so that what the beneficiaries get is more meaningful and holistic rather than just for the sake of it. Our flagship Programmes of Vanbandhu Kalyan Yojana for Tribal belts, Sagarkhedu Sarvangi Vikas Yojana for Coastal belts and Garib Samruddhi Yojanafor Urban poor take a holistic view of the needs of the people.

You will be happy to know that inclusiveness has been so well engrained in our approach and systems that even our Vibrant Gujarat Global Investment Summits, which are more known for attracting huge investments and participation of who’s who of the business world, have a special focus on social sectors like health care, urban poor, education, women empowerment etc. In the Vibrant Summitof 2011, the limelight projectwas creation of Mission Mangalam for empowerment of poor, especially the women. The State Government and the Corporates have joined hands and created Gujarat Livelihood Promotion Company Ltd. (GLPC)to run this programme. It seeks to mobilize the poor into Self Help Groupsand build capacities, nurture skills, assist them with micro finance and proper market linkages. You will also be happy to know that more than 50% of the 8000 plus MOUs signed during the last Vibrant Summit are for medium and small enterprises.

Friends !, our model of inclusive growth not only takes care of the present but also the future generations. Inclusiveness thus Includes Sustainability.Gujarat has set up a dedicated Department for Climate Change – the first provincial Government in the world to do so. We are focussing on non renewable energy in a big way. We are setting up a 500 MW Solar Park. Wehave signedPPA for 1000 MW of Solar Power. With an installed capacity of 2255 MW of wind power, weare contributing more than 4500 million units of electricity. More importantly,we are also simultaneously focussing on conserving energy through technologies that ensure higher energy efficiency, on reduction of transmission and distribution losses and on adopting green technologies. I have listed some thoughts on this in my book on climate change which is titled ‘Convenient Action: Gujarat’s response to Challenges of Climate Change’.Our mass transportation project BRTS in Ahmedabad has been acclaimed worldwide. Our state-wide gas and water grids are not mere distribution systems but also a measure to reduce distribution losses. We are popularising micro irrigation in a big way to save water and energy. This is how we include climate justice for the posterity in our model of inclusive growth.

It is quite gratifying that our efforts in governance are being applauded the world over. We have received more than 200 national and international awards in last nine years for Good Governance. We are getting such awards on weekly basis nowin recognition of excellence in various fields. However, we treat these awards as another milestone in our journey. They are only indicators that we are in the right direction. We want to do still better because we want India to do better. The Diaspora has arich experience of systems, disciplines and work culture at the global level. Many of them also have an understanding of our local issues. Let us bring the best available in the world to India to bring more and more smiles on the face of every Indian.

 

Vande Mataram !

Jai Jai Garvi Gujarat !

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RBI Governor Shri Sanjay Malhotra ji, Global Fintech Fest Chairman Kris Gopalakrishnan ji, all innovators, leaders and investors of the fintech world, ladies and gentlemen.

I welcome all guests and delegates who have come from India and abroad to the Global Fintech Fest. I am happy that today another hat‑trick has been achieved. One hat‑trick was in 2024 when the government was formed for the third time, and another hat‑trick is my presence among you. This is my third consecutive year at the Global Fintech Fest. This hat‑trick shows how important you are for a developed India, how important your work is.

Friends,

Every time I come here, I see more youth, I feel more energy. I see the scope of possibilities expanding. It is clear that risk‑taking capacity is increasing, dreams are becoming bolder. And therefore, my confidence in the future of developed India is becoming stronger.

Friends,

Amidst this energy of fintech, Mumbai is also experiencing cultural energy at its peak these days. In just a few days, Ganeshotsav will begin in Maharashtra and across the country. In our tradition, Lord Ganesh is remembered before every auspicious work. Bowing to Ganapati Bappa, I extend my best wishes to all of you for Global Fintech Fest 2026.

Friends,

You all know well what the global situation is. The world is passing through a period of conflicts and uncertainty. Energy and commodity supply chains are under pressure, there are tensions in trade. These conditions have persisted for many months. The quarter from April to June was the most challenging. And even in such a situation, when India grows at 7.8 percent, the world gains new confidence. And this trust, I can clearly see on your faces here.

Friends,

Another example of this growing trust in India is our sovereign ratings. Recently, a Japanese credit rating agency upgraded India’s sovereign ratings to the A category. An upgrade is a matter of happiness, but very few people know that this fortune has come after three decades - after thirty years. This shows how assured the world is about India’s growth momentum, our macro‑economic stability, and the structural reforms carried out in recent years. And I repeat, India’s reform express will move forward at even greater speed.

Friends,

India’s fintech story has been extraordinary. And one of its biggest champions is our UPI. I spoke about it last year too. But this transformation is so big that whenever fintech is discussed, it will always be incomplete without UPI.

Friends,

Just a few days ago, on 25th August, UPI completed 10 years. Ten years ago, when I said that your bank would be at your fingertips, some people thought it impossible - and I am talking about well‑informed people, remember their faces. I am not talking about the millions of Indians whose bank accounts had just been newly opened then. Generations of theirs had never even seen the door of a bank. But today, ten years later, look - those same millions of people, who for generations were outside the banking system, have become the big drivers of fintech growth in India.

Friends,

Today, in the month of August alone, more than 2,400 crore transactions were done through UPI. That means, in just the time we have been sitting here, in 10 minutes alone, on average more than 5 million UPI transactions have taken place across the country. This is the impact because of which France’s President Macron said - he said that UPI is not just a tech story, it is a civilizational story.

And friends,

UPI is no longer limited to India. A few years ago, if someone had said that payments could be made abroad directly from an Indian bank account, hardly anyone would have believed it. But today, it is a reality. India’s UPI is now live in 11 countries. These are extraordinary figures, showing how long a journey we have traveled. But now the question is - should we be satisfied with this journey? Should we consider fintech’s success in India as final?

Friends,

I am completing 25 years in the ecosystem of policy and governance. And those who have seen me in these years know - Modi is not one to stop at a milestone, celebrate, and be satisfied. When one goal is achieved, I immediately begin preparing for an even bigger goal.

Friends,

Today our UPI has reached many countries. But this is only the first step. Our next goal should be to connect with the payment systems of those countries. We have already done this with Singapore. Because of this, transactions between India and Singapore happen just like between two neighborhoods of the same city. This same connection we must build with other countries, other markets. We must move forward with this goal. Wherever Indians live in large numbers, wherever India trades on a large scale, whichever country is ready to walk with us - we must work to connect them all.

Friends,

This is also necessary because abroad, a large number of Indians work. And Indians are the largest in the world in sending money back home. But today, a part of that money is lost in transaction costs. UPI can save Indians even in this, and money can reach Indian families more quickly.

Friends,

Today, how do you make payments in India with cards? This system runs on standards that were designed elsewhere. We adopted those standards and rules that others had created. At that time, we did not have our own option. But now we have our own option. Now we can create our own rules and standards, and connect them with the world. I have full confidence in all of you that you can do this.

Friends,

Technology is the most effective tool of inclusion. And UPI has demonstrated this. When it comes to fintech, its unique feature must be to reach where traditional models could not. Where traditional banks could not reach, where bank branches could not reach, UPI has taken the banking system to that place, to that person.

Friends,

Today, a large part of the fintech market is only payments. But now we must move to the next level, and move quickly. In the fintech market, along with payments, the share of credit transactions must increase, the share of insurance must increase, the share of savings, investments, and pensions must increase.

Friends,

I believe fintech can bring out that strength of the country which is still outside the reach of traditional financial models, or not being addressed properly. For a developed India, bringing out this strength is very necessary.

Friends,

We can already see the impact of this in the success of PM SVANidhi. Our street vendors are the backbone of cities. But they were outside the country’s banking system, outside the formal credit system. PM SVANidhi connected millions of street vendors to the formal system. And now these companions also have the SVANidhi credit card - that means they have a tool of formal credit access. And studies show that the average annual income of these beneficiaries has increased by more than 20 percent. Not only this, their families have seen improvements in housing, nutrition, healthcare access, and children’s education. That is why the government has decided to extend this scheme until 2030.

Friends,

PM SVANidhi would not have achieved this success if UPI did not exist. UPI has played a very big role in the success of this scheme. Learning from this experience, we must use the power of fintech to further increase economic activities. Let me give you an example from the world of capital and credit. There is a sister who runs a small shop. She receives digital payments every day. Now her income and expenses show a clear pattern. Her business is running well. She has moved beyond the level where small capital was enough. Now she needs goods, equipment to scale up her business, and for this she needs a little more money. This is not very large credit. And her business is still so small that traditional credit models cannot serve her efficiently. There are many such businesses whose needs fintech can analyze, anticipate, and address. And the number of such businesses is very large.

Friends,

Technology can help us study the economic activities of such businesses and design curated models for them. I believe the next chapter of fintech will be written here. We have shown speed and scale in payments. Now we must help increase the share of non‑payment transactions. For example, a delivery partner, or a person doing some small work - he earns every month, but he needs access to services like savings and pension products. Fintech can address the needs of such people. Similarly, fintech can make access easier to insurance products and other financial services. All these can be made just as simple, easy, and accessible as making a payment today with a QR code.

Friends,

The first quarter of the 21st century has ended. Now we are in the year 2026. The second quarter has brought even newer possibilities for us. Agentic AI, tokenization, quantum - such technologies are opening new doors of possibilities in the financial sector. Now the challenge before us is how to turn these possibilities into real impact. And for this, I want our fintech companies to set some tasks for themselves. And I want to place some suggestions before you. First - we must make cyber security in India top‑notch. Second - our industry must have its own ethical data protection standards. Third - we must build a strong fintech regulator‑industry innovation ecosystem. And fourth - we must have a fintech consumer protection index, on the basis of which every company can have a transparent rating. If we test ourselves on these parameters, India’s fintech sector can become the gateway of countless possibilities. We have the experience, and we have the way to implement it on the ground. Therefore, we must work quickly.

Friends,

The success story of Digital India is now ready for a new chapter. The success of our fintech story so far has been scale, scope, secure systems, democratization of technology, and public trust. Keeping these core values in mind, the fintech sector must focus on next‑generation innovation. With this appeal, once again I extend my best wishes to all of you. Thank you very much.