The Prime Minister of India, Narendra Modi on Friday (August 30) visited Maharashtra and addressed the Global Fintech Event 2024 (GFF) in Mumbai at the Jio World Convention Centre. The GFF, a 3-day event, started from August 28 to 30, is one of the largest fintech conferences, organised annually by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).
Key Highlights of the Modi's Speech at GFF
1. India’s Fintech Boom
During his address at the GFF 2024 in Mumbai, PM Modi praised the transformative journey of India’s fintech industry, which has seen a staggering 500 per cent growth in the past decade.
He also added that this success is attributed to the accessibility of cheap data, widespread use of mobile phones, and the introduction of zero-balance Jan Dhan bank accounts.
2. Investment and Impact - USD 31 Billion
The Prime Minister of the country, during his address, also added that over USD 31 billion has been invested in the country's fintech industry over the last 10 years.
It has not only fueled the growth of startups but also positioned India as a global leader in the financial technology, he added.
3. Pradhan Mantri MUDRA Yojana
Another key feature of this speech at the GFF 2024 was the success of the Pradhan Mantri MUDRA Yojana (PMMY). Adding to it, he said that loans worth Rs 27 lakh crore have been disbursed under the scheme, with 70 percent of the beneficiaries being women.
4. Global Reach of India’s Fintech Products
He also in his speech pointed out the influence of India's fintech solutions in the global market, especially the Unified Payments Interface (UPI), which became one of the global benchmarks of digital payments.
Setting an example for other nations, he added that even during the pandemic period, India's banking section continued to function smoothly.
5. Policy Support and the Future of Fintech
Lauding the commitment of his government to supporting the fintech sector, PM Modi added the announcement of the abolition of the Angel Tax to foster innovation. He also in his speech highlighted the importance of challenges posed by Artificial Intelligence.
Furthermore, he also addressed the importance of digital literacy and also the need to combat cyber fraud to have sustainable development in the fintech sector.
