Prime Minister Narendra Modi visited the Global Fintech pavilion at the Jio World Convention Centre in Mumbai on Friday. This visit was part of the Global Fintech Fest 2024, where PM Modi interacted with industry experts and even experienced virtual reality at one of the stalls.
The event, which is showcasing the latest innovations in the fintech industry, is being attended by policymakers, regulators, senior bankers, and academicians from India and abroad.
In the afternoon, PM Modi is scheduled to inaugurate and lay the foundation stone for various development projects at the CIDCO ground in Palghar. Among these is the Rs 76,000 crore Wadhwan Port project, located near Dahanu town in Palghar district.
This project is expected to boost India's trade and provide direct connectivity to international shipping routes. Ahead of his visit, PM Modi described the Wadhwan Port project as a “very special project” that will contribute significantly to India's development and reaffirm Maharashtra's role as a “powerhouse of progress.”
Addressing the Global Fintech Fest, PM Modi highlighted the transformative growth of India's fintech industry over the past decade. He pointed out that the sector has received over USD 31 billion in investments, with fintech startups growing by more than 500 percent.
Modi emphasised how India’s fintech revolution has not only improved financial inclusion but also driven significant innovation, astonishing the world with its fintech diversity.
Reflecting on India’s technological advancements, PM Modi noted that almost every Indian over 18 now has a digital identity. He recalled how sceptics once questioned the possibility of a fintech revolution in India, citing inadequate bank branches, internet connectivity, and electricity.
However, over the last 10 years, broadband users in India have surged from 6 crore to 94 crore, and digital transactions have skyrocketed. Modi attributed this success to initiatives like the Jan Dhan Yojana, which recently completed 10 years and has become a medium of women’s empowerment, with over 70 percent of beneficiaries being women.
The Prime Minister also discussed the success of the Mudra Yojana, India’s largest microfinance scheme, which has credited around Rs 27 trillion to beneficiaries’ accounts, benefiting millions, particularly women.
He noted that Jan Dhan, Aadhar, and mobile technology have revolutionised digital transactions in India, with UPI becoming a global benchmark for fintech. Today, over half of the world's digital payments occur in India, demonstrating the strength of the country’s fintech sector.
The Global Fintech Fest 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, is hosting around 800 speakers across 350 sessions.
The event is showcasing the latest fintech innovations and has launched over 20 thought leadership reports and white papers, offering insights and in-depth industry information.
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