Prime Minister Narendra Modi on Friday lauded the rapid growth and global impact of India’s fintech industry during his address at the Global Fintech Fest 2024 (GFF 2024) held in Mumbai. Highlighting the country’s fintech achievements, he noted that the world is now “astonished by our fintech diversity,” showcasing India’s leadership in the sector.
Over the past decade, India’s fintech industry has attracted over USD 31 billion in investments and witnessed a remarkable growth of over 500 percent in its startups. The Prime Minister emphasized that this fintech revolution is not only driving innovation but also significantly improving financial inclusion across the nation.
He pointed out iconic innovations like QR Codes and Soundbox, which have gained widespread trust among the people and played a crucial role in the digital transformation of the financial sector. Additionally, he credited the Jan Dhan Yojana for its pivotal role in boosting financial inclusion, bringing millions of unbanked citizens into the formal financial system.
PM Modi also highlighted the success of the Unified Payments Interface (UPI), calling it a “great example of India’s fintech success.” He remarked, “Once people used to say cash is king. Today, around half of the world’s real-time digital transactions are being done in India. India’s UPI has become a big example of fintech in the world.”
Looking ahead, the Prime Minister expressed his belief that India’s fintech ecosystem will continue to enhance the ease of living, not just within the country but across the world.
The Global Fintech Fest 2024, a three-day event, features over 350 sessions and approximately 800 speakers, including policymakers, regulators, senior bankers, and industry leaders from over 70 countries.
The event is jointly organized by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI), and International Financial Services Centres Authority (IFSCA), along with the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC). This conference marks a significant milestone in the ongoing evolution of the global fintech and banking landscape.