He further said 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 innovation
solutions to be implemented in governance, PM Modi He said while inaugurating a Leadership Forum on Financial Technology (Fintech) on Friday.
PM Modi acknowledged that the country has shown immense faith in the fintech ecosystem by adopting digital payments. “Technology is now a vital part in the world of finance, with the fully digital branch already a reality and could become commonplace in less than a decade,” he said. Added that last year, in India, mobile payments surpassed ATM cash withdrawals for the first time.
Talking about GIFT City- India’s global financial hub- he said that it is not just a base, it represents India. It represents India’s democratic values, demand, demography and diversity. It represents India’s openness to ideas, innovation and investment. GIFT City is the gateway to the global fintech world.
Fintech rests on four pillars—income, investment, insurance and institutional credit. It is incomplete without security development, he added.
“We also believe in sharing our experiences and expertise with the world and learning from them. Our digital public infrastructure solutions can improve the lives of citizens across the world, the PM said.
According to an official statement from the Prime Minister’s Office (PMO), the summit will see participation from over 70 countries, while Indonesia, South Africa and the United Kingdom are the partner countries.
On Wednesday, the Prime Minister urged the youth, especially in the world of start-ups, tech and innovation, to participate in the summit as he said it was “for stakeholders to think beyond the traditional mindset, and approach and develop new trends.” will set the tone for discussions on spacetech, greentech, agritech, quantum computing and more.”