On Friday, during his keynote address at the Global Fintech Fest 2024 in Mumbai, Prime Minister Narendra Modi highlighted the dynamic state of India’s economy and markets. He noted that the fintech revolution is now a major feature of the nation, attracting as much attention as India’s cultural diversity once did.
PM Modi reflected on past skepticism regarding the feasibility of a fintech revolution in India due to limited banking infrastructure and internet access. He pointed out that broadband users surged from 60 million to 940 million in just a decade. Despite the challenges posed by the COVID-19 pandemic, India’s banking services remained strong. The Jan-Dhan Yojana, a decade-old initiative, has significantly empowered women by opening bank accounts for 290 million women.
The Prime Minister also discussed recent policy advancements, including the removal of the Angel Tax and ongoing efforts to support the fintech sector. He called on regulators to enhance measures against cyber fraud and improve digital literacy. Modi emphasized that digital technology has brought unprecedented transparency through direct benefit transfers, which has minimized system leakages and highlighted the social impact of fintech in bridging urban-rural divides.
Modi further noted that over the past ten years, India has seen more than $31 billion in investments and a 500 percent increase in fintech startups. He attributed this success to affordable mobile phones, data, and the zero-balance accounts provided under the Jan-Dhan Yojana.
In addition to his address, PM Modi engaged with industry professionals, including policymakers, regulators, senior bankers, and academics. He will also be inaugurating and laying the foundation for several development projects in Palghar, including the $9.12 billion Vadhvan Port project near Dahanu, which aims to boost national trade and provide direct access to international shipping routes. Modi previously described the Vadhvan Port project as a “very special project” and anticipated it would reinforce Maharashtra’s role as a “powerhouse of progress.”
