Modi Indicates Desire for Extended Political Tenure

New Delhi:Prime Minister Narendra Modi on Friday addressed the Global Fintech Fest (GFF) at Jio World Convention Center in Mumbai, indicating that he intends to stay in power for a long time. Expressing confidence, the Prime Minister said, "This is the fifth Global Fintech Fest. I will also come here to address the tenth Fintech Fest."

The Prime Minister expressed confidence that India's fintech ecosystem will play a huge role in providing a quality lifestyle to the people of India. He said, "I am confident that India's fintech ecosystem will make life easier for the whole world. Our best is yet to come."

Referring to the changes brought about by the fintech industry in the country, the Prime Minister said that it has not only transformed India's technological front but has also made a huge social impact by bridging the gap between urban and rural India. Modi further pointed out that the same banking services that earlier used to take the whole day and created hurdles for farmers and middle class families are now easily available on mobile phones with the help of fintech.

Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of easily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive. He gave the example of PM SVANidhi Yojana, which has enabled street vendors to get loans without any collateral and grow their business with the help of digital transactions. He also mentioned easy access to stock markets and mutual funds, investment reports and opening of demat accounts.

Referring to the rise of Digital India, the Prime Minister highlighted that services such as remote healthcare services, digital education and skill learning would not have been possible without fintech. “India’s fintech revolution is playing a big role in improving the dignity of life and quality of life,” Modi said.

He said, "I have faith in the country's fintech ecosystem and it will provide a quality life to Indians. In the last 10 years, more than $31 billion has been invested in the fintech space. Our fintech startups have grown by 500 percent in 10 years."

Crediting fintech startups for providing 24x7 banking services throughout the year during Corona, Modi urged them to help the whole world do business more easily and thus help the whole world live a better life. Modi praised the fintech revolution, saying that it has not only brought more people into the formal economy but has also increased dignity and quality of life for the people. He emphasized the progress from traditional currency to modern QR codes and attributed this progress to the work of technological innovators. He praised the sector for ensuring seamless banking services even during the pandemic and said that UPI has emerged as a global proof of our fintech potential. Even during such a big crisis of Corona, India was among those countries of the world where our banking services continued without any problem.

Referring to the 'Mudra Loan Scheme' of micro finance, the Prime Minister said that loans worth Rs 27 trillion have been distributed under this scheme so far. About 70 percent of the beneficiaries of this scheme are women.