PM Modi inaugurated Global Fintech Fest 2026, calling his third appearance a 'hat-trick' for a Viksit Bharat. He praised India's 7.8% growth, celebrated UPI's global expansion, and urged the industry to create indigenous financial standards.
PM Modi's 'Hat-Trick' and Vision for Viksit Bharat
Prime Minister Narendra Modi on Tuesday inaugurated Global Fintech Fest 2026 in Mumbai. Addressing the gathering, the Prime Minister extended a warm welcome to innovators, leaders, and investors from across the globe. He noted that marking his third consecutive appearance at the event feels like a hat-trick of immense national importance following his third term in government. “This hat-trick shows how important you are for a Viksit Bharat, how important your work is,” remarked PM Modi.
Highlighting the dynamic evolution of the fintech landscape, the Prime Minister observed an expanding horizon of possibilities driven by the increasing energy, youth participation, and bold risk-taking capacity within the sector. He emphasised that the ecosystem's vibrant growth continues to strengthen his optimism regarding the nation's future. “Therefore, regarding the future of a Viksit Bharat, my belief is growing stronger,” asserted PM Modi.
Drawing a beautiful parallel between technological innovation and cultural celebration, the Prime Minister invoked the festive spirit of Mumbai ahead of the highly anticipated Ganeshotsav across Maharashtra and the country. He bowed to Lord Ganesha, adhering to the tradition of seeking divine blessings before auspicious endeavours. “Bowing down to Ganpati Bappa, I wish you all the best for the Global Fintech Fest 2026,” affirmed PM Modi.
India's Economic Resilience Amid Global Challenges
Acknowledging the complex global environment marked by conflicts, trade tensions, and severe pressure on the supply chains of energy and commodities, the Prime Minister contrasted international economic uncertainty with India's robust 7.8 per cent growth during the challenging April to June quarter. He praised the resilience of the Indian economy, which provides renewed confidence to the global community. “And this confidence, I can clearly see it on all your faces here,” noted PM Modi.
Pointing to a recent major validation of India's economic trajectory, the Prime Minister celebrated a Japanese credit rating agency upgrading the nation's sovereign ratings to the A- category after three decades. He attributed this historic milestone to structural reforms and macroeconomic stability, ensuring that the country’s growth momentum remains unstoppable. “ I will say again that this reform express of India will move forward at an even faster pace,” asserted PM Modi.
UPI: The Champion of India's Fintech Revolution
Praising the remarkable narrative of India's technological rise, the Prime Minister identified the Unified Payments Interface (UPI) as the undisputed champion of this transformation. He emphasised that any discussion surrounding the national fintech revolution is fundamentally incomplete without acknowledging this platform's impact, a point he recalled discussing at last year's event. “But this is such a massive transformation that whenever fintech is discussed, it will remain incomplete without UPI,” observed PM Modi.
A Decade of Transformation
Reflecting on the tenth anniversary of UPI celebrated on August 25, the Prime Minister contrasted early scepticism from financial elites with the current reality where millions of previously unbanked citizens now drive the digital economy. He recalled how his early vision of bringing banking to fingertips was once considered impossible by the well-informed. “Those same millions of people, who were outside the banking system for generations, have become the major drivers of fintech growth in India,” noted PM Modi.
Presenting staggering operational data, the Prime Minister revealed that over 24 billion UPI transactions occurred in August alone, meaning roughly 50 lakh transactions were processed in just the first ten minutes of the event. He cited French President Emmanuel Macron to underscore that this phenomenal adoption rate transcends technology. “It is because of this impact that President Macron said that UPI is not just a tech story; it is a civilizational story,” remarked PM Modi.
Global Expansion and Future Ambitions
Highlighting the global expansion of India's flagship digital payment system, the Prime Minister proudly announced that UPI is now live in 11 countries, turning what was once unimaginable into an everyday reality for international payments. He noted that these astonishing figures validate the incredible distance the nation has travelled. “These are astonishing figures that tell us how long a journey we have covered,” affirmed PM Modi.
Setting the stage for future ambitions, the Prime Minister challenged the industry to view current achievements as merely a starting point rather than a final destination. He drew upon his 25 years of experience in policy and governance to assert his philosophy of relentless progress. “When one goal is achieved, I get busy preparing for an even bigger goal,” asserted PM Modi.
Forging the Future of Fintech
Outlining the next strategic phase for international digital payments, the Prime Minister emphasised the urgent need to integrate UPI with the domestic payment systems of partner countries, mirroring the seamless cross-border connectivity already established with Singapore. He directed stakeholders to actively link financial networks wherever large Indian populations reside, or extensive trade occurs. “Wherever Indians live in large numbers, wherever India trades on a large scale, whichever country in the world is ready to walk with us, we have to work to connect them all,” directed PM Modi.
Emphasising the economic benefits for the diaspora, the Prime Minister pointed out that reducing transaction costs for the world's largest remittance-sending population is a critical priority. He explained that integrating digital payment systems globally would significantly accelerate the transfer of funds to families back home. “UPI can bring savings to Indians in this as well, and the money can reach Indian families faster,” noted PM Modi.
Urging a paradigm shift in financial infrastructure, the Prime Minister criticised historical reliance on foreign-designed card payment standards and called for the creation of indigenous rules and protocols. He expressed absolute confidence that the domestic industry possesses the capability to develop global standards. “Now we can make our own rules and standards and connect them with the world,” asserted PM Modi.
Empowering the Unbanked through Inclusive Finance
Reiterating his core philosophy of technological empowerment, the Prime Minister praised UPI as the ultimate tool for financial inclusion, successfully penetrating areas ignored by traditional banking models. He emphasised that the true hallmark of innovation is delivering services directly to the individual. “Where traditional banks could not reach, where bank branches could not reach, UPI has taken the banking system to that place, to that person,” remarked PM Modi.
Charting the future course for the domestic fintech market, the Prime Minister stressed the necessity of moving rapidly beyond mere payment processing to actively expanding the footprint of credit, insurance, savings, investments, and pension products. He insisted that the sector must rapidly elevate its service offerings to the next level. “Now in the fintech market, along with payments, the share of credit transactions must also increase,” affirmed PM Modi.
Highlighting the untapped potential of marginalised sectors, the Prime Minister explained that innovative financial technology is uniquely positioned to uplift demographics currently ignored by traditional economic models. He stated that integrating this hidden strength is absolutely vital for national advancement. “For a Viksit Bharat, the rise of this strength is very necessary,” asserted PM Modi.
Demonstrating the tangible impact of inclusive finance, the Prime Minister cited the PM SVANidhi scheme, which successfully integrated millions of street vendors, whom he called the backbone of the cities, into the formal credit system, boosting their average annual income by over 20 per cent. He noted that this financial empowerment significantly improved their access to housing, nutrition, healthcare, and children's education, prompting the government to extend the scheme until 2030. “Meaning, they have a tool for formal credit access,” noted PM Modi. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)