Mumbai, August 30, 2024 – Prime Minister Narendra Modi today lauded India’s FinTech sector for its remarkable contributions to financial inclusion and innovation during his address at the Global FinTech Fest 2024 in Mumbai. The Prime Minister emphasized how the sector has revolutionized access to financial services, particularly for millions in rural and underserved areas, while driving economic growth and technological advancements.
PM Modi highlighted India’s transformative journey from a nation with limited banking infrastructure and internet access to one of the world’s leading FinTech hubs. “It is the festive season in India, and there is festivity in our economy and markets,” he remarked, noting that India’s FinTech ecosystem is now as globally admired as its cultural diversity.
The Prime Minister also reflected on past skepticism regarding the feasibility of a FinTech revolution in India. However, with broadband users skyrocketing from 60 million to 940 million over the past decade, India’s digital economy has proved the naysayers wrong, showcasing unprecedented growth and potential.
In addition to his address at the Global FinTech Fest, PM Modi will lay the foundation stone for the Rs 76,000 crore Vadhvan Port project in Palghar, Maharashtra. This major deepwater port is set to significantly enhance India’s maritime connectivity, enabling the docking of large container vessels and ultra-large cargo ships. The project is expected to create substantial employment opportunities and contribute to regional economic growth, all while adhering to stringent environmental standards.
PM Modi also announced the inauguration of 218 fisheries projects worth approximately Rs 1,560 crores, aimed at boosting infrastructure and productivity across India’s fisheries sector. The initiatives are projected to generate over five lakh employment opportunities. Additionally, the Prime Minister will launch the National Roll Out of the Vessel Communication and Support System, an ISRO-developed technology designed to enhance the safety and communication of fishermen at sea.
