Singapore, Nov 14 (IEBusiness) Prime Minister Narendra Modi on Wednesday said an explosion of fintech innovation and enterprise in India has turned India into a leading fintech and Startup nation in the world.
Delivering the keynote address at the Singapore Fintech festival, the PM, pitching India as a favourite destination for investment said, ‘there is an explosion of fintech innovation and enterprise in India. It has turned India into a leading fintech and Startup nation in the world. The future of fintech and Industry 4.0 is emerging in India.’
In his address, the PM said financial inclusion has become a reality for 1.3 billion Indians.
Speaking on the role of technology in reforming lives of Indian citizens, the PM lauded digital transaction and rapidly rising need of a digital economy.
“With the power of fintech and the reach of digital connectivity, we have started a revolution of unprecedented speed and scale. To begin with financial inclusion has become a reality for 1.3 billion Indians. We have generated more than 1.2 billion biometric identities, called Aadhaar or foundation – in just a few years.
With our Jan DhanYojana, we aimed to give a bank account to every Indian. In three years, we have opened 330 million new bank accounts. Less than 50 per cent of Indians had bank accounts in 2014; now, it is nearly universal.
So today, more than a billion biometric identities, more than a billion bank accounts and more than a billion cell phones give India by far the biggest public infrastructure in the world,’the PM said.
He said that more than Rupees 3.6 lakh crore, or 50 billion dollars of benefits from government, have reached the people directly.
‘No longer must a poor citizen in a remote village travel long distances or pay off middle-men to get her rights. No longer can fake and duplicate accounts bleed government finances. We have saved over Rupees 80,000 crore, or 12 billion dollars in prevented leakages.Now, millions who lived on the edge of uncertainty receive insurance in their accounts and have access to the security of pension in old age. A student can get her scholarship directly into her account. No longer will she be lost in end-less paper chase. Banking has come to doorsteps even in remote villages through 400,000 micro ATMs based on Aadhaar,’he said.
The PM said this digital infrastructure has helped launch the world’s largest healthcare scheme ‘Ayushman’ that will provide affordable health insurance to 500 million Indians.
It has also helped us extend 145 million loans for small entrepreneurs through Mudra scheme. In four years, they amount to Rupees 6.5 lakh crore, or 90 billion dollars. Nearly 75 per cent of these loans have gone to women,’he said.
The PM said it was a great honour to be the first Head of Government to deliver the keynote address at Singapore Fintech Festival.
“It is a great honour to be the first Head of Government to deliver the keynote address at Singapore Fintech Festival, the Prime Minister said.
PM Modi also met with Prime Minister of Singapore Lee Hsienloong on the sidelines of East Asia Summit.
Guiding India-Singapore Strategic Partnership. PM Narendra Modi met Prime Minister of Singapore
lee Hsienloong on the sidelines of #EastAsiaSummit. Good exchange of views on cooperation in financial technology, enhanced connectivity and regional economic integration,’Spokesperson of the external affairs ministry Raveesh Kumar said.
Prime Minister Modi arrived in Singapore on Wednesday for a two-day visit where he will be attending the 13th East Asia Summit (EAS).
During the visit, Modi is scheduled to attend the 16th Association of Southeast Asian Nations (ASEAN)-India Breakfast Summit, and the Second Regional Comprehensive Economic Partnership (RCEP) Summit.