English Translation of Prime Minister’s address during the Global Fintech Festival (October 09, 2025)

His excellency Prime Minister Keir Starmer,
RBI Governor,
Innovators of the Fintech World,
Leaders and Investors…
Ladies and gentlemen!

A very warm welcome to Mumbai!

Friends, when I attended this program last time, the 2024 elections were still pending. But that day, I had committed that I would attend next year's program. And at that time, you all had clapped the loudest. And at that time, the political experts sitting here had assumed that Modi was losing.

Friends,

Mumbai is the city of energy…

Mumbai is the city of enterprise…

Mumbai is the city of endless possibilities…

In this very Mumbai, I extend a special thanks to my friend, Prime Minister Starmer. He took time out for the Global Fintech Festival. I'm grateful to him.

Friends,

When the Global FinTech Festival began 5 years ago, the world was grappling with a global pandemic. Today, the festival has grown to become a global platform for financial innovation and financial cooperation.

This time, the United Kingdom is participating as a partner country in this festival. This partnership between two of the world's largest democracies will further enhance the global financial landscape.

The atmosphere, energy and dynamism I see here is truly amazing. It symbolizes global trust in India's economy and its growth. I congratulate Kris Gopalakrishnan, RBI Governor Sanjay Malhotra, and all the organizers and participants for this wonderful event.

Friends,

India is the mother of democracy. When we talk about democracy, it's not just limited to elections or policymaking. India has also made this democratic spirit a strong pillar of governance.

An apt example for this is - Technology. This debate has been a hot topic in the world for a long time, and we can't deny it today. There is a lot of truth in it. And that debate is on technological divide. India was no exception at that time.

However, over the past decade, India has also democratised technology. Today, India is one of the most technologically inclusive societies of the world.

Friends,

We have also done democratisation of digital technology. We've made it accessible to every citizen in every region of the country. Today this has transformed into the Good Governance Model for India.

This is a model in which the government develops digital infrastructure for the public good, and then the private sector, through its innovation, creates new products on that platform. India has shown that technology can be more than just a convenience - it can also become a means of equality.

Friends,

This inclusive approach has also transformed our banking system. Earlier, banking used to be a privilege. But today, technology has turned it into a medium of empowerment.

Today, digital payments have become routine in India. The biggest credit for this goes to the JAM Trinity, i.e. Jan Dhan, Aadhaar, and Mobile. Just take a look at UPI transactions. Today, 20 billion transactions are taking place every month. Their value is INR 25 trillion, or more than INR 25 lakh crores. Today, 50 out of every 100 real-time digital transactions in the world take place in India alone.

Friends,

This year's theme for the Global Fintech Fest also promotes and strengthens this democratic spirit of India.

Friends,

Today, the world is talking about India's Digital Stack.

India's Unified Payments Interface-UPI
Aadhaar Enabled Payment System
Bharat Bill Payment System
Bharat-QR
DigiLocker
DigiYatra
Government e-Marketplace, i.e. GeM

Together they all form the backbone of India's digital economy.

And it is a matter of great pleasure for me that India Stack is now giving birth to new Open Ecosystems. Many of you might not be familiar with it. ONDC, or Open Network for Digital Commerce, is proving to be a boon for small shopkeepers and MSMEs. They are now able to access markets across the country.

OCEN (Open Credit Enablement Network) is easing access to credit for small entrepreneurs. This system is solving the problem of credit shortages for MSMEs. I am confident that the digital currency initiative being pursued by the RBI will also bring greater improvements. All these efforts will enable India's untapped potential to power our growth story.

Friends,

India Stack isn't just India's success story. Last time I said I'd come again, and I've kept that promise. This is equally certain.

What India is doing gives hope to many countries, especially in the Global South. India wants to increase Digital cooperation and Digital partnership in the world through its Digital innovations. That's why we are sharing our experiences and open-source platforms as a global public good.

The MOSIP (Modular Open-Source Identity Platform) developed in India is a prime example of this. Today, more than 25 countries are adopting it as part of developing their sovereign digital identity systems. We are not only sharing technology with other countries but also helping them develop it. And this is not digital aid. Many around the world like to say that we are giving aid, but let's just say, the wise will understand. This isn't aid; it's digital empowerment.

Friends,

India's fintech community is making our homegrown solutions gain global relevance. From interoperable QR networks to open commerce and finance frameworks, the world is noticing the growth of our startups.

In just the first six months of this year, India has become one the top three most-funded Fin-Tech ecosystems.

Friends,

India's defining characteristic isn't just scale. We're combining scale with Inclusion, Resilience, and Sustainability. And this is where AI comes into play.

AI can reduce underwriting bias and detect fraud in real time. Furthermore, AI can play a significant role in improving other services. To unlock this potential, we must invest together in Data, Skills, and Governance.

Friends,

In the field of AI, India's approach is based on three key principles -

Equitable Access
Population-scale Skilling
And Responsible Deployment

Under the India-AI Mission, we are building high-performance computing capacity to provide affordable and easy access to every innovator and start-up. Our effort is to ensure that the benefits of AI reach every district and every language. Our Centres of Excellence, skilling hubs, and indigenous AI models are ensuring this.

Friends,

India has always been in favour of a global framework for ethical AI. Our digital public infrastructure experience and learning repositories can be useful to the world. We want to advance AI at the same level we are currently working on in digital public infrastructure. AI means something very different to us than it does to the rest of the world. To us, AI means - All Inclusive.

Friends,

Today, the world is debating the need for "Trust and Safety" rules for AI. India, however, has already created a "trust layer" for this. Our AI mission can handle both data and privacy issues. We also aim to build AI platforms where innovators can create inclusive applications.

In payments, our priority is speed and assurance.
In credit, our focus is on approvals and affordability.
In insurance, we aim for policies and timely claims.
And in investments, our goal is to be successful through access and transparency.

AI can power this transformation. To achieve this, AI applications must be designed with people in mind. They must be People-centric.

Anyone using digital finance for the first time should have confidence that errors will be resolved swiftly. This confidence will further strengthen digital inclusion and trust in financial services.

Friends,

A few years ago, the AI Safety Summit started in the UK. Next year, the AI Impact Summit will be held in India. In other words, discussions on safety began in the UK, and now conversations on impact will take place in India. India and the UK have shown the world a win-win approach to global trade. Our partnerships in AI and Fintech also reinforce this spirit. The combination of UK's research and global finance expertise and India's scale and talent can open new doors of opportunity for the entire world.

Today, we are committed to building stronger links between start-ups, institutions, and innovation hubs.

The UK-India Fintech Corridor will create opportunities for new startups to pilot and scale. It could also open up new avenues for cooperation between the London Stock Exchange and GIFT City. This financial integration between our two countries will help our companies take maximum advantage of the Free Trade Agreement.

Friends,

We all have a huge responsibility on our shoulders. From this platform today, I invite every partner in the world, including the UK, to partner with India. I invite every investor to grow with India's growth.

We must create a Fintech World where technology enriches both people and the planet.

Where the goal of innovation isn't just growth, but also goodness. Where finance isn't just about the numbers, but also about human progress.

With this clarion call, I extend my best wishes to all of you. Many congratulations to the RBI.

Thank you very much!

Mumbai,
October 09. 2025

DISCLAIMER - This is the approximate translation of Prime Minister's remarks. Original remarks were delivered in Hindi.