Prime Minister Narendra Modi today said that partnership between world’s two largest democracies, India and United Kingdom can improve and strengthen the global financial landscape. Addressing the Global Fintech Fest 2025 in Mumbai this evening, Mr. Modi said, the country has democratized technology in the past decade and currently stands among the most technologically inclusive societies.
Mr. Modi said, the country has shown the world that technology is not just a tool of convenience but also a means of equality. The Prime Minister said, this inclusive approach has transformed country’s banking sector and digital payments are now a part of every citizen routine life. Mr. Modi said that India accounts for half of the real time digital transactions the world over. He added that Indians are making over 20 billion transactions through UPI every month, which translates into a transaction amount of about 25 trillion rupees.
The Prime Minister said India’s UPI, Aadhaar-enabled payment system, Bharat Bill Payment System, Bharat QR, DigiLocker, Digi Yatra and GEM have become the backbone of country’s digital economy. Appreciating the efforts of country’s fintech community, Mr. Modi said Swadeshi solutions are gaining global relevance.
Talking about country’s AI mission, Prime Minister Modi said, AI should be people centric and help innovators to develop inclusive applications that will make payments speedy and inclusive, credit more affordable, investment more accessible and transparent.
United Kingdom Prime Minister Keir Starmer said UK and India are global leaders in fintech, having the second and third largest Fintech network in the world. He said, India-UK Comprehensive Economic and Trade Agreement is a deal that will raise living standards in both nations and increase GDP.
Earlier, Prime Minister Narendra Modi and UK Prime Minister Keir Starmer also addressed the India-UK CEO Forum. Mr. Modi informed that trade between the two countries currently stands at 56 billion US dollars and a target has been set to double it by 2030.
Hailing the India-UK Comprehensive Economic and Trade Agreement, the UK Prime Minister said that countless new possibilities for cooperation are emerging in areas such as telecom, AI, biotech, quantum, semiconductors, cyber, and space.
