The Prime Minister of India, Narendra Modi on Friday (August 30) took the stage at the Global Fintech Event (GFF) 2024 held at the Jio World Convention Centre in Mumbai. This event, spanning three days from August 28 to August 30, highlights about the country’s growth in the financial technology (fintech) sector.
In his address, PM Modi praises the growth of the country fintech industry and said that over the past 10 years, the sector has seen a staggering 500 per cent growth with factors such affordable data access, widespread use of mobile phones, and the introduction of zero-balance Jan Dhan bank accounts playing a key role.
Furthermore, PM Modi, in his address at the GFF 2024 took a jibe at the opposition and said “You might remember that some people used to ask these questions, standing in Parliament and considering themselves very learned. They think they were the first in line when Ma Saraswati was distributing sense.”
Narendra Modi:
“Some parliamentarians (Chidambaram) objected that There are no banks, internet & electricity in villages. They think they were the first in line when Ma Saraswati was distributing sense.
~ Broadband users have increased from 6 Crores to 94 Crores in 10 years.” pic.twitter.com/9WL4RAI5wi
— The Analyzer (News Updates️) (@Indian_Analyzer) August 30, 2024
In addition, he added, “They used to question how fintech could progress in India when there were so few branches, no banks in villages, no internet, and even no electricity for recharging. They even asked someone like me, a tea seller, about it.”
“But today, in just one decade, the number of broadband users in India has grown from 60 million (6 crore) to 940 million (94 crore),” said PM Modi.
VIDEO | “In the last 10 years, there has been an investment of more than 31 billion dollars. In the last 10 years, there has been an increase of 500 per cent in Fintech startups. Cheap mobiles, data and zero balance account under the (Pradhan Mantri) Jan-Dhan Yojana (PMJDY) have… pic.twitter.com/OwQPYSs6XD
— Press Trust of India (@PTI_News) August 30, 2024
About GFF 2024
The Global Fintech Forum (GFF) is one of the largest fintech conferences, organised annually in collaboration with the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).
The event features about 800 speakers, including policymakers, regulators, top bankers, industry leaders, and academics from India and around the world.
