During the Global FinTech Fest on Friday, August 30th, Prime Minister Narendra Modi took a jab at opposition leaders who previously questioned India’s FinTech revolution. Speaking at the Jio Convention Centre in Mumbai, PM Modi joked that some people were standing in the way when the goddess Saraswati was distributing wisdom. He pointed out that India is currently in the festive season, with recent celebrations like Janmashtami, and this joy is also reflected in the economy and market.
PM Modi’s Address at the Event
While addressing the audience, PM Modi mentioned that it’s remarkable that the Global FinTech Festival is being held in Mumbai, the city of dreams. He recalled a time when people visiting India were amazed by its cultural diversity. Now, visitors are equally astonished by India’s FinTech diversity. From landing at the airport to shopping, the FinTech revolution is visible everywhere in India. Over the last 10 years, $31 billion has been invested in the FinTech sector.
“How Could a Tea-Seller Like Me Bring a FinTech Revolution?”
PM Modi mentioned how some opposition leaders had questioned the feasibility of a FinTech revolution in India. Referring to them, he said, “You might remember that some people used to stand in Parliament and ask questions. These people considered themselves very wise. When Saraswati was distributing wisdom, they were standing in the way. They used to say that India doesn’t have enough bank branches, internet, or even electricity, so how could a FinTech revolution happen?”
PM Modi continued, “They even asked a tea-seller like me how it would be possible. But look at the situation today. In just a decade, broadband users in India have grown from 60 million to 940 million. Almost every Indian over the age of 18 has a digital identity through Aadhaar. Over 530 million people now have Jan Dhan bank accounts. In 10 years, India has connected more people to the banking system than the entire population of the European Union.”
