PM Modi invites global businesses to participate in India's growth story

Prime Minister Narendra Modi on Thursday invited global businesses to participate in India’s growth story, which is the fastest-growing large economy in the world.

Addressing Global Fintech Fest 2025 here, Modi emphasised that technology is not just a matter of convenience, but a means of equality.

"This inclusive approach has transformed our banking system. Earlier, it was a privilege, but digital technology has turned it into a tool of empowerment. Today, digital payment is a part of everyday life. The credit for this goes to the JAM Trinity (Jan Dhan, Aadhaar and Mobile)," he said.

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India’s Fintech Power Gains Global Recognition

India's fintech prowess is getting global recognition, he said, adding India is not only sharing technology with other countries but also helping them develop it.

"I invite all (countries), including the UK, to forge partnerships with India. All global investors are welcome to participate in India's growth story.

"We have to create such a fintech world where technology, people and planet can all prosper. The goal of innovation should not be just growth but also goodness, and finance not just means numbers but human progress," he said.

Appreciating the efforts of India’s fintech community, he said, "Our indigenous solutions are gaining global relevance. Be it QR networks, open commerce, or open finance frameworks, our startup growth is being recognised across the world."

Strengthening India’s Digital Ecosystem

In the first six months of this year, India has ranked among the top three most funded fintech ecosystems globally, he said.

"I am happy that India’s digital stack is giving birth to a new open ecosystem. The Open Network for Digital Commerce (ONDC) is proving to be a boon for small shopkeepers and MSMEs, helping them reach new markets," he said.

Similarly, he said, the Open Credit Enablement Network (OCEN) has made access to credit easier for small entrepreneurs.

What India is doing is a ray of hope, especially for the countries of the Global South, he said, adding that India wants to increase digital cooperation and digital partnership in the world through its digital innovation.

"Therefore, we are sharing both our experience and open source platform for a global public good," he said.

India’s Vision for Ethical and Trustworthy AI

Speaking about Artificial Intelligence (AI), he said, there is a debate going on in the world regarding trust and safety rules for AI today.

However, he said, India has already built a trust layer for this, and India's AI Mission has the capability to handle both data and privacy issues.

He emphasised that India has always supported a global framework for ethical AI.

Highlighting that India is the mother of democracy, Modi said, "When we talk about democracy, it is not limited to elections and policy-making. India has made the democratic spirit a strong pillar of governance. Its best example is technology."

In the past decade, he said, India has democratised technology, and today India is one of the most technologically inclusive societies.

UK PM Keir Starmer Hails India-UK Trade Pact

Speaking at the occasion, British Prime Minister Keir Starmer said the India-UK FTA signed in July will boost GDP of both countries.

Terming the Comprehensive Economic Trade Agreement (CETA) as historic, Starmer said, "it will add billions of pounds to our GDP, hundreds of billions of rupees to yours, and add billions to wages as well.

It is the biggest deal that the UK has done since we left the European Union, and I think it's fair to say it's the most ambitious trade deal that India has ever done."

The trade agreement holds out the promise of incredible opportunities, he said, adding that this country holds the promise of the future in account as the world's biggest democracy, one of the world's largest and fastest growing economies, with half of the population under 25 years old.

Deepening India-UK Fintech Partnership

Observing that the UK and India are natural partners, Starmer said, "We are both world leaders in FinTech. We have the second and third-largest fintech sectors in the world.

"Our trading services have doubled over the last four years alone, and now our trade agreement provides a launch pad to go even further. We want the UK to be your number one partner of choice for finance and fintech."

Starmer further said that his government is making the UK an even better place for FinTech innovation by investing in digital infrastructure, data sharing and AI adoption as an AI superpower.

"And more than that, we are delivering fast-track authorisations, streamlined compliance, new visa routes to attract top global talent, and now we're creating a new office for investment financial services, a dedicated concierge service for international firms coming to the United Kingdom," he said.

So, he said, "If you want to create great jobs, great growth and succeed, we're rolling out the red carpet. We want to see leading Indian firms flourishing in the United Kingdom, taking their business global, and British firms selling into India, growing and thriving here too."

Starmer exuded confidence that India and the UK can achieve great things together.

"So this is the moment to raise our sights even further. It's time to invest in the United Kingdom, invest in this relationship, and invest in our shared future," he said.

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RBI Governor Highlights Fintech Collaboration

RBI Governor Sanjay Malhotra said, "Fintech is indeed a transformative force shaping our economies in both India and the UK by democratizing finance and empowering our citizens and businesses. Both the United Kingdom and India rank among the top jurisdictions in terms of the number of FinTech startups and the scale of investment flowing into the sector."

They are home to some of the most vibrant and dynamic fintechs at the global level, he said.

Noting that India-UK partnership in various sectors already rests on a very strong foundation, he said, "The synergy between our two nations in FinTech is also evident. We are seeing a number of UK-based fintechs launching in India, integrating with UPI to offer innovative cross-border payment solutions."

Looking ahead, Malhotra said, the opportunities for collaboration and partnership are immense.

"These collaborations can deliver benefits beyond bilateral gains. They can set new benchmarks for inclusion, efficiency and trust in digital finance globally," he said.

PTI