Prime Minister Narendra Modi highlighted India's FinTech achievements at the Global FinTech Fest in Mumbai, emphasising the sector's role in enhancing financial inclusion and fostering innovation. He praised the industry for making financial services accessible to millions and driving economic growth.
At the Global Fintech Fest (GFF) 2024, Prime Minister Narendra Modi emphasised India's economic vibrancy, stating, "It is the festive season in India, there is also festivity in the economy and markets." He highlighted how India’s fintech landscape has become a global attraction, with visitors now equally amazed by its technological advancements as they once were by its cultural diversity.
India's fintech growth
PM Modi reflected on past skepticism about the feasibility of a fintech revolution in India, particularly given the lack of banking infrastructure and internet access in rural areas. However, he noted the rapid growth in broadband users, from 60 million to 940 million within a decade, showcasing India's transformative journey in the digital economy.
Prime Minister Narendra Modi will also lay the foundation stone for the Vadhvan Port project in Palghar, worth Rs 76,000 crores. The Vadhvan Port is poised to become one of India's biggest deepwater ports, enhancing the US's maritime connectivity. Additionally, PM Modi will inaugurate diverse fisheries initiatives and launch the National Roll Out of the Vessel Communication and Support system.
"I look forward to being among the people of Maharashtra tomorrow, 30th August. I will take part in programmes in Mumbai and Palghar. In Mumbai, I will take part in the Global Fintech Fest 2024 at around 11 AM. This platform showcases India's strides in the world of Fintech and brings together key stakeholders of the sector. Thereafter, I will be in Palghar for the foundation stone laying programme of the Vadhvan Port project. This is a very important project, signifying our commitment to port-led development and to the progress of Maharastra," posted PM Modi on X.
Laying foundation for Vadhvan Port
PM Modi will lay the foundation stone for the Rs seventy 76,000 crore Vadhvan Port project in Palghar. This deepwater port will extensively boost India’s maritime connectivity, bearing in mind the docking of large box vessels and ultra-massive shipment ships. The port is anticipated to create significant employment possibilities and make a contribution to regional monetary increase, adhering to stringent environmental standards.
Inaugurating fisheries projects
PM Modi will even inaugurate 218 fisheries tasks worth around Rs 1,560 crores, aimed toward boosting infrastructure and productivity throughout India’s fisheries zone. The initiatives are expected to generate over five lakh employment opportunities. Additionally, the Prime Minister will launch the National Roll Out of the Vessel Communication and Support system, which will enhance the safety and communication of fishermen at sea using indigenous technology developed by ISRO.
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