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India’s fintech success an example of popular support for reforms: Modi

Indian financial technology (fintech) accounts for 40% of global digital transactions, Prime Minister Narendra Modi said on Thursday, citing the industry as an example of people supporting economic reforms carried out honestly and with will.

Addressing a meeting of the Indian School of Business in Hyderabad, he said that even during global supply disruptions due to Covid-19 and the war in Ukraine, India has become the biggest hub of growth in the world by achieving record foreign direct investment (FDI).

Later in the day, he dedicated himself to the nation by laying the foundation stone for 11 projects worth over Rs 31,530 crore in Tamil Nadu including the 262 kilometer long Bangalore-Chennai highway which will be built at a cost of over Rs 14,870 crore.

“After 2014, we see political will and continuous reforms. We have shown that with honesty and will, the reform process moves forward. Support from people will come,” Modi said, taking fintech as an example.

“In a country where banking was considered a privilege, fintech has changed the lives of the common man. Where once it took so much effort to create trust in banks, now is where s ‘perform 40% of digital transactions in the world.

According to a recent report by payment solutions provider ACI Worldwide, India made 48.6 billion real-time payments through 2021, ahead of China at No. 2. The rise was cited due to a increased unified payment interface and fast response code-based merchant payments, as well as increased cashless payments.

Modi spoke about India’s success in healthcare during the pandemic. He said the country’s health sector was seen as incapable of responding to a big challenge.

“But the effects of the reforms in the health sector that we achieved during the biggest pandemic in the last 100 years,” he added, citing several examples, including vaccination against Covid.

India has so far supplied 1.9 billion doses of vaccines domestically and sold its vaccines to more than 100 countries, he said.

Other examples of health success stories he cited include the increase in the number of makers of personal protective equipment manufacturing kits from almost zero when the pandemic hit at the creation of a network of more than 1,100 new manufacturers in a short time. Modi said the number of medical colleges has also increased from 380 before 2014 to over 600 now.

“During the pandemic, the world saw India’s potential. Disruption to the global supply chain happened during this period, and then war made it worse. But India is a big center of growth in the midst of that,” he said, adding that the country got the highest number of FDI last year.

According to the Ministry of Trade and Industry, India reported its highest FDI inflow at $83.57 billion for 2021-22. This is an increase of $1.6 billion over the previous fiscal year.

He added that India was extending its support to Sri Lanka during the current crisis by providing financial aid, fuel, food, medicine and other essentials.

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