India's Digital Payments Ecosystem Has Been Developed As A Free Public Good: PM Modi

Prime Minister Narendra Modi on Friday (24 February) addressed the first meeting of finance ministers and central Bank governors under India's G20 Presidency via video message.

Addressing the gathering, the Prime Minister underlined that this is the first Minister-level dialogue under India's G20 Presidency and conveyed his best wishes for a productive meeting.

Taking note of the challenges faced by the world in the present day, PM Modi said that the participants of today’s meeting are representing the leadership of global finance and economy at a time when the world is facing serious economic difficulties.

He gave examples of covid pandemic and its after-effects on the global economy, rising geo-political tensions, disruptions in global supply chains, rising prices, food and energy security, unsustainable debt levels affecting the viability of many countries, and the erosion of trust in international financial institutions due to their inability to reform quickly.

PM Modi pointed out that it is now up to the custodians of the leading economies and monetary systems of the world to bring back stability, confidence and growth to the global economy.

He also highlighted the optimism of the Indian consumers and producers about the future of India’s economy and hoped that the member participants would draw inspiration while transmitting the same positive spirit to the global level.

He emphasised the need to strengthen Multilateral Development Banks for meeting global challenges like climate change and high debt levels

Highlighting the growing dominance of technology in the world of finance, PM Modi recalled how digital payments enabled contactless and seamless transactions during the pandemic.

He urged the member participants to explore and harness the power of technology while developing standards to regulate its possible risk of destabilization and misuse in digital finance.

PM Modi noted that India has created a highly secure, highly trusted, and highly efficient public digital infrastructure in its digital payments ecosystem over the past few years.

“Our digital payments ecosystem has been developed as a free public good”, PM Modi remarked as he underlined that it has radically transformed governance, financial inclusion, and ease of living in the country, according to a PMO release.

Noting that the meeting is taking place in Bengaluru, the technology capital of India, the Prime Minister said that participants can get first-hand experience of how Indian consumers have embraced digital payments.

He also informed about the new system created during India’s G-20 Presidency that allows G20 guests to use India's path-breaking digital payments platform, UPI.

“Examples like UPI can be templates for many other countries too. We would be happy to share our experience with the world and the G20 can be a vehicle for this”, PM Modi concluded.