In a landmark podcast appearance, Hon’ble Prime Minister Narendra Modi, speaking with Zerodha co-founder Nikhil Kamath on People by WTF, hailed the Unified Payment Interface (UPI) as a marvel that has captured global attention. PM Modi emphasized how India has set an example in democratising fintech innovation, making technology accessible and transformative for millions.
“When global leaders visit, they frequently ask how UPI works. I often suggest they see it in action at any vendor stall,” PM Modi remarked. He underlined the power of UPI in reshaping digital payments globally and eliminating inefficiencies in financial systems.
Fintech and Governance Altogether
Discussing the broader implications of digital financial systems, the Prime Minister credited initiatives like Jan Dhan accounts and UPI for driving financial inclusion and transparency. “Through direct benefit transfers, billions once lost to corruption are now saved,” he noted, reinforcing how technology-backed governance is empowering citizens and fostering trust.
PM Modi added, “Today, with just a mobile phone, our youth can achieve wonders. This is a technology-driven century, and India’s fintech ecosystem showcases how innovation can empower even the smallest vendors.”
Risk-Taking in Fintech and Policy
The Prime Minister drew parallels between entrepreneurship and policymaking, citing UPI as a high-stakes initiative that paid off. “Risk-taking is the foundation of leadership. Whether in politics or fintech, it drives transformative outcomes. UPI is now a global benchmark,” he said.
Global Leadership in Innovation
PM Modi highlighted India’s evolving global stature as a leader in technology and innovation. “India has created systems like UPI that demonstrate how technology can be democratized, inspiring confidence worldwide,” he stated.
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Empowering the Youth
Acknowledging the role of youth in driving fintech forward, the Prime Minister stressed the importance of resilience and innovation. “I’ve created initiatives to ensure young entrepreneurs have the resources and support they need to take risks without fear of failure,” he affirmed.
Takeaways for Fintech Innovators
PM Modi’s conversation with Kamath underscored key lessons for fintech leaders:
- Democratization of Technology: Make innovation accessible to the masses.
- Global Standards: Develop solutions like UPI that set benchmarks worldwide.
- Youth Empowerment: Create an ecosystem where failure is seen as a stepping stone.
With India’s fintech revolution leading the way, PM Modi’s podcast appearance serves as a testament to the country’s commitment to innovation, inclusivity, and global leadership.
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