India has created a highly secure and efficient public digital infrastructure: PM Modi at G20 meeting

Addressing the first meeting of Finance Ministers and Central Bank Governors under India's G20 Presidency on Friday, Prime Minister Narendra Modi emphasized India's achievement in creating a highly secure, highly trusted, and highly efficient public digital infrastructure in its digital payment ecosystem over the past few years.

In a video message at the meeting which is being held in Bengaluru, Karnataka, he remarked that India's digital payments ecosystem has been developed as a free public good, which has radically transformed governance, financial inclusion, and ease of living in the country.

Prime Minister Narendra Modi also informed the gathering about the new system created during India’s G-20 Presidency that allows G20 guests to use India's path-breaking digital payments platform, the United Payments Interface (UPI)

He went on to suggest that systems like UPI can be templates for many other countries too, and India would be happy to share its experience with the world. He suggested that the G20 could be a vehicle for this, and the world could learn from India's experience in creating a highly secure, highly trusted, and highly efficient public digital infrastructure in its digital payments ecosystem.

The Prime Minister highlighted the growing dominance of technology in the world of finance and 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.P

Prime Minister Modi noted that the meeting was taking place in Bengaluru, the technology capital of India, and participants could get first-hand experience of how Indian consumers have embraced digital payments.

In his video message, Prime Minister Modi also spoke about the vibrancy of the Indian economy and highlighted the optimism of the Indian consumers and producers about the future of India’s economy. He hoped that the member participants would draw inspiration while transmitting the same positive spirit to the global level.

The Prime Minister urged the members to focus their discussions on the most vulnerable citizens of the world and stressed that global economic leadership can win back the confidence of the world only by creating an inclusive agenda. “The theme of our G20 Presidency promotes this inclusive vision - One Earth, One Family, One Future”, Prime Minister Modi said.