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Informist, Tuesday, Sept. 8, 2026

 

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--PM Modi: World undergoing great uncertainty on trade issues, energy supply 
--CONTEXT: Prime Minister Modi speaking at Global Fintech Fest 2026 
--PM Modi: Apr-Jun most challenging on global uncertainty 
--PM Modi: Confident India's "Reform Express" will run faster 
--PM Modi: Need to make cybersecurity top-notch in India 
--PM Modi: Industry should have own ethical data production standards 
--PM Modi: Need to have fintech consumer protection index 
--PM Modi: Need to expand UPI to countries with large Indian populations
--PM Modi: India's fintech sector must focus on next generation innovation 
--PM Modi: Need to make fintech part of credit transactions, insurance

 

NEW DELHI – India has continued to grow despite global challenges and the country's "Reform Express" will run even faster in the future, Prime Minister Narendra Modi said Tuesday, adding that his trust in the goal of Viksit Bharat 2047 is increasing.

 

"The world is undergoing a phase of conflicts and uncertainty. There is pressure on commodity and energy supply. There is tension related to trade as well," Modi said, addressing the inaugral session of Global Fintech Fest 2026 in Mumbai. "This situation has continued for many months. In this, the Apr-Jun quarter was the most challenging and despite this India continued to grow at 7.8%."

 

India's real GDP grew 7.8% in the June quarter, up from 6.9% a year earlier, beating the Reserve Bank of India's estimate of 7%. Modi said sovereign ratings are an example of the world's trust in the Indian economy, noting that Japan Credit Rating Agency last week raised India's sovereign rating a notch to "A-" from "BBB+".

 

"Not many people know that this (Japan Credit Rating Agency's India rating upgrade) happened after three decades," the prime minister said. "It shows that India's growth momentum, macroeconomic stability, and structural reforms in last few years have led to assurance in the world. India's Reform Express will run even faster."

 

Modi called India's financial technology story "incredible", citing the Unified Payments Interface as its biggest champion. "It (the Unified Payments Interface) is such a big transformation that any discussion about fintech (financial technology) in the absence of UPI will be incomplete," he said.

 

He called for expanding the linkage of the Unified Payments Interface with payment systems of other countries, particularly countries having large Indian populations and trade. India's payment system is currently live in 11 countries.

 

Currently, payment systems account for a large part of the fintech sector, but India needs to take the sector to another level quickly, the prime minister said. "In the fintech market, along with payments, share of credit transactions, insurance, should grow. Share of savings, investments, and pensions should grow," he said.

 

Modi also called upon fintech companies to work together and make cybersecurity top-notch in India. He also called upon the industry to have its own ethical data production standards. The country needs to create a strong fintech regulatory industry innovation ecosystem along with a fintech consumer protection index to rate companies transparently, he added. "India's fintech sector should focus on next generation innovation," he said.  End

 

Reported by Pratiksha

Edited by Rajeev Pai

 

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