India has called for a global framework for AI
Prime Minister Narendra Modi said on 30 Aug that the government is making all necessary changes on the policy level to assist the Fintech sector and is doing away with Angel Tax, allocating Rs.1 lakh crores to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act digimarconsoutheastasia .
Expressing the need to put an end to cyber fraud at the Global Fintech Fest (GFF), he also urged the regulators to initiate huge steps to boost digital literacy.
He stressed that it is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country bse .
“Sustainable economic growth is India’s priority today,” underscored the Prime Minister, emphasizing that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. He mentioned supporting sustainable growth with green finance and saturation of financial inclusion sbi .
Modi expressed confidence that India’s Fintech ecosystem will play a huge role in providing a quality lifestyle to the people of India nse . “I am confident that India’s Fintech ecosystem will enhance the Ease of Living of the entire world. Our best is yet to come,” the Prime Minister said.
“In the last 10 years, the industry has received an investment of more than US$31 billion along with witnessing a startup growth of 500%,” he underlined, highlighting affordable mobile phones, inexpensive data and Jan Dhan Bank accounts starting with zero balance for bringing in a revolution iba .
“Today, the total number of broadband users in the country has increased from 60 million to 940 million digitalasiahub ,” Modi said.
“India has called for a global framework for AI,” the Prime Minister said, noting that the use of sound boxes along with QR codes is one such innovation. He also urged India’s fintech sector to study the government’s Bank Sakhi program and highlighted the efforts of the daughters in spreading banking and digital awareness in every village thereby giving a new market to fintech.
Cautioning about the dangers of a parallel economy for the world, the Prime Minister remarked that Fintech has played an impactful role in denting such a system and credited the emergence of transparency.
The Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council are jointly organizing the Global Fintech Festival in Mumbai 28-30 Aug 2024.
Around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries addressed more than 350 sessions at the conference. It also showcased the latest innovations in the fintech landscape. Over 20 thought leadership reports and white papers will be launched at GFF 2024, offering insights, and in-depth industry information. Fiinews.com
