English rendering of PM’s address during inauguration of Global Fintech Fest (GFF) 2026 in Mumbai

Prime Minister Narendra Modi's address at the Global Fintech Fest (GFF) 2026 in Mumbai marks a significant milestone in India's digital transformation journey. This was his third consecutive appearance at the event, underscoring the government's sustained commitment to fintech as a pillar of economic development. The backdrop of this address is crucial: India achieved 7.8% GDP growth in the April-June 2026 quarter (Q1 FY2026-27) despite global headwinds including geopolitical conflicts, energy supply chain disruptions, and trade tensions. This resilience reflects the structural reforms undertaken since 2014 — including the Insolvency and Bankruptcy Code (2016), GST implementation (2017), and the Digital India initiative — which have strengthened macroeconomic fundamentals under Article 280 (Finance Commission) and Article 112 (Annual Financial Statement) frameworks. A landmark development highlighted was the upgrade of India's sovereign rating to 'A' category by a Japanese credit rating agency — the first such upgrade in three decades. This signals global confidence in India's fiscal discipline, inflation targeting under the RBI Act, 1934 (as amended in 2016 for Monetary Policy Framework), and debt sustainability. The rating upgrade aligns with India's aspiration to become a $5 trillion economy and eventually a developed nation by 2047 (Viksit Bharat). The centerpiece of India's fintech revolution remains UPI (Unified Payments Interface), which completed 10 years on August 25, 2026. Launched in 2016 by NPCI under RBI's regulatory sandbox, UPI has democratized digital payments — processing over 2,400 crore transactions in August 2026 alone. As PM Modi noted, French President Macron called UPI "not just a tech story, but a civilizational story," reflecting its role in financial inclusion under Article 39(b) and (c) (Directive Principles: equitable distribution of resources). UPI's international expansion to 11 countries, including interoperability with Singapore's PayNow, showcases India's digital public infrastructure (DPI) diplomacy. The extension of PM SVANidhi (PM Street Vendor's AtmaNirbhar Nidhi) until 2030 is a policy masterstroke. Launched in 2020 under Atmanirbhar Bharat Abhiyan, it provides collateral-free working capital loans to street vendors — a segment historically excluded from formal credit (Article 19(1)(g): right to profession). With beneficiaries' income rising over 20% and improvements in housing, nutrition, and education, the scheme exemplifies how fintech-enabled credit delivery can transform informal economies. PM Modi outlined four strategic priorities: (1) top-notch cybersecurity — critical given rising digital frauds, requiring alignment with the Digital Personal Data Protection Act, 2023 and CERT-In directives; (2) ethical data protection standards — moving beyond compliance to industry-led governance; (3) a robust regulator-industry innovation ecosystem — echoing the need for agile regulation under the RBI's evolving fintech framework; and (4) a fintech consumer protection index — ensuring transparency and trust, akin to SEBI's investor protection mechanisms. Looking ahead, the integration of Agentic AI, tokenization, and quantum technologies into financial services will redefine credit underwriting, insurance, and pension delivery — especially for gig workers and micro-entrepreneurs. The next phase of fintech must shift from payments dominance to holistic financial services, fulfilling the constitutional vision of economic justice (Preamble, Article 38). India's fintech trajectory is no longer just about scale — it's about setting global standards for inclusive, secure, and innovative digital finance.