Prime Minister Narendra Modi addressed the Global Fintech Fest 2025 in Mumbai on October 9, sharing the stage with UK Prime Minister Keir Starmer. He highlighted India's AI Mission as capable of managing data and privacy issues while promoting 'All Inclusive' AI, showcased India's fintech successes like UPI, and announced enhanced UK-India partnerships to boost global fintech cooperation and innovation.
What is the Global Fintech Fest and Why Was It Significant in 2025?
Background of the Event: The Global Fintech Fest (GFF) is an annual gathering of innovators, policymakers, regulators, and industry leaders, launched five years ago during the global pandemic, and has grown into a major platform for financial innovation with over 100,000 participants from 75 countries in 2025.
Theme and Focus: This year's theme, 'Empowering Finance for a Better World – Powered by AI, Augmented Intelligence, Innovation, and Inclusion', highlights the role of technology in creating ethical and sustainable finance, with sessions on AI governance, data privacy, and global partnerships.
Significance of PM Modi's Address: PM Modi shared the stage with UK PM Keir Starmer, emphasizing India's fintech as a model for the Global South, announcing bilateral ties, and positioning India as a leader in inclusive AI, making it relevant amid rising global AI debates.
Broader Impact: The event featured 800 speakers, 400 exhibitors, and 70 regulators, including from Singapore, Germany, France, and Switzerland, underscoring its role in fostering international dialogue on fintech and AI.
What is India's AI Mission and Its Core Objectives?
Background on AI in India: Launched in March 2024 with a ₹10,372 crore budget over five years, the India AI Mission aims to build a comprehensive AI ecosystem, focusing on computing infrastructure, datasets, and talent development to make India self-reliant in AI technologies.
Key Components: It includes setting up AI Innovation Centres, developing indigenous AI models, and creating public datasets in Indian languages, while addressing ethical concerns like bias and privacy through guidelines.
Objectives for Inclusivity: The mission seeks to democratize AI access across districts and languages via Centres of Excellence and skilling hubs, ensuring benefits reach underserved areas and support sectors like healthcare, agriculture, and education.
Global Context: Amid worldwide AI growth, India's mission aligns with ethical AI frameworks, supporting UN and G20 discussions on responsible AI to prevent misuse and promote equitable global access.
How Does India's AI Mission Address Data and Privacy Concerns?
Basic Concepts of Data Privacy in AI: Data privacy involves protecting personal information from unauthorized access, while AI systems often require vast datasets, raising risks like breaches or biased algorithms; India's approach builds a 'trust layer' to balance innovation with security.
Mission's Privacy Features: The AI Mission incorporates responsible deployment principles, including data governance frameworks that comply with the upcoming Digital Personal Data Protection Act (DPDPA) 2023, which mandates consent, data minimization, and accountability for AI handlers.
Handling Data Challenges: It promotes secure data sharing via anonymized datasets and federated learning, where models train without centralizing sensitive data, reducing privacy risks while enabling AI development.
Global Relevance: PM Modi noted that while the world debates AI trust and safety, India's mission is already equipped, drawing from experiences in digital public infrastructure (DPI) like Aadhaar, which uses encryption and biometric safeguards.
What Are the Principles Guiding India's Approach to AI?
Equitable Access: Ensures AI resources, like high-performance computing (over 10,000 GPUs planned), are affordable for startups and innovators, bridging the digital divide and supporting small enterprises.
Population-Scale Skilling: Focuses on training millions through programs like FutureSkills PRIME, aiming to build AI talent at scale, including in regional languages, to create jobs and foster innovation.
Responsible Deployment: Emphasizes ethical AI with guidelines on bias mitigation, transparency, and accountability, aligning with India's support for global ethical AI frameworks to prevent harm.
'All Inclusive' Philosophy: AI is positioned as a tool for inclusion, sustainability, and resilience, integrating with fintech to reduce biases in services like credit scoring and fraud detection.
How Has India Democratized Technology and Fintech?
Historical Context: A decade ago, India faced a digital divide with limited banking access; the JAM Trinity integrated 500 million Jan Dhan accounts, Aadhaar IDs, and mobiles to enable inclusive finance.
Fintech Achievements: UPI's success has made digital payments routine, with India handling 50% of global real-time transactions; initiatives like ONDC empower MSMEs with nationwide market access, and OCEN simplifies credit for small businesses.
Inclusive Impact: Technology has transformed banking from a privilege to empowerment, reaching unbanked populations and boosting economic growth, with India ranking in the top three funded fintech ecosystems in early 2025.
Sustainability Focus: Fintech innovations prioritize people-centric designs, ensuring quick error resolution for first-time users to build trust and promote digital inclusion.
What is the UK-India Fintech Partnership and Its Benefits?
Background of Bilateral Ties: The UK-India Comprehensive Economic and Trade Agreement (CETA), signed in July 2025, is the UK's largest post-Brexit deal, aiming to boost trade and investments in fintech and other sectors.
Key Announcements: Includes the UK-India Fintech Corridor for startup piloting, LSE-GIFT City collaboration for financial integration, and investments by Indian firms like Razorpay, Cred, Paytm, and Perfios in the UK.
Economic Benefits: Current trade at $56 billion, targeted to double by 2030; expected to add billions to GDPs, create jobs, and support MSMEs through market access and technology sharing.
Strategic Importance: Combines UK's research and finance expertise with India's scale and talent, fostering global opportunities in AI and fintech, with the UK opening a dedicated fintech investment office.
How Does India Promote Digital Empowerment Globally?
Sharing Digital Goods: India offers open-source platforms like MOSIP for digital IDs to over 25 countries, not as aid but as empowerment to build sovereign systems.
Focus on Global South: PM Modi pitched India's fintech as a model for developing nations, enhancing digital cooperation through experiences in DPI and AI.
Upcoming Events: India will host the AI Impact Summit in 2026, following the UK's AI Safety Summit, to discuss AI's positive impacts and ethical frameworks.
Broader Vision: Aims to create a fintech world enriching people and planet, where innovation drives human progress beyond mere growth.
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