Digital payments ecosystem transformed governance, financial inclusion in India: PM Modi

Prime Minister Narendra Modi spoke to the Finance Ministers’ & Central Bank Governors’ Conference at the G20 Summit, which is being hosted by India. He also discussed the global economic unrest, conflict, and finances.

“We have developed a very reliable, trustworthy, and effective public digital infrastructure over the last few years. Our ecosystem of digital payments has fundamentally changed governance, financial inclusion, and ease of living “Through a video link, Modi spoke.

Prime Minister Modi also called the global economic situation into focus, saying that trust in international financial institutions has eroded, while adding that G20 discussions should focus on the world’s most vulnerable citizens.

“You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties. The COVID-19 pandemic has delivered a once-in-a-century blow to the global economy. Many countries, especially developing economies, are still coping with its after-effects. We are also witnessing rising geopolitical tensions in different parts of the world,” Modi said in a video message.

He also talked about India’s role in the global economy and how the country is confident about the future, adding that he “hopes that the same positive spirit will be transferred to the global economy.”

The prime minister said even as the world population has crossed 8 billion, progress on Sustainable Development Goals seems to be slowing down.

“We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels,” he said.