MUMBAI: Flanked by his visiting British counterpart Keir Starmer, Prime Minister Narendra Modi exuded confidence that the two nations will be able to double their bilateral trade volume before the 2030 deadline.
Addressing an Indo-British CEOs’ forum here Thursday, Modi said, “Today our bilateral trade is around $56 billion. We have set a target of doubling it by 2030. But I am confident that we can achieve this target ahead of time.”
Stating that India and the UK are “natural partners,” Modi said, “Our growing ties stand as an important pillar of global stability and economic progress at a time when the world is witnessing uncertainty.”
Addressing the meet, Starmer, who is leading a 150-member business delegation, said on his maiden visit to the country, “India is a global player. We want to see India taking its rightful place in the United Nation’s Security Council.”
Describing the recently signed comprehensive economic and trade agreement as a ‘breakthrough moment’, Starmer said, “We are creating a new modern partnership focused on the future and availing the opportunities and we are doing it together.”
“That is why we struck the UK-India comprehensive economic and trade agreement in July, a breakthrough moment — years in the making, slashing tariffs, increasing access to each others’ markets to drive growth and create jobs for our people and making life in both our nations,” he said.
“Beyond the words of the page of the agreement is the spirit of the confidence that it has given to our two great countries to work even more closely together, something which we have seen during the course of this visit here,” the British premier added.
On the bilateral meeting he had with Starmer earlier in the day, Modi said, “We discussed Indo-Pacific regional issues, peace and stability in West Asia and the Ukraine conflict. On the issues of Ukraine conflict and Gaza, New Delhi supports all efforts for peace through dialogue and diplomacy. In the Indo-Pacific region, we are committed to increasing maritime security.”
Later, addressing the concluding day of the three-day global fintech summit along with Starmer, Modi said, “India’s inclusive financial system has transformed nation’s banking system.”
“I invite the UK and all other countries for partnership with us. We must build a fintech world where technology, people, and the planet exist in harmony. We want to make a fintech world, where technology will enrich people and planet, where innovation growth can be goodness, and finance can be human progress,” he said.
On artificial intelligence, Modi said, “For us, AI means, ‘all inclusive’. We must invest in skills, innovation, and governance to drive the next wave of growth. In AI, our approach is dependent on three principles–equitable access, population scale-skilling and responsible deployment. Our AI mission has the capability to handle data and privacy. AI application design should be people centric.”
He also said that the RBI’s central bank digital currency, which is being piloted now, will make things better going ahead.
“Our UPI, Aadhaar-enabled payments, Bharat Bill Payment System, Bharat QR, Digilocker, and Digiyatra are our backbone. I believe that the central bankg digital currency will make things better going ahead.”
He said that of the 100 digital transactions taking place globally, as many as 50 take place in India. “Digital payments have become routine in India, which is because of the JAM (Jan-Dhan, Aadhar and mobile) trinity. Out of the 100 digital transactions globally, 50 take place in India. Our digital stack is being talked about across the world now,” said Modi.
Recalling that five years ago, when the Global Fintech Festival was launched, the world was battling a global pandemic, the Prime Minister highlighted that today, the festival has evolved into a global platform for financial innovation and cooperation. He noted that this year, the United Kingdom is participating as a partner country, and emphasized that the partnership between two major democracies will further strengthen the global financial landscape. Modi remarked on the vibrant atmosphere, energy, and dynamism at the venue, calling it remarkable. He stated that this reflects global trust in India’s economy and growth. The Prime Minister congratulated Kris Gopalakrishnan, all organizers, and participants for the successful conduct of the event.
Noting that Britain is participating as a partner country in this year’s fintech summit, Modi said, “This partnership between the two democracies will make the global financial landscape better.”
Underlining that India has democratized digital technology, making it accessible to every citizen and every region of the country, the Prime Minister highlighted that this has now become India’s model of good governance. He explained that in this model, the government develops digital infrastructure in the public interest, and the private sector builds innovative products on that platform. Modi further emphasized that India has demonstrated how technology can serve not only as a tool of convenience but also as a means of equality.
“India’s inclusive approach has transformed the banking ecosystem”, emphasised the Prime Minister. He remarked that banking was once a privilege, but digital technology has turned it into a medium of empowerment. He highlighted that digital payments have become routine in India, attributing this success to the JAM Trinity—Jan Dhan, Aadhaar, and Mobile. Pointing out that UPI alone facilitates twenty billion transactions every month, with a transaction value exceeding twenty-five lakh crore rupees, Modi emphasized that out of every hundred real-time digital transactions globally, fifty occur in India alone.
Noting that the theme of this year’s Global Fintech Fest reinforces and advances India’s democratic spirit, Modi highlighted that India’s digital stack is being discussed globally, citing key components such as the Unified Payments Interface (UPI), Aadhaar Enabled Payment System, Bharat Bill Payment System, Bharat-QR, DigiLocker, DigiYatra, and the Government e-Marketplace (GeM) as the backbone of India’s digital economy. The Prime Minister expressed satisfaction that the India Stack is now giving rise to new open ecosystems. He noted that ONDC—Open Network for Digital Commerce—is proving to be a boon for small shopkeepers and MSMEs, enabling them to access markets across the country. He added that OCEN—Open Credit Enablement Network—is simplifying access to credit for small entrepreneurs and addressing the issue of credit shortage for MSMEs. The Prime Minister expressed confidence that the digital currency initiative being pursued by the RBI will further enhance outcomes. He further added that all these efforts will transform India’s untapped potential into a driving force for the nation’s growth story.
“India Stack is not merely a story of India’s success, but a beacon of hope for the world, especially for countries in the Global South”, exclaimed the Prime Minister, emphasising that through its digital innovations, India aims to foster digital cooperation and digital partnerships globally. He highlighted that India is sharing both its experience and open-source platforms as global public goods. Modi cited Modular Open-Source Identity Platform (MOSIP) developed in India, as a major example, noting that over twenty-five countries are adopting it to build their sovereign digital identity systems. He affirmed that India is not only sharing technology but also assisting other nations in developing it. He underscored that this is not digital aid, but digital empowerment.
Highlighting that the efforts of India’s fintech community have given indigenous solutions global relevance, Modi cited interoperable QR networks, open commerce, and open finance frameworks as key areas where the growth of Indian startups is being recognized worldwide. The Prime Minister noted that within the first six months of this year, India has emerged among the top three most-funded fintech ecosystems globally.
Emphasising that India’s strength lies not just in scale, but in integrating scale with inclusion, resilience, and sustainability, Modi highlighted the role of Artificial Intelligence (AI) in reducing underwriting bias, detecting fraud in real time, and enhancing various services. To unlock this potential, the Prime Minister called for joint investment in data, skills, and governance.
“India’s approach to AI, built on three key principles—Equitable Access, Population-scale Skilling, and Responsible Deployment”, outlined the Prime Minister. Under the India-AI Mission, the government is developing high-performance computing capacity to ensure affordable and accessible resources for every innovator and start-up. Modi affirmed that efforts are underway to deliver the benefits of AI to every district and in every language. He noted that India’s Centers of Excellence, skilling hubs, and indigenous AI models are actively ensuring this outreach.
Affirming that India has consistently supported the creation of a global framework for ethical AI, Modi stated that India’s experience with digital public infrastructure and its learning repository can be valuable for the world. He emphasized that the path India has followed in digital public infrastructure is the same approach it seeks to advance in AI. “For India, AI stands for All Inclusive”, stated Modi.
Noting that while global debates continue around trust and safety rules for AI, India has already built a trust layer, the Prime Minister highlighted that India’s AI Mission is equipped to handle both data and privacy concerns. He expressed India’s intent to develop platforms that enable innovators to build inclusive applications. In payments, India prioritizes speed and assurance; in credit, the focus is on approvals and affordability; in insurance, the targets are effective policies and timely claims; and in investments, the goal is success in access and transparency. The Prime Minister stated that AI can be the driving force behind this transformation. For this, AI applications must be designed with people at the center. He stressed that a first-time digital finance user must have confidence that errors will be swiftly resolved. This confidence, he said, will further strengthen digital inclusion and trust in financial services.
Noting that the AI Safety Summit began in the UK a few years ago, and next year, the AI Impact Summit will be held in India, the Prime Minister highlighted that while the dialogue on safety started in the UK, the conversation on impact will now take place in India. He stated that India and the UK have shown the world a win-win partnership model in global trade, and their collaboration in AI and fintech further strengthens this spirit. The Prime Minister emphasized that the UK’s research and global finance expertise, combined with India’s scale and talent, can open new doors of opportunity for the world. He announced a renewed commitment to deepen connections between start-ups, institutions, and innovation hubs. The Prime Minister remarked that the UK-India Fintech Corridor will create opportunities to pilot and scale new start-ups, and also pave the way for enhanced cooperation between the London Stock Exchange and GIFT City. He added that this financial integration between the two countries will help companies maximize the benefits of the free trade agreement.
Underscoring the immense responsibility shared by all stakeholders, Modi extended an invitation from the platform to every global partner, including the United Kingdom, to collaborate with India. He welcomed every investor to grow alongside India’s growth. The Prime Minister concluded by calling for the creation of a fintech world that enriches both technology, people and planet—where innovation aims not only for growth but also for goodness, and where finance signifies not just numbers but human progress. With this call to action, he conveyed his best wishes to all present.
In his speech, Starmer said the UK wants to be India’s first choice for finance and fintech.
