RuPay, UPI India’s identity in world, says PM

In yet another post-budget webinar on ‘Enhancing Efficiency of the Financial Services for Creating Growth Opportunities', Prime Minister Narendra Modi today said India is being called the "bright spot" of the global economy, and that the benefits of the strength of India's banking system should reach maximum people.

The PM said Indian talent, infrastructure and innovators can take the country's financial system to the top. “In the era of ‘Industry 4.0’, platforms developed by India are becoming models for the world,” the PM said, giving examples of GeM and digital transactions.

He said in the 75th year of independence, 75,000 crore transactions were done digitally, which shows how wide the expansion of UPI has become. “RuPay and UPI are not just a low cost and highly secure technology, but it is our identity in the world. There is immense scope for innovation. UPI should become a means of financial inclusion and empowerment for the whole world, we have to collectively work for it."

The PM said financial institutions should also have maximum partnerships with fintech to increase their reach.

It is the 10th of a series of 12 post-budget webinars organised by the government to seek ideas and suggestions for effectively implementing the initiatives announced in the Union Budget 2023.

He said India is presiding over G-20 and attracted the highest FDI in the year 2021-22, and a major part of this investment has taken place in manufacturing. Applications are pouring in to avail of the PLI scheme, which makes India an important part of the global supply chain, he said.

Giving an example of the government’s support to the MSME sector, the PM asked the banking system to reach out to the maximum number of sectors. “1 crore 20 lakh MSMEs have received huge help from the government during the pandemic. In this year's budget, the MSME sector has also got additional collateral-free guaranteed credit of 2 lakh crores. Now it is very important that our banks reach out to them and provide them adequate finance.”

He said the country's exports have been at an all-time high, whether in goods or services. The PM clarified that 'vocal for local' is bigger than just buying products from the Indian cottage industry. He said there's a need to support the private sector that is working for the progress of the different geographical areas and economic sectors.

He said as opposed to the past, the tax burden has come down significantly in India due to GST, reduction in income tax and corporate tax. "In 2013-14, gross tax revenue was about 11 lakh crore rupees, which can rise to 33 lakh crore in 2023-24, an increase of 200%. The number of individual tax returns filed increased from 3.5 crores to 6.5 crores from 2013-14 to 2020-21.”