MUMBAI, Sept. 9 -- At the seventh Global Fintech Fest (GFF) in Mumbai, Prime Minister Narendra Modi opened the event by putting the spotlight on India's structural reforms, macroeconomic stability and rising economic momentum. The country's fintech story, emphasised the Prime Minister, would have fallen short without the Unified Payments Interface (UPI) which celebrated its 10th anniversary in August 2026. Referring to his third consecutive term as Prime Minister and his third appearance at the GFF, he said India was moving ahead with a clear vision of becoming a developed nation, which leads him to "experience greater energy and enthusiasm, thanks to the participation of youth than before". Modi said the world was passing through a period of conflict, trade tension and severe pressure on the supply chains of energy and commodities, and contrasted international economic uncertainty with India robust 7.8% growth during challenging quarter between April and June. He praised the resilience of the Indian economy, which, he said, provided renewed confidence to the global community. "And this confidence, I can clearly see on all your faces here," the PM said. Pointing to a recent validation of India's economic trajectory, the Prime Minister celebrated a Japanese credit rating agency upgrading the nation's sovereign ratings to the 'A-category' after three decades - he attributed this milestone to structural reforms and macroeconomic stability, which ensured the country's growth momentum remains unstoppable. "I will say again that this reform express of India will move forward at an even faster pace," asserted Modi. "The country's fintech story would remain incomplete without UPI, which has completed 10 years. What appeared impossible a decade ago has become a daily reality for millions of Indians." The vigorous evolution of the fintech landscape, Modi observed, was possible by an expanding horizon of possibilities driven by the increasing energy, youth participation and bold risk-taking capacity within the sector. "Therefore, my belief regarding the future of a Viksit Bharat is growing stronger," said Modi. UPI recorded more than 24 billion transactions in August alone, with more than five million taking place every 10 minutes. Modi cited French President Emmanuel Macron's observation on the adoption of the technology, when he said that "UPI is not just a tech story, it is a civilizational story". The PM underscored that UPI is now live in 11 countries -- turning what was once unimaginable into an everyday reality for international payments. "These astonishing figures tell us the long journey we have covered. The next strategic phase for international digital payments is the urgent need to integrate UPI with the domestic payment systems of partner countries, mirroring a seamless cross-border connectivity already established with Singapore. Wherever Indians live in large numbers, wherever India trades on a large scale, whichever country in the world is ready to walk with us, we have to work to connect them all," he said. The PM pointed out that reducing transaction costs for the world's largest remittance-sending population is a critical priority. Urging a paradigm shift in financial infrastructure, the Prime Minister criticized the historical reliance on foreign-designed card payment standards and called for the creation of indigenous rules and protocols. "The next goal should be to connect India's UPI system with more countries and make cross-border payments cheaper and easier. Since Indians are among the world's largest remittance senders, UPI could significantly reduce transaction costs and help save money for migrant workers and their families. India now has the opportunity to help shape global standards and rules in digital payments," he said. RBI Governor Sanjay Malhotra and GFF chairman Kris Gopalakrishanan shared the dais with the PM for the inaugural session of the GFF, to be held between September 8 and 11 in Mumbai. Modi said fintech had also emerged as a powerful tool for financial inclusion. UPI had taken banking services to places where traditional bank branches were not available. The fintech sector, he said, should now move beyond payments and expand its role in credit, savings, insurance and other financial services. Citing the PM SVANidhi scheme, a micro-credit scheme launched by the government six years ago, Modi said digital payments had helped bring millions of street vendors into the formal financial system and improve their access to credit. Their incomes had increased by more than 20%, he claimed, while access to finance had also contributed to improvements in nutrition, education and healthcare. "Fintech could become a gateway to opportunities for people and businesses that had traditionally remained outside the formal financial system. The key is to combine innovation with security, transparency and trust," he said. Prime Minister identified Agentic AI, Tokenization, and Quantum computing as revolutionary forces opening new doors in the financial sector. He challenged the industry to translate these emerging technologies into tangible societal benefits. The PM laid a strategic four-point roadmap for the industry, asking fintech companies to establish top-notch cybersecurity, ethical data protection standards, a robust regulatory innovation ecosystem, and a transparent fintech consumer protection index....