India's digital payments innovations grabbing global attention: PM Modi By CIOtechOutlook Team

India's digital payments innovations grabbing global attention: PM Modi

CIOtechOutlook Team | Saturday, 03 September 2022, 03:09 IST

Prime Minister Narendra Modi said on Friday that digital payments had reached historic levels and the country's innovations in this space, such as the BHIM-UPI, were grabbing attention the world-over.

Citizens want fast and cheap internet with robust connectivity, Modi said during an official event in Mangaluru, where he laid the foundation stone as well as inaugurated several development projects worth Rs 3,800 crore. Gram panchayats, he added, were being connected by 600,000 kilometres of optical fibre.

“The facility of 5G is going to bring a new revolution in this field. I am glad that the double-engine government of Karnataka is also working to fulfil the needs and aspirations of the people at a fast pace,” Modi said.

Reflecting on the GDP figures that came out a few days ago, Modi said government policies during the Covid-19 pandemic had played a key role in the country’s progress. “Last year, despite so many global disruptions, India’s exports were worth about $670 billion. Overcoming every challenge, India made a new record with merchandise exports of $418 billion,” he said.

Every sector related to the growth engine of the country was running at full capacity, the Prime Minister said, adding that the services sector was also moving towards rapid growth.

The impact of the government’s Production-linked Incentive (PLI) schemes could be seen very clearly in the manufacturing sector. “The entire electronic manufacturing sector including mobile phones has grown manifold,” Modi said, and added that it was necessary to expand the manufacturing sector to build a developed India.

The Prime Minister also sought people's attention to the emerging toy sector which helped cut import of toys in the last three years while increasing their exports by as much. The country has witnessed a significant increase in coastal traffic over the years due to the government's efforts, Modi said.