Prime Minister Shri Narendra Modi visited Mumbai and Palghar in Maharashtra. At First, PM Modi addressed thousands of fintech sector innovators, from the country and abroad, on the third day of Global Fintech Fest (GFF) 2024 held at the massive Jio World Convention Centre in Mumbai.  

PM Modi shared that India’s FinTech sector has played an important role in making financial services democratic and making access to credit easy and more inclusive. The country’s fintech revolution is continuously improving financial inclusion and driving innovation with prudence also. It has played a significant role in making financial services democratic. Products such as loans, credit cards, investments, and insurance are becoming easily accessible to everyone. Even the banking services remained unaffected during the pandemic days. 

Congratulating all young innovators at the present fifth edition, he promised in anticipation to visit them again in its 10th edition also. He also highlighted that along with India’s cultural diversity, people from across the world also get amazed at its FinTech diversity. In the last 10 years, more than USD 31 billion have been invested in the fintech space, and fintech startups have grown by 500 per cent. 

Broadband users have increased to 94 crores from being only 6 crores a few years ago. Products here are local yet with strong global applications. “I believe much on the youth power of the country. In their hands, FinTech system will play a key role in increasing the ease of living. With a regular increase in cybercrimes, steps must also be taken to promote digital literacy.” 

Three-Day GEF-2024 was jointly organized by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. Around 800 speakers including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries attended more than 350 sessions at the conference. It showcased the latest innovations in the fintech landscape. Offering insights, and in-depth industry information, over 20 thought leadership reports and white papers were also launched.  

Later, PM Modi also inaugurated and laid the foundation stone of various development projects at CIDCO ground, Palghar. Mainly, he laid the foundation stone of one of the largest deep waters ‘Vadhvan Port’ in Palghar. The total cost of this project is around Rs. 76,000 crores. It aims to establish a world-class maritime gateway that will boost the country’s trade and economic growth by catering to large container vessels, offering deeper drafts, and accommodating ultra-large cargo ships. 

Vadhavan Port, located near Dahanu town in Palghar district, will be one of India’s largest deep-water ports and will provide direct connectivity to international shipping routes, reducing transit times and costs. Equipped with state-of-the-art technology and infrastructure, the port will feature deep berths, efficient cargo handling facilities, and modern port management systems. The port is expected to generate significant employment opportunities, stimulate local businesses, and contribute to the overall economic development of the region.  

The Vadhavan Port project incorporates sustainable development practices, with a focus on minimizing environmental impact and adhering to stringent ecological standards. Once operational, the port will enhance India’s maritime connectivity and further strengthen its position as a global trade hub. 

Prime Minister also inaugurated and laid the foundation stone of 218 fisheries projects worth around Rs 1,560 crores, aimed at bolstering the sector’s infrastructure and productivity across the nation. These initiatives are expected to generate more than five lakh employment opportunities in the fisheries sector.