Prime Minister Narendra Modi called for the development of artificial intelligence (AI) and fintech growth, which becomes both inclusive and assists social good. Speaking on the last day of the Global Fintech Fest (GFF)—along with UK’s Prime Minister Kier Starmer—Modi highlighted that India and the UK have made “remarkable progress” in their trade and economic partnership in recent times.
Modi said India’s approach towards technology and fintech growth should be based on ensuring equitable access, population scale skilling and responsible deployment.
Starmer is visiting India with a 126-strong delegation, making it the largest ever British delegation to India. Both political leaders highlighted the fact that India and the UK are among the largest fintech industries in the world.
Starmer said the UK and India are “taking this partnership and redefining it with a new level of ambition for a new era. The recently finalised Comprehensive Economic and Trade Agreement (CETA) is the biggest deal since the UK left the EU. This is a huge statement of our shared belief to build the economies [of the UK and India] and the skills available with these economies. This is just the start… we will show that we mean it.”
“India constitutes half of the world’s digital transaction every day,” Modi told the packed audience later. “The India stack is giving shape to open-source platforms, both through open network for digital commerce and open credit enablement network, which will provide easy access to credit for small businesses and MSMEs in India.”
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“AI has huge potential in improving underwriting and detecting fraud. We have to work keeping in mind the principles of data, skill and governance. India needs to invest more in these areas,” he continued.
Modi added that CETA will reduce import costs for both countries, create new jobs for young people, increase trade, and benefit both our industries and consumers.
“India and the UK are natural partners. At the foundation of our relationship is a shared belief in values such as democracy, freedom and the rule of law. In these times of global instability, this growing partnership between India and the UK has become an important pillar of global stability and economic progress,” Modi said.
Modi and Starmer have also exchanged views on the Indo-Pacific region, peace and stability in the West Asia region, and the ongoing conflict in Ukraine. “India is supporting all efforts to restore peace in the Gaza region and the Ukraine conflict, through dialogue and diplomacy. We are fully committed to enhancing cooperation on maritime security in the Indo-Pacific region,” Modi said.
India and the UK have taken steps such as the Connectivity and Innovation Centre, and the Joint Artificial Intelligence Research Centre, to connect the young generation of both countries with the innovation nexus.
GFF 2025 saw the participation of over 7,500 companies from over 100 companies, which included fintech firms, India’s largest banks and NBFCs and global and domestic investors, besides technology partners.