India-UK partnership key to global stability amid uncertainty
Mumbai, Oct 09: Prime Minister Narendra Modi, speaking at Global Fintech Fest 2025, urged global businesses to invest in India, the world’s fastest-growing major economy, and join-in the growth story with booming fintech.
He highlighted technology’s role in fostering equality, transforming banking through the JAM Trinity (Jan Dhan, Aadhaar, Mobile) and making digital payments a daily norm.
Modi showcased India’s globally recognized fintech innovations, from QR networks to open finance frameworks, and invited countries, including the UK, to collaborate.
He emphasized a fintech vision that balances technology, human progress, and planetary well-being, with innovation driving both growth and goodness.
“This inclusive approach has transformed our banking system. Earlier, it was a privilege, but digital technology has turned it into a tool of empowerment. Today, digital payment is a part of everyday life. The credit for this goes to the JAM Trinity (Jan Dhan, Aadhaar and Mobile),” he said.
“We have to create such a fintech world where technology, people and planet can all prosper. The goal of innovation should not be just growth but also goodness, and finance not just means numbers but human progress,” he said.
In the first six months of this year, India has ranked among the top three most funded fintech ecosystems globally, he said.
“I am happy that India’s digital stack is giving birth to a new open ecosystem. The Open Network for Digital Commerce (ONDC) is proving to be a boon for small shopkeepers and MSMEs, helping them reach new markets,” he said.
Similarly, he said, the Open Credit Enablement Network (OCEN) has made access to credit easier for small entrepreneurs.
What India is doing is a ray of hope, especially for the countries of the Global South, he said, adding that India wants to increase digital cooperation and digital partnership in the world through its digital innovation.
“Therefore, we are sharing both our experience and open source platform for a global public good,” he said.
Speaking about Artificial Intelligence (AI), he said, there is a debate going on in the world regarding trust and safety rules for AI today.
However, he said, India has already built a trust layer for this, and India’s AI Mission has the capability to handle both data and privacy issues.
He emphasised that India has always supported a global framework for ethical AI.
Highlighting that India is the mother of democracy, Modi said, “When we talk about democracy, it is not limited to elections and policy-making. India has made the democratic spirit a strong pillar of governance. Its best example is technology.”
In the past decade, he said, India has democratised technology, and today India is one of the most technologically inclusive societies.
Speaking at the occasion, British Prime Minister Keir Starmer said the India-UK FTA signed in July will boost GDP of both countries.
Terming the Comprehensive Economic Trade Agreement (CETA) as historic, Starmer said, “it will add billions of pounds to our GDP, hundreds of billions of rupees to yours, and add billions to wages as well.
It is the biggest deal that the UK has done since we left the European Union, and I think it’s fair to say it’s the most ambitious trade deal that India has ever done.”
The trade agreement holds out the promise of incredible opportunities, he said, adding that this country holds the promise of the future in account as the world’s biggest democracy, one of the world’s largest and fastest growing economies, with half of the population under 25 years old.
Observing that the UK and India are natural partners, Starmer said, “We are both world leaders in FinTech. We have the second and third-largest fintech sectors in the world.
“Our trading services have doubled over the last four years alone, and now our trade agreement provides a launch pad to go even further. We want the UK to be your number one partner of choice for finance and fintech.”
Starmer further said that his government is making the UK an even better place for FinTech innovation by investing in digital infrastructure, data sharing and AI adoption as an AI superpower.
“And more than that, we are delivering fast-track authorisations, streamlined compliance, new visa routes to attract top global talent, and now we’re creating a new office for investment financial services, a dedicated concierge service for international firms coming to the United Kingdom,” he said.
So, he said, “If you want to create great jobs, great growth and succeed, we’re rolling out the red carpet. We want to see leading Indian firms flourishing in the United Kingdom, taking their business global, and British firms selling into India, growing and thriving here too.”
Starmer exuded confidence that India and the UK can achieve great things together.
“So this is the moment to raise our sights even further. It’s time to invest in the United Kingdom, invest in this relationship, and invest in our shared future,” he said.
RBI Governor Sanjay Malhotra said, “Fintech is indeed a transformative force shaping our economies in both India and the UK by democratizing finance and empowering our citizens and businesses. Both the United Kingdom and India rank among the top jurisdictions in terms of the number of FinTech startups and the scale of investment flowing into the sector.”
They are home to some of the most vibrant and dynamic fintechs at the global level, he said.
Noting that India-UK partnership in various sectors already rests on a very strong foundation, he said, “The synergy between our two nations in FinTech is also evident. We are seeing a number of UK-based fintechs launching in India, integrating with UPI to offer innovative cross-border payment solutions.”
Looking ahead, Malhotra said, the opportunities for collaboration and partnership are immense.
“These collaborations can deliver benefits beyond bilateral gains. They can set new benchmarks for inclusion, efficiency and trust in digital finance globally,” he said.
Earlier in the day the India-UK partnership stands as an important pillar of global stability and economic progress at a time the world is witnessing uncertainties, PM said after holding wide-ranging talks with his British counterpart Keir Starmer.
The two sides, following the Modi-Starmer talks, announced plans to supply lightweight multirole missile systems to the Indian military to boost its air defence capabilities besides an in-principle move to finalise an inter-governmental pact to jointly develop maritime electric propulsion systems for India’s naval platforms.
In their restricted as well as delegation-level talks, the two leaders held that the sealing of the historic free trade agreement between the two sides in July will inject new energy, boost trade and broaden the overall trajectory of ties.
The British prime minister, accompanied by over 100 CEOs, entrepreneurs, university vice-chancellors, landed in India’s financial capital on Wednesday to a rousing welcome. It is his first visit to India.
“India and the UK are natural partners. Our relationship is built on the shared values of democracy, freedom, and the rule of law,” Modi said in his media statement in presence of Starmer.
“In today’s time of global uncertainty, our growing partnership stands as an important pillar of global stability and economic progress,” he said.
Modi said India’s dynamism and the UK’s expertise together will create a “unique synergy” to further enhance the bilateral relations in diverse areas.
“Our partnership is trustworthy, and driven by talent and technology. And today, as Prime Minister Starmer and I stand together on this stage, it is a clear reaffirmation of our shared commitment to work hand-in-hand towards building a brighter future for the people of both our nations,” he said.
In his remarks, Starmer described the signing of the UK-India Comprehensive Economic and Trade Agreement as a “breakthrough moment” as it will slash tariffs, increase access to each other’s markets and create jobs.
“It is significant that we’re meeting here in Mumbai, India’s economic and financial capital, because India’s growth story is remarkable. I want to congratulate the prime minister on his leadership, aiming to be the world’s third largest economy by 2028,” he said.
The two leaders also welcomed the resetting of the Joint Economic and Trade Committee (JETCO) which will support the governance and utilisation of the trade pact and drive forward wider trade and investment partnership.
Modi and Starmer also discussed the situation in West Asia and the war in Ukraine.
“The prime minister and I also discussed the need for a just and lasting peace in Ukraine, the need for stability and security in the Indo-Pacific, and the need to co-operate in critical areas like climate and energy, including breaking away from dependence on fossil fuels,” Starmer said.
In the defence and security sphere, the two sides expressed strong resolve to a robust maritime security collaboration in the Indo-Pacific, including establishment of the Regional Maritime Security Centre of Excellence (RMSCE) under the Indo-Pacific Oceans Initiative.
“In the context of cooperation on training, the two Leaders welcomed progress on an arrangement that will see Indian Air Force qualified flying instructors integrated into UK Royal Air Force training, alongside an agreement that will facilitate our strong training and education relationship,” a joint statement said.
It said both the prime ministers are pleased with the intent to finalise an India ‘ UK Inter-Governmental Agreement (IGA) on cooperation in developing maritime electric propulsion systems for Indian naval platforms.
“Both leaders also announced the agreement to proceed via government to government route on an initial supply of Lightweight Multirole Missile (LMM) systems,” the statement said.
“This will further support India’s air defence capabilities and, in the spirit of Atmanirbhar Bharat, meet the current and future requirements of the Indian Ministry of Defence, and support a long-term collaboration on complex weapons between the two countries,” it said.
In his remarks, Modi said both sides decided to establish an industry guild and a supply chain observatory for cooperation on critical minerals.
Its satellite campus will be located at Indian School of Mines, Dhanbad, he said.
“We have a shared commitment to the Sustainable Development Goals. In this direction, we welcome the formation of the India’UK Offshore Wind Taskforce,” he said.
“We have established the Climate Technology Startup Fund. This will provide support to innovators and entrepreneurs from both countries working in the fields of climate, technology, and AI,” he added.
