RuPay and UPI Are Not Just Low-Cost Technology, It Is Our Identity In The World: PM Modi

Modi on Tuesday said India transferred Rs 75,000 crores via UPI, this proves RuPay and UPI are not just low-cost and highly secure technology, it is our identity in the world

Prime Minister Narendra Modi on Tuesday said India received the highest Foreign Direct Investment in 2022

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Prime Minister Narendra Modi on Tuesday said India received the highest Foreign Direct Investment in 2022, and the country is moving towards financial discipline, transparency, and an inclusive approach.   

"In 2021-2022 India received the highest Foreign Direct Investment (FDI). Need of hour is that benefits of strength in India's banking system should reach the maximum people. The banking system needs handholding of almost all the sectors just like we supported the MSMEs," said Modi during a Post-Budget webinar on 'Enhancing efficiency of financial services for creating growth opportunities'.

“India is moving towards financial discipline, transparency, and inclusive approach. Today India is known for being Bright Spot in global economy,” said Modi. He added that Amrit Kaal Budget lays the roadmap for an inclusive financial sector for India's growth. 

Stating that India is moving ahead in digital currency, Modi said, "In the 75th year of Independence, India transferred Rs 75,000 crores via UPI, this proves RuPay and UPI are not just low-cost and highly secure technology, it is our identity in the world."

 

On tax collection, the PM said it is rising despite the reduction in tax rates. He added that an increase in the tax base is proof that people have faith in govt, and they believe the tax paid is being spent for the public good. 

Modi also urged private sector to increase investment as being done by the government.  The PM also hoped for increasing self-sufficiency in edible oil and making the higher education sector world-class so that India can save foreign exchange. 

The post-budget webinar is part of a series of 12 post-budget webinars being organised by the Government to seek ideas and suggestions for the effective implementation of the initiatives announced in the Union Budget. The Union Budget adopts seven priorities which complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal. The Financial Sector is one of the Seven priorities of the Government.

Besides Ministers and Secretaries of the Central Government Ministries concerned, a host of stakeholders drawn from the financial sector including, regulators, market participants, and industry representatives would attend these webinars and contribute suggestions for better implementation of budgetary announcements.