Mumbai

AI means 'All Inclusive' for India, asserted Prime Minister Narendra Modi on Thursday while stressing that India Stack is a beacon of hope for the world, especially for countries in the Global South.

Addressing Global Fintech Fest 2025, Modi said India’s approach to AI is built on three key principles—Equitable Access, Population-scale Skilling, and Responsible Deployment.

Affirming that India has consistently supported the creation of a global framework for ethical AI, he said that India’s experience with digital public infrastructure and its learning repository can be valuable for the world.

He emphasized that the path India has followed in digital public infrastructure is the same approach it seeks to advance in AI and 'For India, AI stands for All Inclusive'.

Emphasising that India’s strength lies not just in scale, but in integrating scale with inclusion, resilience, and sustainability, Modi highlighted the role of Artificial Intelligence (AI) in reducing underwriting bias, detecting fraud in real time, and enhancing various services.

To unlock this potential, he called for joint investment in data, skills, and governance.

Observing that AI can be the driving force behind this transformation, he said, "For this, AI applications must be designed with people at the centre."

He stressed that a first-time digital finance user must have confidence that errors will be swiftly resolved.

This confidence, he said, will further strengthen digital inclusion and trust in financial services.

The Prime Minister emphasised that the UK’s research and global finance expertise, combined with India’s scale and talent, can open new doors of opportunity for the world.

He announced a renewed commitment to deepen connections between start-ups, institutions, and innovation hubs.

He said that the UK-India Fintech Corridor will create opportunities to pilot and scale new start-ups, and also pave the way for enhanced cooperation between the London Stock Exchange and GIFT City and this financial integration between the two countries will help companies maximize the benefits of the free trade agreement.

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Pointing out that UPI alone facilitates 20 billion transactions every month, with a transaction value exceeding twenty-five lakh crore rupees, Modi emphasised that out of every 100 real-time digital transactions globally, 50 occur in India alone.