India’s Unified Payment Interface (UPI) services were recently extended to Sri Lanka and Mauritius in a move aimed at enhancing cross-border transactions and linkages, as highlighted by Prime Minister Narendra Modi. Speaking at the virtual launching ceremony, attended by his counterparts from Mauritius and Sri Lanka, Modi emphasized the transformative potential of fintech connectivity in fostering economic integration.
The introduction of UPI services in Bhutan in 2021 marked the initial step in this direction, with subsequent expansions to countries like Oman, the United Arab Emirates (UAE), Nepal, and France. Modi underscored the significant role played by digital public infrastructure, citing over 100 billion transactions worth billions in various currencies facilitated through UPI in the past year alone.
Moreover, Modi stressed the role of technology in promoting transparency, inclusivity, and combating corruption. He expressed optimism regarding the benefits of these fintech services for Mauritius and Sri Lanka, highlighting UPI’s role in fostering partnerships with India.
Referring to India’s maritime vision of “SAGAR” (Security and Growth for All in the Region), Modi reiterated India’s commitment to regional cooperation and development. He emphasized that India’s development endeavors are closely intertwined with the prosperity of its neighboring countries.
The launch of RuPay card services in Mauritius is poised to facilitate enhanced financial connectivity, particularly benefiting Indian tourists and individuals of Indian origin residing in the region. Modi highlighted the significance of expanding RuPay’s footprint in Africa, emphasizing its potential to bolster people-to-people exchanges and economic ties.
The adoption of UPI and RuPay systems is expected to streamline payments, offering real-time, cost-effective solutions for individuals and businesses across borders. Modi reaffirmed India’s “Neighbourhood First” policy, emphasizing India’s steadfast support for its neighboring countries in times of crisis.
Furthermore, Modi announced India’s establishment of a “Social Impact Fund” to extend the benefits of its digital infrastructure to countries in the Global South, underscoring India’s commitment to fostering inclusive growth and development.
In closing, Modi reiterated India’s commitment to strengthening connectivity and deepening relations with its neighbors, as evidenced by the economic partnership vision document finalized with Sri Lanka. The expansion of fintech services reflects India’s proactive approach to fostering economic integration and regional cooperation.
Discover more from The Doon Mozaic
Subscribe to get the latest posts to your email.
