AMN / SINGAPORE
Prime Minister Narendra Modi today launched international Rupay Card, Bhim app and Unified Payment Interface for international remittance in Singapore.
As part of Digital India Initiative, these financial remittances are for Indian diaspora in Singapore.
Addressing a big gathering of Indians at a business community event at Marina Bay Sands Convention centre, the Prime Minister affirmed that his government’s focus is on financial inclusion and digital revolution has been sweeping across India, improving governance and delivery of public services.
He said, digital transacations witnessed 7000 per cent growth and 99 per cent of households in the country have bank accounts providing dignity and identity to the marginalised sections of the society.
Stating that GST is the biggest tax reform since independence, Mr Modi said, it created new economic opportunities by increasing the tax base in the country.
The Prime Minister said, the economic transformation is underway in India at such a speed and scale that was not imagined a few years ago. He said, India remains the fastest growing economy in the world with lower fiscal deficit and inflation.
He said, Indian currency is stable and foreign direct investments are growing. Mr Modi elaborated on the growth story of India in the field of infrastructure, development and financial inclusion and the government’s commitment to realise the dream of New India by 2022.
The Prime Minister said, 10 green field airports, five major ports, 111 waterways, 30 logistic parks are being developed in the country. He said, the government’s goal is to ensure “ ease of living” by providing modern infrastructure to every citizen.
Referring to relations with Singapore, Mr Modi said, both countries have warm and close relations based on natural partnership and shared vision since several centuries.
The Prime Minister said, Indian diaspora in Singapore represents diversity of India. He said, both India and Singapore are determined to upgrade and conclude the Regional Comprehensive Economic Partnership for expanding the the ties to to new areas.
He said, Singapore is the key partner for India in projects related to smart cities, urban infrastructure and logistics.
The Prime Minister said, India looks at Sinapore as a gateway to ASEAN and as a bridge between India and Asia.
Earlier in the day, Mr Modi inaugurated the India-Singapore Enterprise and Innovation Exhibition at Marina Bay Sands Convention Centre.
The Prime Minister also witnessed a dance and yoga presentation. During this visit, Mr Modi will hold delegation level talks with his Singaporean counterpart Lee Hsien Loong, and deliver the key-note address tomorrow at the 17th Shangri La Dialogue.
Mr Modi reached Singapore this afternoon on the final leg of his three-nation tour to South East Asia.
The Prime Minister made a brief halt in Malaysia this morning after concluding his Indonesia visit. He met his newly-elected Malaysian counterpart Mahathir Mohammad in Kuala Lumpur.
The two leaders discussed ways to boost economic and cultural relations between the two countries.