MUMBAI: Flanked by his visiting British counterpart Keir Starmer, Prime Minister Narendra Modi exuded confidence that the two nations will be able to double their bilateral trade volume before the 2030 deadline.
Addressing an Indo-British CEOs’ forum here Thursday, Modi said, "Today our bilateral trade is around $56 billion. We have set a target of doubling it by 2030. But I am confident that we can achieve this target ahead of time."
Stating that India and the UK are “natural partners,” Modi said, “Our growing ties stand as an important pillar of global stability and economic progress at a time when the world is witnessing uncertainty.”
Addressing the meet, Starmer, who is leading a 150-member business delegation, said on his maiden visit to the country, "India is a global player. We want to see India taking its rightful place in the United Nation’s Security Council."
Describing the recently signed comprehensive economic and trade agreement as a 'breakthrough moment', Starmer said, "We are creating a new modern partnership focused on the future and availing the opportunities and we are doing it together."
"That is why we struck the UK-India comprehensive economic and trade agreement in July, a breakthrough moment -- years in the making, slashing tariffs, increasing access to each others' markets to drive growth and create jobs for our people and making life in both our nations," he said.
“Beyond the words of the page of the agreement is the spirit of the confidence that it has given to our two great countries to work even more closely together, something which we have seen during the course of this visit here," the British premier added.
On the bilateral meeting he had with Starmer earlier in the day, Modi said, "We discussed Indo-Pacific regional issues, peace and stability in West Asia and the Ukraine conflict. On the issues of Ukraine conflict and Gaza, New Delhi supports all efforts for peace through dialogue and diplomacy. In the Indo-Pacific region, we are committed to increasing maritime security."
Later, addressing the concluding day of the three-day global fintech summit along with Starmer, Modi said, “India's inclusive financial system has transformed nation's banking system.”
"I invite the UK and all other countries for partnership with us. We must build a fintech world where technology, people, and the planet exist in harmony. We want to make a fintech world, where technology will enrich people and planet, where innovation growth can be goodness, and finance can be human progress," he said.
On artificial intelligence, Modi said, “For us, AI means, 'all inclusive'. We must invest in skills, innovation, and governance to drive the next wave of growth. In AI, our approach is dependent on three principles--equitable access, population scale-skilling and responsible deployment. Our AI mission has the capability to handle data and privacy. AI application design should be people centric."
He also said that the RBI’s central bank digital currency, which is being piloted now, will make things better going ahead.
"Our UPI, Aadhaar-enabled payments, Bharat Bill Payment System, Bharat QR, Digilocker, and Digiyatra are our backbone. I believe that the central bankg digital currency will make things better going ahead."
He said that of the 100 digital transactions taking place globally, as many as 50 take place in India. "Digital payments have become routine in India, which is because of the JAM (Jan-Dhan, Aadhar and mobile) trinity. Out of the 100 digital transactions globally, 50 take place in India. Our digital stack is being talked about across the world now," said Modi.
Noting that Britain is participating as a partner country in this year’s fintech summit, Modi said, “This partnership between the two democracies will make the global financial landscape better."
In his speech, Starmer said the UK wants to be India's first choice for finance and fintech.
