PM Modi Highlights ONDC’s Impact on Online Shopping at Global Fintech Fest 2024

Prime Minister Narendra Modi has lauded the Open Network for Digital Commerce (ONDC) for its transformative role in the online shopping sector, emphasizing its ability to connect small and large businesses to greater opportunities. Speaking at the Global Fintech Fest (GFF) 2024 in Mumbai, Modi highlighted the significant contribution of digital public infrastructure (DPI) in driving fintech innovation across India.

The Global Fintech Fest, organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, serves as a platform to showcase India’s advancements in fintech and to bring together key stakeholders from the sector.

Modi praised the potential of Digital Twins technology, noting its impact on risk management, fraud detection, and customer experience. He emphasized that ONDC is making online shopping more inclusive, enabling small businesses and enterprises to access larger markets and opportunities. The Prime Minister also pointed out that account aggregators are facilitating smoother business operations, while trade platforms are improving liquidity and cash flow for small institutions. Additionally, digital vouchers like e-RUPI are being widely adopted in various applications, with the potential to benefit other countries as well.

Discussing modern banking innovations, Modi remarked on the rapid evolution from traditional currency to digital solutions like QR codes, noting that new advancements are emerging every day. He also reiterated that sustainable economic growth remains a top priority for India, with the government committed to building robust, transparent, and efficient systems to enhance financial markets using advanced technologies and regulatory frameworks.