Monday, October 2, 2023

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Prime Minister Narendra Modi has urged the member states of the BRICS association to consider utilizing India’s Unified Payments Interface (UPI) system, as done by other countries. He recognized India as a forefront player in digital transactions while speaking in South Africa, where the organization’s yearly summit is being conducted.

Modi Predicts India’s Status as a Developed Country by 2047 at the BRICS Business Forum

Despite current global challenges, India maintains its position as the world’s fastest expanding major economy. It is projected to evolve into a 5 trillion-dollar economy soon, Narendra Modi, Prime Minister of the largest democratic nation, stated at the BRICS Business Forum. The function is incorporated within the group’s summit events taking place in Johannesburg from August 22 to 24.

Modi conveyed with firm conviction that, “India will undoubtedly serve as the global growth engine in upcoming years. This is attributed to the nation’s ability to turn crises and obstacles into prospects for economic progression.” Quoted by NDTV, he further said, “the Indian populace is determined to achieve developed nation status by 2047.”

He accentuated some of India’s significant accomplishments in recent times, including the enactment of reforms to enhance the business environment, such as diminishing bureaucratic hindrances and compliance burdens. Additionally, extensive investments have been made in infrastructure, evidenced by the annual construction of 10,000 kilometers of new highways and a doubling in the number of airports in less than ten years.

The domestically crafted Unified Payments Interface has emerged as one of the global successes of India. Launched in 2016 by the National Payments Corporation of India, UPI allows immediate transfers between bank accounts via mobile applications. As of May this year, it had handled a record 9 billion transactions worth $180 billion, and during the 2023 fiscal year, the total transaction value reached $1.7 trillion.

Narendra Modi noted, “Today, UPI is utilized across various sectors in India, ranging from street vendors to substantial shopping centers. Presently, India leads the world in digital transactions.” He emphasized the platform’s potential with BRICS nations, as countries like UAE, Singapore, and France have already adopted the technology. India has also disseminated its UPI technology to several other countries, including Australia, Saudi Arabia, and Pakistan.

During the summit, a comprehensive dialogue occurred among the leaders of the BRICS countries and other delegates on matters pertinent to the development of the member nations – Brazil, Russia, India, China, and South Africa. The future positioning of the organization in the international sphere was also discussed. Topics included encouragement for using local currencies in international trade, the inception of standardized settlement systems, the potential initiation of a shared currency, and possibilities for the expansion of the bloc.

Frequently Asked Questions (FAQs) about UPI (Unified Payments Interface)

What did Prime Minister Narendra Modi suggest to the BRICS nations?

Prime Minister Narendra Modi urged the BRICS member states to consider adopting India’s Unified Payments Interface (UPI) system, highlighting its success in facilitating instant transfers between bank accounts through mobile apps. India has been a leader in digital transactions, and Modi emphasized the possibility of cooperation with BRICS countries on this front.

What are India’s goals according to Prime Minister Modi’s statements at the BRICS Business Forum?

According to Prime Minister Modi, India aims to become a developed nation by the year 2047. He also emphasized that India would soon evolve into a 5 trillion-dollar economy, and expressed confidence that India would serve as the world’s growth engine in the coming years by converting challenges into opportunities for economic growth.

How has India’s Unified Payments Interface (UPI) performed since its inception?

Since its launch in 2016 by the National Payments Corporation of India, the UPI system has become one of the most successful payment systems globally. In May of 2023, it processed a record 9 billion transactions worth $180 billion, and the value of annual transactions in the fiscal year 2023 reached $1.7 trillion. It is now used across various sectors in India and has been adopted by countries like UAE, Singapore, France, Australia, Saudi Arabia, and Pakistan.

What were the other topics discussed at the BRICS summit?

The leaders of the BRICS member states and other officials engaged in extensive dialogue on various topics relevant to the development of the member nations – Brazil, Russia, India, China, and South Africa. These included promoting the use of local currencies in cross-border trade, the introduction of unified settlement systems, the potential launch of a common currency, and the possibilities for the expansion of the bloc.

More about UPI (Unified Payments Interface)


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Sarah Connor August 24, 2023 - 8:55 pm

its amazing how BRICS countries are working toether. The UPI technology sounds promising, hope it works well for other countries too.

Michael Johnson August 25, 2023 - 4:41 am

India aiming to be a developed nation by 2047, that’s an ambitious goal! would love to see them pull it off.

John Smith August 25, 2023 - 4:47 am

Can’t believe how far India’s come with the UPI system. Makes me wonder, why can’t we have something like that here

Emily Thompson August 25, 2023 - 5:24 am

BRICS seems to be really moving forward in global finance, I wish there was more about the potential common currency. That interests me the most.

James Wright August 25, 2023 - 10:00 am

9 billion transactions in a month for UPI? thats some serious numbers! How can other countries tap into this technology, would love to know more.


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