Estimated reading time: 2 minutes
In a groundbreaking move aimed at fostering stronger ties and enhancing digital connectivity, Prime Minister Shri Narendra Modi, alongside Sri Lankan President Mr. Ranil Wickremesinghe and Mauritian Prime Minister Mr. Pravind Jugnauth, jointly inaugurated the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and RuPay card services in Mauritius via video conferencing.
This collaborative effort signifies a significant step towards modernizing financial infrastructure and facilitating seamless transactions among the three nations. Prime Minister Jugnauth’s announcement that the co-branded RuPay card will be designated as a domestic card in Mauritius underscores the transformative impact of this initiative on local economies.
Addressing the occasion, Prime Minister Modi highlighted the historic significance of this digital connectivity, affirming India’s commitment to the development of its neighboring countries. He emphasized the role of fintech connectivity in strengthening cross-border transactions and promoting inclusive growth.
The Prime Minister also underscored India’s ‘Neighborhood First’ policy and its maritime vision of Security and Growth for All in the Region (SAGAR). He reiterated India’s unwavering support for its neighboring countries, emphasizing the importance of solidarity in times of crisis.
Furthermore, Prime Minister Modi emphasized the transformative potential of digital public infrastructure, citing India’s successful adoption of UPI and its impact on promoting transparency, reducing corruption, and increasing inclusivity in society.
The launch of UPI and RuPay card services is expected to catalyze digital transformation, boost local economies, and promote tourism. Prime Minister Modi expressed confidence that Indian tourists would prioritize destinations with UPI facilities, while also highlighting the benefits for people of Indian origin and students residing in Sri Lanka and Mauritius.
Moreover, this initiative is a testament to the success of Global South cooperation, reflecting the strength of historical and people-to-people relations among the three nations. Prime Minister Modi reaffirmed India’s commitment to supporting its neighboring friends and highlighted initiatives such as the Social Impact Fund to extend the benefits of India’s digital infrastructure to countries in the Global South.
In conclusion, Prime Minister Modi expressed gratitude to President Wickremesinghe and Prime Minister Jugnauth for their instrumental roles in the launch, as well as to the central banks and agencies of the three countries for their contributions to its success.
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