Every Mumbaiite can reach anywhere within an hour, says Goyal

“Technology is a driver of inclusive growth and India has transformed from a mere participant in global trade to a principal architect of the fintech world”

MUMBAI: The infrastructure web being built in Mumbai guarantees that every citizen can commute anywhere in the city in less than an hour. This bold assertion was made by Union minister for commerce and industry Piyush Goyal, on Wednesday. He was addressing a special session at the sixth edition of the Global Fintech Fest 2025 at the Jio Convention Centre in Mumbai.

Mumbai: Union Commerce and Industry Minister Piyush Goyal addresses the gathering on the second day of the ‘Global Fintech Festival 2025’, in Mumbai, Wednesday, Oct. 8, 2025. (PTI Photo/Shashank Parade) (PTI10_08_2025_000277B) (PTI)

“No power on earth can stop India from becoming a developed nation by 2047”, with the government taking a series of initiatives to boost infrastructure, economy and international trade, said Goyal at the convention, organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC).

The minister highlighted the BJP-led government’s focus on improving Mumbai’s infrastructure, on the day when the prime minister inaugurated the new international airport at Navi Mumbai and the final phase of Metro Line 3, from Worli to Colaba.

“We also have a coastal road, which will be extended to Vasai and Virar. Twin tunnels are being built to connect the west with the east under the Sanjay Gandhi National Park (SNGP). So a whole web of infrastructure will guarantee every citizen of Mumbai a commute from home to work in less than an hour, anywhere in the city,” said Goyal, a member of Parliament from Mumbai. “I don’t think you will find this kind of infrastructure anywhere in the world,” he added.

The Union minister said that while India aspires to be a 35-trillion-dollar economy by 2047, India’s friends in the finance world could do the math and discover that achieving this is completely within the realm of possibility.

He said India has transformed from a mere participant in global trade to a principal architect of the fintech world, and credited prime minister Narendra Modi’s leadership for the country’s rapid digital adoption and resilience.

“Technology has become a driver of inclusive growth. Every citizen today is empowered with digital tools. Having a billion-plus internet users is no mean achievement,” said Goyal, adding. “Trust has become India’s defining strength, the only currency that never depreciates, it only appreciates.”

He recalled that the Modi-led government had taken several initiatives after coming to power in 2014, such as ‘Digital India’, ‘Start-up India’, Aadhar identification, and a revolution in telecommunication, among other things, which had helped India advance by leaps and bounds.

“This focus on strengthening and empowering every citizen makes them think and aim big. Having big aspirations is what defines India. The world looks upon India with trust and confidence, recognising our high-quality talent, skill, goods and services, and timely delivery commitments.”

“India is at an inflection point with strong macroeconomic fundamentals, expanding trade relations with developed countries around the world, and a focus on empowering customers with high quality and low taxes.” Said Goyal, underlining the recent reduction in GST rates by the central government.

Goyal also met with UK secretary of state for business and trade, Peter Kyle, on the sidelines of a meeting British Prime Minister Keir Starmer held with Indian business leaders at the Hotel Taj mahal on Wednesday. The ministers focused on the implementation of India-UK CETA, agreeing to reposition the joint economic and trade committee (JETCO) to oversee its delivery. Goyal and Kyle reaffirmed their commitment to double bilateral trade between the two countries by 2030.

‘Decades of progress in just nine years’

“India was able to achieve in nine years what would have taken 47 years under normal circumstances. It is a great example of acceleration in the country,” said Nandan Nilekani, chairperson, Infosys, while highlighting the impact of the Pradhan Mantri Jan Dhan Yojana, the central government’s financial inclusion programme.

He was addressing a session titled ‘Finternet: Building the Digital Infrastructure for the World’, in Mumbai, on Wednesday.

“India has over 1.43 billion Aadhaar card holders, 600 million DigiLocker users, and more than 20 billion UPI transactions per month. All these show how the country’s digital public infrastructure has massively expanded access to financial services, identity verification, and government programmes,” Nilekani asserted.

He also said this has been achieved through the combined efforts of technology, the government, Reserve Bank of India (RBI), National Payments Council of India (NPCI) and private innovators.

Talking about Finternet, he said, “It is India’s ambitious vision to build a global digital infrastructure that integrates tokenisation, artificial intelligence and regulated financial systems.”

Nilekani added, “Finternet represented a structured, scalable and compliant approach to tokenisation and digital asset management, creating a future where individuals and businesses can unlock the potential of their assets, participate in new markets, and realise their aspirations.”