Indian Economy News

India launches UPI payment services in Sri Lanka, Mauritius; Prime Minister, Mr. Narendra Modi says 'our policy is neighborhood first'

  • IBEF
  • February 13, 2024

On February 12, India's Unified Payment Interface (UPI) services were extended to Sri Lanka and Mauritius in a virtual ceremony attended by Prime Minister, Mr. Narendra Modi, Mauritian Prime Minister, Mr. Pravind Jugnauth, and Sri Lanka's President, Mr. Ranil Wickremesinghe. This digital initiative signifies the deepening economic bonds between India and these island nations, fostering cross-border transactions and connections.

Prime Minister, Mr. Narendra Modi emphasized the historic occasion, stating that it establishes a modern digital link to strengthen long-standing relations. Through the Unified Payments Interface (UPI), India aims to facilitate cross-border transactions and fortify cross-border connections, fostering partnerships with Sri Lanka and Mauritius. The expansion of digital public infrastructure in India, enabling even the smallest businesses in remote villages to engage in convenient and speedy digital payments, reflects the transformative impact of technology. Prime Minister, Mr. Narendra Modi reiterated India's commitment to a "neighborhood first policy," emphasizing that the country's development is intricately linked to the peace, security, and progress of the entire region, as encapsulated in the maritime vision of 'SAGAR' (Security and Growth for All in the Region).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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