In a compelling address at the Global Fintech Fest 2025 in Mumbai, Finance Minister Nirmala Sitharaman underscored the dual-edged nature of technological advancements, urging the global community to harness them for the collective good rather than for divisive purposes.

Sitharaman began by acknowledging India's significant strides in the fintech sector, noting that the nation now ranks third globally in the number of fintech companies and accounts for nearly half of the world's real-time digital transactions. This growth, she emphasized, has been instrumental in democratizing finance, enabling millions to access savings, investments, loans, and insurance with transparency and efficiency.

However, the Finance Minister also highlighted the darker side of technological progress. She shared a personal experience, revealing that she had encountered several deepfake videos of herself circulating online. These manipulated videos, she cautioned, serve as a stark reminder of how artificial intelligence (AI) can be weaponized to deceive and mislead the public.

To mitigate such risks, Sitharaman called for a balanced approach to innovation. While recognizing the transformative potential of AI, she emphasized the importance of evolving regulatory frameworks to keep pace with rapid advancements. She cited the government's $1.3 billion India AI Mission as a testament to the nation's commitment to fostering innovation responsibly.

In addition to addressing the ethical implications of AI, Sitharaman announced the launch of the Foreign Currency Settlement System (FCSS) at Gujarat's GIFT City. This initiative aims to facilitate real-time settlement of foreign currency transactions, positioning GIFT City alongside global financial hubs like Hong Kong and Tokyo.

Reflecting on the broader impact of digital initiatives, the Finance Minister highlighted the success of the Direct Benefit Transfer (DBT) system, which has saved the government approximately ₹4.31 lakh crore by ensuring that public funds reach their intended recipients without leakage.

Concluding her address, Sitharaman reiterated the need for technology to serve the public good. She cautioned against the temptation to weaponize advancements for narrow interests, advocating instead for a collective commitment to ethical innovation that benefits all of humanity.

Her remarks resonate as a timely reminder of the responsibilities that accompany technological power and the imperative to steer it towards inclusive and constructive purposes.