At the Indian Mobile Congress (IMC) in New Delhi, Prime Minister Narendra Modi emphasized the urgent need for a global mechanism to preemptively combat cyber fraud. He called for enhanced international cooperation among governments, telecom operators, and financial institutions to tackle the intricate networks of cybercrime that transcend national boundaries. Modi’s appeal comes in light of a recent declaration by BRICS countries that highlights concerns over organized scam networks and cross-border financial fraud.
Cybercrime, Modi noted, allows perpetrators in one country to target victims in another through sophisticated networks that operate across multiple jurisdictions. He urged the GSMA and telecom companies to collaborate on a system capable of identifying and halting fraudulent activities at an early stage, thereby preventing significant financial losses.
The Prime Minister’s address also underscored the rising economic threat posed by cybercrime in India. According to government statistics presented in Parliament, reported financial losses due to cybercrime increased dramatically from ₹7,465 crore in 2023 to ₹22,845 crore in 2024. This increase underscores the necessity for improved preventive measures, heightened public awareness, and expedited coordination among relevant authorities.
Modi highlighted ongoing digital transformations in India, such as the expansion of mobile connectivity, digital banking, and direct benefit transfers, which have collectively enhanced access to government services, education, healthcare, and financial assistance. He noted that direct benefit transfers have channeled approximately ₹50 lakh crore directly into beneficiaries’ bank accounts, preventing around ₹5 lakh crore from being lost to leakages. The PM-Kisan scheme was also mentioned, having reportedly transferred more than ₹4 lakh crore to farmers.
In addition to addressing cybercrime, Modi advocated for India’s transition from being a digital technology consumer to becoming a hub for developing its own products, research capabilities, and intellectual property. He pointed out the country’s advancements in semiconductor manufacturing and suggested that the next phase for the telecom sector should focus on fostering investment, innovation, exports, and the development of domestic technology.
Modi concluded by proposing that the Indian Mobile Congress should serve as a forum for advancing research, manufacturing, and technological innovation, while also strengthening digital security and international cooperation.