President Murmu Flags Tech Risks at Black Swan Summit

Bhubaneswar: President Droupadi Murmu on Friday attended the Black Swan Summit India in Bhubaneswar, an event organised by the Government of Odisha in collaboration with the Global Finance and Technology Network, where she spoke about the transformative power of technology alongside the growing risks associated with its rapid evolution.

Addressing the gathering, the President noted that the world is experiencing technological change at an unprecedented pace — often faster than systems, skills, and business models can adapt. While such innovation fuels growth and creates new opportunities, she cautioned that it also brings serious challenges, including cybersecurity threats, deepfakes, misinformation, and rising dependence on digital systems. Despite these concerns, she acknowledged that technological progress has played a vital role in driving innovation and economic development.

She observed that forums like the Black Swan Summit provide an important platform to explore new ways of using technology to enhance skills, create employment, and accelerate digital and financial transformation. Such initiatives, she said, are essential for building resilient systems capable of adapting to constant change.

Highlighting India’s fintech transformation, President Murmu said the country’s financial ecosystem has undergone a remarkable shift over the past decade. Direct Benefit Transfers and digital payments have become part of everyday life for farmers, small traders, and women across the nation. For millions, fintech is no longer just a technical concept but a lifeline, she remarked.

The President emphasised that India’s fintech journey must also be viewed through the lens of gender justice. Women, she said, should not be seen merely as users of financial technology but as leaders, professionals, and entrepreneurs within the ecosystem. Every new fintech platform, product, or policy should be evaluated on whether it enables women to participate actively in the digital and financial landscape.

However, she warned that fintech alone does not guarantee inclusion. Many people in remote, tribal, and rural areas remain unfamiliar with digital tools. Skilling and digital literacy, she stressed, are critical to ensuring meaningful participation in the development process. Only then can fintech truly become a driver of inclusion, employment, and entrepreneurship. She urged innovators to ensure technology advances the cause of social justice.

Drawing attention to the misuse of digital platforms, the President flagged the rising incidence of online financial fraud. She underscored the need for greater public awareness and vigilance, noting that the Government of India has established mechanisms such as the Indian Cyber Crime Coordination Centre, the Citizen Financial Cyber Fraud Reporting and Management System, and the Cyber Fraud Mitigation Centre to tackle the issue. She added that digital and financial literacy should be introduced early, ideally through school curricula, so young people understand both the benefits and risks of technology.

President Murmu also described investments in skill development, global capability centres, and innovation capacity as crucial to strengthening human capital. She appreciated the Odisha government’s BharatNetra initiative, aimed at building a future-ready workforce and fostering innovation in digital, financial, and insurance technology sectors.

Commending the Government of Odisha and the Global Finance and Technology Network for organising the summit, the President expressed confidence that the ideas and collaborations emerging from the event would have a transformative impact on Odisha, India, and the global community.