Benefits of Indian banking system should reach maximum people, says PM Modi

Prime Minister Narendra Modi on Tuesday said the need of the hour is that the benefits of Indian banking system should reach maximum people. Giving an example of the government's support to the MSME sector, the Prime Minister asked the banking system to reach out to the maximum number of sectors.

Addressing the post-Budget webinar on "Enhancing Efficiency of the Financial Services for Creating Growth Opportunities" in a video message on Tuesday, the Prime Minister emphasised that as today's India is moving with new capabilities, the responsibility of those in the financial world of India has increased. He told them that they have a robust financial system of the world and a banking system that is in profit after being on the verge of collapse 8-10 years ago. "Also, there is a government that is taking policy decisions with courage, clarity and confidence," he said.

"Today, the need of the hour is that the benefits of the strength in India's banking system should reach the maximum number of people," the Prime Minister exhorted the participants. Giving an example of the government's support to the micro, small and medium enterprises (MSME) sector, the Prime Minister asked the banking system to reach out to the maximum number of sectors.

"One crore 20 lakh MSMEs have received huge help from the government during the pandemic. In this year's Budget, the MSME sector has also got additional collateral-free guaranteed credit of Rs 2 lakh crore. Now, it is very important that our banks reach out to them and provide them adequate finance", he added. During the speech, the Prime Minister remarked that the entire world is witnessing the impact of India's fiscal and monetary policy during the Covid-19 pandemic and credited the efforts of the government in strengthening the fundamentals of India's economy in the last nine years.

Recalling the time when the world looked at India with suspicion, PM Modi pointed out that discussions on India's economy, Budget and goals would often begin and end with a question. He highlighted the changes in financial discipline, transparency and inclusive approach and noted that the question mark at the beginning and end of the discussion has been replaced by Vishwas (trust) and Apeksha (expectations).

Throwing light on the recent achievements, the Prime Minister said, "Today India is being called the bright spot of the global economy." He also highlighted that India is presiding over G20 and also attracted the highest foreign direct investment (FDI) in the country in the year 2021-22.

PM Modi noted that a major part of this investment has taken place in the manufacturing sector. He emphasised that applications are continuously pouring in to avail of the production-linked incentive (PLI) scheme which makes India an important part of the global supply chain. Prime Minister Modi urged everyone to take full advantage of this opportunity.

The Prime Minister pointed out that the government's policies related to financial inclusion have made crores of people part of the formal financial system.

The government has helped fulfill the dreams of crores of youth by giving Mudra loans of more than 20 lakh crore rupees without a bank guarantee.

For the first time, more than 40 lakh street vendors and small shopkeepers received help from banks through PM Swanidhi Yojana. He called upon the stakeholders to re-engineer all the processes to reduce the cost and increase the speed of credit so that it reaches the small entrepreneurs quickly.

Touching upon the issue of 'Vocal for Local' the Prime Minister said that this is not a matter of choice but "Vocal for local and vision of self-reliance is a national responsibility." PM Modi noted the tremendous enthusiasm for Vocal for Local and Aatmanirbharta in the country and talked about increased domestic production and record growth in exports.

"Our exports have been at an all-time high, whether in goods or services. This indicates growing possibilities for India", the Prime Minister said and asked the stakeholders like organisations and chambers of industry and commerce to take up the responsibility to promote local artisans and entrepreneurs up to the district level.

( With inputs from ANI )