Participation of financial institutions in India’s progress is essential: Modi,

Participation of financial institutions in India’s progress is essential: Modi,

Mumbai, March 8 (UNI) Prime Minister Narendra Modi said on Tuesday that the participation of financial institutions in India’s progress was essential. Speaking at the post-budget webinar on “Financing for Growth and the Aspiration Economy”, Modi said there is a need to create viable financial models to kick-start priority sectors to to reduce India’s dependence on other countries. The Prime Minister also said that despite the biggest pandemic in 100 years, India’s economy is gaining momentum due to the financial decisions made by the government and the strong foundation of our economy. “To drive India’s progress in the 21st century, there is a need to prioritize viable financial models across all priority sectors. Bearing in mind India’s aspiration and the way we want to move forward, the involvement of financial institutions will be essential,” the Prime Minister said. He further said that India was implementing the Aatmanirbhar Bharat program to reduce its dependence on other countries. “In this scenario, there is a need to develop different financial models to finance various projects that would reduce our dependence on other countries. There is a need to think about how this can be achieved,” Modi added. He added that financial institutions will have to play a major role in the successful implementation of the projects undertaken under the Prime Minister’s Gati Shakti master plan. Speaking about the 2023 budget, he said that the government has taken various initiatives to continue the momentum of rapid growth, including encouraging foreign capital flows, reducing the tax on infrastructure investment and establishing institutions such as NIIF. , Gift City and new DFIs, among others. . Modi further said that we need to identify 8-10 sectors where India can be in the top three and that it is essential that financial institutions support these companies. Some of the areas that India has opened up are drone, space and geospatial sectors. “It has opened huge opportunities for our youth. We should work to make India one of the top three countries in the world in these sectors,” he added. Speaking about central bank digital currency, Modi said the CBDC plans reflect our vision. “Our startups can only grow when we encourage entrepreneurship, emphasize innovation and focus on new areas of business. The funding industry needs to look at new futuristic ideas, innovative financing of initiatives and sustainable risk management,” said Modi. Reiterating India’s commitment to net zero carbon emissions by 2070, Modi said to achieve the goal there is a need to accelerate environmentally friendly green projects. Talking about the potential of the rural economy, Modi said there is a need to strengthen the rural economy by proactively helping them to secure finance. “We must recognize the enormous potential of our rural economy. Our agricultural sector can play a crucial role in building an Aatmanirbhar Bharat,” he added. Modi also stressed the importance of building digital highways to rural India, tailoring financial inclusion products to rural needs. UNI PSK ACL1326

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