‘Indian economy making new records when several economies are struggling’: PM Modi at RBI’s 90th anniversary ceremony

Apr1,2024



New Delhi: Prime Minister Narendra Modi He said India needs to become economically self-reliant within the next decade to reduce vulnerability to global impacts.
addressing 90th anniversary function of reserve Bank of India In Mumbai on Monday, the PM said that over the next 10 years, India will strive to improve its financial independence, making the country's economy least affected by global developments “because we are already on the path to becoming the world growth engine.” Are.”
He also highlighted the potential for employment generation when the BJP-led NDA government begins its third term in June.
Shaktikanta Das, who was present at the event, said that the financial sector is stable and GDP growth is strong.
PM Modi RBI appreciated
PM Modi said that in the next 10 years, India should strive to become a 'financially self-reliant' economy that is protected from all global events and moves forward confidently for progress and development.
The PM said that in the last few years, the country's economy has risen above the mess inherited from 2014 when the BJP government came to power and is now ready to move forward.
“India is one of the youngest countries in the world… Our policies have opened up new sectors in the economy like green energy, digital technology, defense which are coming into export mode, MSME, space and tourism industries.
“RBI must meet the aspirations of the youth and develop ‘out-of-the-box’ policies for all these emerging sectors to help the youth,” the PM urged.
Pointing out that it is a challenge for countries globally to strike a balance between inflation control and growth, the PM called on the RBI to study and develop a model for the same that would be suitable for the world, especially the Global South. Could be a trendsetter for. To ensure that the Indian Rupee is accessible and acceptable across the world.
goals for the next 10 years
Keeping the target for the next 10 years, PM Modi said that there is a need to focus on the aspirations of the youth of India and RBI has an important role in fulfilling this aspiration of the youth.
“While setting the target for the next 10 years, we have to keep one more thing in mind. That is the aspirations of the youth of India. India is one of the youngest countries in the world today. RBI has an important role in this.” Fulfilling this youth aspiration,” he said.
The Prime Minister also said that when decisions are right then the policies give good results.
“Change happened because there was sincerity and consistency in our efforts. This change came because our policies, intentions and decisions were clear. When intentions are clear, policies are right. When policies are right, decisions are right ” And when decisions are right, the results are also right,” PM Modi said.
'The transformation of the Indian banking sector is a case study'
PM Modi also lauded the government's efforts to revive PSU banks and said the transformation of the Indian banking sector is a case study. “We left no stone unturned for the growth of the banking sector. The BJP government worked with a policy of recognition, resolution and recapitalization. To improve the condition of public sector banks, the BJP government infused capital of about Rs 3.5 lakh crore. branch and also brought reforms related to governance,” the Prime Minister said.
'UPI has become a globally recognized platform'
Highlighting the growth of Unified Payment Interface (UPI) over the last 10 years, PM Modi said India has entered a new era of the banking sector, economy and currency exchange. “UPI has become a globally recognized platform. It records more than 1200 crore transactions every month. In just 10 years, we have entered a new era of the banking sector, economy and currency exchange. “We also have to monitor the channels of cashless economy and ensure that we promote a financially inclusive culture,” he said.
'NPA in banks has come down to less than 3%'
Additionally, PM Modi said that NPAs in banks have come down from a record high of 11.25% in 2018 to less than 3% by September 2023. “Gross non-performing assets (NPAs) of banks, which stood at about 11.25 per cent in 2018, are expected to reach below 3 per cent by September 2023. The 'twin-balance sheet' problem is now a thing of the past. Banks can now achieve loan growth of 15 per cent. RBI has played an important role in all these achievements,” the Prime Minister added.
'Ease of Banking'
PM Modi emphasized on easy access to credit while promoting ease of banking. PM Modi said, the Monetary Policy Committee of RBI has done a very good job on inflation targeting.
“This change has come because our policies, intentions and decisions were clean. There was consistency and honesty in our efforts. When intentions are clean, policies are right. When policies are right, decisions are right. And when If the decisions are right, then PM Modi said, “the results are also right.”
About RBI
RBI, Established in 1935It acts as the country's central bank in accordance with the recommendations of the Hilton Young Commission and is governed by the Reserve Bank of India Act, 1934.
Initially headed by Sir Osborne Smith, the RBI began its operations on April 1, 1935, to oversee currency issuance, banking services and rural co-operative development.
Over the years, the responsibilities of the RBI have expanded to monetary management, financial system regulation, foreign exchange management, currency issuance, payment system oversight and developmental functions.
(with inputs from agencies)



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