NEW DELHI-Prime Minister, Shri Narendra Modi today addressed the post-budget webinar on “Financing for Growth and Ambitious Economy”. This is the tenth post-budget webinar of its kind presented by the Prime Minister.
Initially, the prime minister hailed International Women’s Day and noted that India has a female finance minister who gave such a progressive budget.
The Prime Minister said India’s economy is gaining momentum after a once-in-a-century pandemic and this reflects our economic decisions and the strong foundation of the economy.
He said the government has taken many steps to maintain the strong growth momentum of this budget. “By encouraging foreign capital flows, reducing taxes on infrastructure investment, creating institutions like NIIF, Gift City, new DFIs, we have tried to accelerate financial and economic growth,” he said. -he declares.
“The country’s commitment to the widespread use of digital technology in finance is now reaching a new level. Whether it is 75 units of digital banking or central bank digital currency (CBDC) in 75 districts, they reflect our vision,” he added.
Referring to the Aatmnirbhar Bharat Abhiyan, the Prime Minister stressed the need to think about ways to reduce dependence on other countries by exploring different models for financing related projects. He gave the example of PM Gatishakti’s National Master Plan as one such step.
In the direction of a balanced development of the country, the Prime Minister reiterated the priority of projects such as the program of ambitious districts or the development of eastern India and the northeast.
The Prime Minister highlighted the link between India’s aspirations and the strength of MSMEs. “We have made many fundamental reforms and put in place new programs to strengthen MSMEs. The success of these reforms depends on strengthening their funding,” he said.
The Prime Minister insisted that Industry 4.0 is not possible until the country advances in areas such as fintech, agritech, meditech and skills development. Assistance from financial institutions in these areas will take India to new heights in Industry 4.0, the Prime Minister said.
The Prime Minister spoke at length about the vision of finding sectors where India can feature in the top 3 countries. He asked if India could emerge among the top 3 countries in sectors like construction, startups, recently opened sectors like drones, space and geospatial data. For this, he said, it is imperative that our industry and our start-up get the full support of the financial sector. The expansion of entrepreneurship, innovation and the search for new markets among startups will only happen when there is a deep understanding of these ideas for the future among those who fund them. “Our finance sector will also have to consider innovative financing and sustainable risk management of new ideas and futuristic initiatives,” Shri Modi stressed.
The Prime Minister pointed out that a big foundation of the Indian economy is the rural economy. The government is taking measures such as strengthening SHGs, Kisan credit cards, agricultural producer organizations and common service centers. He asked the rally to keep the rural economy at the center of their policies.
He said India’s aspirations are also linked to natural farming and organic farming. “If someone comes forward to do a new job there, it is necessary to think about how our financial institutions can help them,” he added.
Referring to the work and investments in the health sector, the Prime Minister stressed that to meet the challenges related to medical education, it is essential to have more and more medical institutions. “Can our financial institutions and banks prioritize this in their business planning,” the Prime Minister asked.
The Prime Minister mentioned the environmental and ecological dimension of the budget. He reiterated India’s goal of net zero by 2070 and said work in this direction has already begun. “To accelerate this work, we must accelerate environmentally friendly projects. Studying and implementing green finance and these new aspects is the need of the hour today,” he said.