Economy News

PM Modi on expanding the role of private sectors in the country

On February 26, Prime Minister Narendra Modi emphasised on the need of an effective presence of public sector banks and insurers.

The government plans to continue with banking reforms to strengthen the financial system.

Modi was addressing a webinar on effective implementation of Budget provisions regarding financial services on Friday.

He stated that the government had taken steps to free the country from a ‘non-transparent credit culture’.

This is because aggressive lending 10-12 years back severely harmed the country’s banking and financial sectors respectively.

It was critical for the financial sector to achieve the Atma Nirbhar Bharat vision. Moreover, this included the creation of modern infrastructure.

The government is also committed to carry out further reforms in the banking sector.

However, the centre prioritizes income protection of common citizens besides effective and leakage-free delivery of government benefits to the poor.

The ultimate goal is to promote infrastructure related investment for the development of the country.

Financial sector entities must create innovative financial products for farmers, small vendors and micro, small and medium enterprises.

PM Modi stressed on equity capital infusion along with creation of a new ARC structure.

The purpose is to keep track of NPAs of banks and address loans in a focussed way.

Meanwhile, it is imperative to encourage sovereign wealth funds, pension funds and insurance companies to invest in infrastructure.

He further praised the Indian fintech startups for hiking up it’s participation in start-up deals amidst the pandemic.

Increasing use of technology and development of new systems has played a pivotal role in financial inclusion in the country.

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