Staff Reporter / NEW DEKHI
Prime Minister Narendra Modi today said that Indian economy once again picking up momentum after a deadly pandemic. He asserted that this is a reflection of government’s economic decisions and strong foundation of the economy. Mr Modi highlighted that the government has taken many steps to maintain the momentum of high growth in this budget.
Addressing a post-budget webinar on financing for growth and aspirational economy, Prime Minister said the Centre has tried to accelerate financial and economic growth by encouraging foreign capital flows and reducing tax on infra investment, creating institutions like NIIF, Gift City and new DFIs.
He said the country’s commitment to the widespread use of digital technology in finance is now reaching the next level. He added that be it 75 Digital Banking Units or Central Bank Digital Currency in 75 districts, they reflect government’s vision. Talking about Aatmnirbhar Bharat Abhiyan, the Prime Minister emphasized the need to mull over the ways of reducing dependence on other countries by exploring different models of financing the related projects. He said the country’s startups can grow only when entrepreneurship is encouraged and stress on innovation and focus on new business areas.
Mr. Modi emphasized that the financing sector needs to look at new futuristic ideas, innovative financing of initiatives and sustainable risk management. He also asked to identify 8 to 10 sectors where India can be among top three.
The Prime Minister insisted that Industry 4.0 is not possible till the country moves ahead in the fields like fintech, agritech, meditech and skill development.
Prime Minister talked at length about the vision of finding sectors where India can figure in top three countries. He asked whether India can emerge among top three countries in the sectors like constructions, startups, recently opened up sectors like drones, space and geo-spatial data. Mr Modi said, the expansion of entrepreneurship, innovation and search for new markets among the startups will happen only when there is deep understanding of these ideas of future among those who finance them.
Stressing that a big base of Indian economy is rural economy, Mr Modi said government is taking steps like strengthening SHGs, Kisan Credit Cards, Farmer Producer Organisations, and Common Service Centers.
Referring to the work and investment in the health sector, the Prime Minister emphasized that in order to tackle the challenges relating to medical education, it is critical to have more and more medical institutions. Mr Modi also said India has set a target of net-zero carbon emissions by the year 2070 and it is necessary to accelerate environment-friendly projects to speed up work on this.
Today underscored the importance of building digital highways to rural India, tailoring financial inclusion products to suit rural needs.