The Prime Minister, Narendra Modi, addressed a Post Budget Webinar on the subject of ‘Enhancing Efficiency of the Financial Services for Creating Growth Opportunities’. It is the tenth of a series of 12 post-budget webinars organized by the government to seek ideas and suggestions for effectively implementing the initiatives announced in the Union Budget 2023. Addressing the gathering, the Prime Minister said that the government is paving the way for collective ownership and equal partnership in the implementation of the budget through these Post Budget Webinars where the views and suggestions of stakeholders hold utmost importance.
The Prime Minister remarked that the entire world is witnessing the impact of India’s fiscal and monetary policy during the Corona pandemic and credited the efforts of the government in strengthening the fundamentals of India’s economy in the last 9 years. Recalling the time when the world looked at India with suspicion, the Prime Minister pointed out that discussions on India’s economy, budget and goals would often begin and end with a question. He highlighted the changes in financial discipline, transparency and inclusive approach and noted that the question mark at the beginning and end of the discussion has been replaced by Vishwas (trust) and Apeksha (expectations). Throwing light on the recent achievements, the Prime Minister said, “Today India is being called the bright spot of the global economy.” He also highlighted that India is presiding over G-20 and also attracted the highest FDI in the country in the year 2021-22. The Prime Minister noted that a major part of this investment has taken place in the manufacturing sector. He emphasized that applications are continuously pouring in to avail of the PLI scheme which makes India an important part of the global supply chain. The Prime Minister urged everyone to take full advantage of this opportunity.
The Prime Minister emphasized that as today’s India is moving with new capabilities, the responsibility of those in the financial world of India has increased. He told them that they have a robust financial system of the world and a banking system that is in profit after being on the verge of collapse 8-10 years ago. Also, there is a government that is taking policy decisions with courage, clarity and confidence. “Today, the need of the hour is that the benefits of the strength in India’s banking system should reach the maximum number of people,” the Prime Minister exhorted the participants. Giving an example of the Government’s support to the MSME sector, the Prime Minister asked the banking system to reach out to the maximum number of sectors. “1 crore 20 lakh MSMEs have received huge help from the government during the pandemic. In this year’s budget, the MSME sector has also got additional collateral-free guaranteed credit of 2 lakh crores. Now it is very important that our banks reach out to them and provide them adequate finance”, he added.
