Need To Fuel Credit Flow To Businesses As Economy Thrives: PM Modi
Speaking at a webinar on the Union budget announcements on financial services, Prime Minister Narendra Modi said to help medium and small businesses during the Covid-19 pandemic, 90 lakh Micro, Small and Medium Enterprises (MSMEs) were given credit worth Rs 2.4 lakh crore.
Mr Modi on Friday emphasised on increasing credit flow to businesses to meet the needs of a fast-reflating economy and said financial products will have to be tailor-made for fintech and startups.
He said that although the government's endeavour is to promote the private sector, public sector presence in banking and insurance is also required.
"As our economy is growing, and growing fast, credit flow has also become equally important. You have to see how credit reaches new sectors, new entrepreneurs. Now you will have to focus on creation of new and better financial products for startups and fintech," Mr Modi added.
"The government is taking steps to make the financial services sector vibrant, proactive and strong,” he added.
He said the government would stand by all business decisions taken with the right intent.
"Supporting MSME and startups and expanding credit flow to them is necessary. The government has undertaken reforms and opened up sectors like farm, coal, and space. Now it's the responsibility of the financial sector to understand the aspirations of rural and smaller cities and make them the strength of Aatmanirbhar Bharat,” Mr Modi said.
Stating that Kisan Credit has helped small farmers and those involved in animal husbandry to come out with the grasp of informal lending, he said the private sector now will have to think of innovative financial products for this section of the society.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
