Prime Minister Narendra Modi called upon financial institutions to look at different models to fund projects that will help India attain self-sufficiency.
Financial institutions must focus on identified aspirational districts and increase their penetration in order to increase the pace of development in such areas, Modi said in his inaugural address of a post-budget webinar organised by the Department of Economic Affairs.
The prime minister said the budget has taken steps to carry the momentum of India's financial and economic growth by encouraging foreign capital flows, reducing tax on infrastructure investment and through initiatives like National Investment and Infrastructure Fund, GIFT City and new development finance institutions.
Sixteen ministries, NITI Aayog, Capacity Building Commission and state governments are participating in the webinar, besides regulators including the Reserve Bank of India, Securities and Exchange Board of India, International Financial Services Centres Authority, Insurance Regulatory And Development Authority of India, Nabard, GIFT City, industry associations and the investor community.
Modi also underscored the importance of small and medium-sized enterprises. The success of the reforms towards the growth of MSMEs lies in the strength of financing they receive, he said.
Other Highlights
Citing the potential of drone technology, space and geospatial sectors, the Prime Minister hopes India can focus on seven to eight such sectors.
With India's Cop26 commitment, he said the need of the hour is to study and implement aspects like green financing and eco-friendly projects.
Financial institutions must also think towards helping those who come forward to practice natural and organic farming.
In continuation of the Jan Dhan scheme, Modi said he hopes that financial institutions can pave the way for 'digital roads' that connect rural parts.
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