Budget lays roadmap of inclusive financial sector: PM Modi

New Delhi: Prime Minister Narendra Modi on Tuesday said that the budget lays the roadmap of an all inclusive financial sector for India’s growth.

Addressing a post-budget webinar titled ‘Enhancing Efficiency of the Financial Services for Creating Growth Opportunities’, Modi said, “Trust and expectations have replaced question marks in every discussion of Indian economy. India is being called the bright spot of the global economy.”

“Today you have a government that is taking policy decisions with courage, clarity and confidence, you too will have to step up,” he added.

The prime minister further said that the need of the hour is that the benefits of the strength in India’s banking system should reach maximum people.

“The Government’s policies related to financial inclusion have made crores of people part of the formal financial system,” Modi emphasised.

“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 informed the participants.

Giving an example of the government’s support to the MSME sector, Modi 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 Rs 2 lakh crore. Now it is very important that our banks reach out to them and provide them adequate finance”, he added.

Reinforcing the need for promoting locally made products, he said that the “Vision of vocal for local and the Aatmanirbharta is a national responsibility”.

“Vocal for Local is bigger than just buying products of the Indian cottage industry. We have to see which are the areas where we can save the country’s money by building capacity in India itself,” Modi added.

He urged the private sector to increase their investment just like the government, so that the country gets maximum benefit from it.

“The increase in the tax base is proof that people have faith in the government, and they believe that the tax they are paying is being spent for public good,” he said further.

“In the era of ‘Industry 4.0’ platforms developed by India are becoming models for the world,” the prime minister informed.

Referring to the digital payments infrastructure, Modi said, “RuPay and UPI are not just a low cost and highly secure technology, but our identity in the world.”

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