PM Modi applauds RBI, stresses India’s need to become ‘financially self-reliant’ within the next decade

Prime Minister Narendra Modi addressed the 90th anniversary celebrations of the Reserve Bank of India (RBI) in Mumbai, emphasizing on India’s goal to become a ‘financially Aatmanirbhar’ economy in the next decade. He spoke about the growth of the economy in the past years and outlined sectors such as green energy, digital technology, defense, and more that are opening up for development.

PM Modi stressed on the need for the RBI to develop innovative policies to address the aspirations of the youth in emerging sectors. He called for a model that balances inflation control and growth, setting a trend for the world while ensuring the accessibility and acceptance of the Indian rupee globally.

The Prime Minister highlighted the transformation of the Indian banking system over the past 10 years, crediting policy clarity, comprehensive reforms, and the effectiveness of the Insolvency and Bankruptcy Code. He noted the significant decrease in gross NPAs from 11.25% to below 3% by September 2023, thanks to the RBI’s role in the process.

PM Modi also celebrated achievements such as the expansion of Jan Dhan accounts, Kisan Credit Cards, and digital payments, emphasizing the importance of being prepared for the needs of sectors like space, tourism, green energy, and indigenously made 5G technology. He released a commemorative coin to mark the RBI’s 90th anniversary in the presence of key officials and ministers.

The Prime Minister’s address at the RBI’s anniversary event reflected on India’s economic progress and transformation in the banking sector over the past decade. As the country aims to become a ‘financially Aatmanirbhar’ economy, PM Modi outlined key sectors for development and called for innovative policies to address the aspirations of the youth and balance inflation control with growth.