Prime Minister Narendra Modi has said that farmers, processing Units, MSMEs and Start Ups will be the real drivers of an Atmanirbhar Bharat.
Addressing webinar on implementation of Budget in financial services sector, Mr Modi said, the government’s vision regarding financial sector is very clear.
He said, trust, transparency and faith are the cornerstones of the financial sector.
Mr Modi asserted that under the NDA government banking and Non Banking sector has undergone sea changes making it much more transparent and reliable.
Prime Minister said, the country’s financial and banking sector were weakened in the name of aggressive lending about ten years ago which is now coming on its track due to the commitment of the current government.
He said, government has taken several steps to resolve non-transparent trading culture.
Mr Modi said, the government has made reporting of NPAs compulsory, instead of putting them under the carpet.
Highlighting the major provisions of this year’s budget, he called for active participation of private players in the sector.
The Prime Minister also underscored the importance of continued and robust participation of public sector units in the banking and insurance sector in order to ensure universal financial inclusion.
Emphasising on the key reforms introduced by the government in the financial sector, he said that the Insolvency and Bankrupty Code has installed faith in the lenders.
He said the leakage free delivery system, merger of small banks, and provision for Asset Restructuring bodies and Development Financial Institution will ensure a robust, vibrant and transparent financial sector in the country.
Mr. Modi said that the usage of technology has helped the country in achieving unprecedented growth in financial inclusion.
He said the country has accomplished the feat of rolling out Aadhar Cards for nearly 130 crore countrymen in addition to opening of Jan Dhan Accounts for 41 crore beneficiaries.
Prime Minister said with the existing pace of growth, the FINTECH sector in the country is expected to reach the mark of 6 trillion in the next five years.
Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur also participated in the webinar.
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