Prime Minister Narendra Modi today said that the government’s policies related to financial inclusion have made crores of people part of the formal financial system.
He added that the centre has helped fulfill the dreams of crores of youth by giving Mudra loans of over 20 lakh crore rupees and for the first time over 40 lakh street vendors and small shopkeepers received help from banks through PM Swanidhi Yojana.
Mr. Modi stated this while addressing the post-budget webinar on Enhancing Efficiency of the Financial Services for Creating growth opportunities.
He called upon the stakeholders to re-engineer all the processes to reduce the cost and increase the speed of credit so that it reaches the small entrepreneurs quickly.
The Prime Minister remarked that the entire world is witnessing the impact of India’s fiscal and monetary policy during the COVID-19 pandemic and credited the efforts of the government in strengthening the fundamentals of the economy in the last nine years.
Recalling the time when the world looked at India with suspicion, he pointed out that discussions on India’s economy, budget and goals would often begin and end with a question.
He highlighted the changes in financial discipline, transparency and inclusive approach and noted that the question mark at the beginning and end of the discussion has been replaced by trust and expectations. He asserted that today India is being called the bright spot of the global economy.
The Prime Minister emphasized that as today’s India is moving with new capabilities, the responsibility of those in the financial world of India has increased.
He told them that they have a robust financial system of the world and a banking system that is in profit after being on the verge of collapse 8-10 years ago.
Touching upon the issue of Vocal for Local, the Prime Minister said that it is not a matter of choice but Vocal for local and vision of self-reliance is a national responsibility.
He clarified that Vocal for Local is bigger than just buying products from the Indian cottage industry saying there is a need to see which are the areas where one can save the money by building capacity in India itself.
In this direction, Mr. Modi gave examples of higher education and edible oil where a lot of money goes out.
Touching upon the massive increase in the Capital expenditure outlay in the Budget to the tune of ten lakh crore rupees and dynamism induced by PM Gatishakti Masterpaln, he emphasized the need to support the private sector that is working for the progress of the different geographical areas and economic sectors.
He also called upon the private sector of the country to increase their investment just like the government so that the country gets maximum benefit from it.
Talking about the tax, Mr. Modi said the tax burden has come down significantly in India due to GST, reduction in Income Tax and Corporate tax which has resulted in better tax collection.
He underlined that the increase in the tax base is proof that people have faith in the government, and they believe that the tax paid is being spent for public good.
The Prime Minister noted that platforms developed by India are becoming models for the world and RuPay and UPI are not just a low cost and highly secure technology, but it is India’s identity in the world. Mr. Modi also emphasized the need to increase awareness about getting a copy of the bill that will benefit the nation in return.