Self-reliant campaign continues in the country
PM Modi said that today the country is running a self-reliant India campaign. To minimize the dependence of our country on other countries, it is necessary to think about how different models of financing of projects related to this can be made. The Prime Minister said that in the budget, the government has taken several steps to continue the momentum of rapid growth. By encouraging foreign capital inflows, reducing tax on infrastructure investments, creating institutions like NIIF, GIFT City, new DFIs, we have tried to accelerate financial and economic growth.
Green financing essential for zero carbon emissions target by 2070
Prime Minister Narendra Modi said on Tuesday, our financial sector has to look at innovation financing and sustainable risk management of new futuristic ideas and initiatives. The need of the hour is to implement green financing to meet the net zero carbon emission target by 2070. Hence the financial assistance should be extended to eco-friendly projects.
In a post-budget webinar on financing for growth and aspirational economy, Modi said, the success of the reforms undertaken by the government to strengthen MSMEs is dependent on strengthening financing for these sectors. He emphasized that Industry 4.0 is not possible unless the country progresses in areas like FinTech, Agritech, Meditech and Skill Development. The help of financial institutions in such areas will take India to new heights in Industry 4.0.
He also stressed on the need to identify 8-10 sectors like manufacturing, startups, most recently drones, space and geospatial data. Modi said, India can be one of the top-3 globally in these areas, institutions should increase financial cooperation in these areas. Modi asked the bureaucrats to come up with ‘actionable solutions’ to implement the Union Budget proposals for 2022-23.
Entrepreneurship expansion is possible only with deep understanding
The expansion of entrepreneurship, innovation and discovery of new markets among startups will happen only when there is a deep understanding of these futuristic ideas among those who finance them, Modi said. Referring to the work and investment in the health sector, Modi emphasized that to meet the challenges related to medical education, it is necessary to have more medical institutions. Can our financial institutions and banks make this a priority in their business plan, he asked?
If banks fund exporters on priority, they will also get stronger
Modi said, if banks give priority funding to exporters, it will strengthen them and help in the self-reliant India program. To promote organic farming, he said, if someone is coming forward to do new work in natural farming, it is necessary to think how financial institutions can help him.