The time when the world doubted India’s economic capabilities and goals is over, he told a post-conference conference.budget webinar on ‘Improving the efficiency of financial services to create opportunities for growth’.
“With India guided by financial discipline, transparency and inclusive approach, the question mark at the beginning and end of the discussion has been replaced with ‘vishwas’ (trust) and ‘apeksha’ (expectations),” he said in the webinar, the tenth in a 12-part series seeking ideas and suggestions for implementing the Budget.
The responsibility of the Indian financial sector to have sound systems has increased. “The need of the hour is that the benefits of the strong banking system in India reach the maximum number of people and it is very important that our banks reach out to MSMEs and provide them with adequate financing.”
Modi called on industry and business chambers to promote artisans and entrepreneurs in the districts of India. The government’s ‘Vocal for Local’ campaign is bigger than just buying homemade products. India has to save money by building internal capacity in the sectors it exits, citing higher education and edible oil as examples.
“Paying taxes is such a duty, which is directly related to building the nation. The increase in the tax base is proof that people have faith in the government and believe that the tax paid is spent on the public good.”
“RuPay and UPI are not just low-cost, high-security technology, they are our identity in the world. There is immense scope for innovation. UPI must become a means of financial inclusion and empowerment for the whole world, we have to work collectively for it. I suggest that our financial institutions should also have maximum partnership with fintechs to increase their reach,” Modi said, referring to national debit cards and the state-backed unified payments interface.