Mumbai, Apr 1: Prime Minister Narendra Modi emphasized the need for India to achieve economic self-reliance within the next decade, aiming to minimize the nation’s vulnerability to global factors. Addressing the 90th anniversary celebrations of the Reserve Bank of India (RBI), he highlighted the potential for increased employment opportunities once the BJP-led NDA assumes office for its third term in June. “We have to enhance India’s economic self-reliance,” Modi emphasized.
Modi praised the efforts of his government and the RBI over the past decade, noting that the banking sector has become profitable, and credit growth has surged. He pointed out that the gross NPAs (Non-Performing Assets) of public sector banks, which stood at around 11.25 per cent in 2018, had plummeted to less than 3 per cent by September 2023. Modi also declared that the “twin-balance sheet” problem, referring to the issue of stressed assets of banks and indebted corporates, has been resolved, with banks now experiencing a credit growth of 15 per cent.
Acknowledging the pivotal role of the RBI in these achievements, Modi expressed gratitude for the central bank’s contributions to the nation’s economic progress.
