During a speech at the 90th anniversary celebration of the Reserve Bank of India (RBI), Prime Minister Narendra Modi emphasized India's journey towards economic self-reliance over the next decade. He commended the progress made since the Bharatiya Janata Party (BJP) took office in 2014, highlighting the nation's readiness for significant advancement.
Modi emphasized India's youthful demographic advantage and the government's efforts in diversifying the economy by opening up sectors such as green energy, digital technology, defense, MSMEs, space, and tourism. He urged the RBI to craft innovative policies to cater to the aspirations of the youth and nurture these burgeoning sectors.
Recognizing the global challenge of balancing inflation control and economic growth, Modi called upon the RBI to pioneer a model that could serve as a benchmark, particularly for developing nations. He stressed the importance of ensuring the global accessibility and acceptability of the Indian rupee.
Modi expressed India's ambition to enhance financial independence over the next decade, aiming for minimal impact from global fluctuations. He attributed the transformation of the banking sector to clear policies, comprehensive reforms, and the effective implementation of initiatives such as recognition, resolution, and recapitalization, alongside the success of the Insolvency and Bankruptcy Code (IBC).
Highlighting achievements over the past decade, Modi cited the expansion of financial inclusion through initiatives like Jan Dhan accounts and the growth of digital payments. He underscored the importance of innovation and urged stakeholders to prepare for the evolving needs of sectors like green energy, space, defense, and MSMEs.
The event also witnessed the release of a commemorative coin marking the RBI's 90th anniversary, attended by dignitaries including Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das, and other prominent figures from the government and banking sector.
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