India Is Being Called Bright Spot Of Global Economy: PM Modi

Amid the global economic slowdown, India is being called the bright spot of the global economy, said Prime Minister Narendra Modi on Tuesday.

While addressing a post-budget webinar on enhancing the efficiency of financial services for creating growth opportunities, he said the entire world is witnessing the impact of India's fiscal and monetary policy during the Corona pandemic and credited the efforts of the government.

Recalling the time when the world looked at India with suspicion, the Prime Minister 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transparency and inclusive approach and noted that the question mark at the beginning and end of the discussion has been replaced by Vishwas (trust) and Apeksha (expectations). 

Throwing light on the recent achievements, he said, “Today India is being called the bright spot of the global economy.” He also highlighted that India is presiding over G-20 and also attracted the highest FDI in the country in the year 2021-22. 

The Prime Minister noted that a major part of this investment has taken place in the manufacturing sector. 

He emphasised that applications are continuously pouring in to avail of the PLI scheme which makes India an important part of the global supply chain. The Prime Minister urged everyone to take full advantage of this opportunity.

The Prime Minister emphasised 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. 

He also that there is a government that is taking policy decisions with courage, clarity and confidence. 

“Today, the need of the hour is that the benefits of the strength in India's banking system should reach the maximum number of people,” the Prime Minister exhorted the participants. 

Giving an example of the Government’s support to the MSME sector, the Prime Minister asked the banking system to reach out to the maximum number of sectors. 

“One crore 20 lakh MSMEs have received huge help from the government during the pandemic. In this year's budget, the MSME sector has also got additional collateral-free guaranteed credit of Rs 2 lakh crore. 

"Now it is very important that our banks reach out to them and provide them adequate finance," he added.