PM Modi Urges RBI: Brace for Heavy Workload from Day One Post-Swearing-In

Prime Minister Narendra Modi instructed the Reserve Bank of India on Monday to consider methods to assist newly emerging industries like space exploration, renewable energy, digital technology, and tourism in the days ahead, as there will be a lot of work to be done after the new government takes office.

Also READ: China renames 30 locations in latest move to assert claim over Arunachal Pradesh

I am busy in elections for the next 100 days. You have enough time in your hands to think. After taking oath, a lot of work will come your way,” Modi said addressing the 90th commemoration function of the Reserve Bank of India (RBI) on Monday.

PM Modi Calls for Economic Self-Reliance: A Shield Against Global Crisis

The Prime Minister added that strengthening India’s economic independence is necessary to protect the nation from unfavourable events occurring elsewhere in the world. “We have to make India’s economy self-sufficient in the next ten years. We must work to guarantee that the global crisis has far less of an impact on our economy,” he stated.

India has emerged as the world’s growth engine, accounting for 15% of the increase in GDP worldwide. “Under such circumstances, the focus should be on making the rupee more widely accepted and accessible worldwide,” he stated.

Also READ: Tragic Accident 5 Dead, 3 Injured as Dumper Collides with Auto in UP’s Chitrakoot

India Aims to Elevate Rupee’s Status: Pursues Global Currency Recognition

India wants the rupee to become a universal money. To quicken the speed of the rupee’s internationalisation, an Inter-Departmental Group (IDG) created by the RBI last year suggested a number of actions, such as adding the currency to the Special Drawing Rights (SDR) basket and recalibrating the foreign portfolio investor (FPI) regime.

Also READ: पायलटों की कमी से जूझ रही विस्तारा एयरलाइंस की कई उड़ानें हुई रद्द

Recognition, Resolution, Recapitalisation Strategy Revives Banking Sector

According to Modi, in order to strengthen the banking industry, his government used the recognition, resolution, and recapitalization plan. The government strengthen public sector banks’ governance by implementing numerous reforms and injecting capital of Rs 3.5 lakh crore into them.

The Insolvency and Bankruptcy Code (IBC) has contributed to the repayment of bad debt totaling Rs 3.25 lakh crore. Before being admitted to the IBC, more than 27,000 applications—with an underlining default of more than Rs 9 lakh crore—were handle, he said.

Also READ: लोकसभा चुनाव: उद्धव ठाकरे ने अमोल कीर्तिकर को चुना उम्मीदवार

He claimed that although the last ten years have seen a challenging change of the banking industry, it was nevertheless possible because government policies, goals, and actions were all clearly stated. Additionally, it was feasible because the administration worked honestly and cooperatively.

“…policies are right if intentions are good. Decisions are right when policies are correct, and when decisions are right, the result will also be right, according to Modi.

Also READ: P Chidambaram attacks S Jaishankar: ‘From liberal officer to RSS mouthpiece’