PM Modi Addresses Post-Budget Webinar on Enhancing Efficiency of the Financial Services

New Delhi: Prime Minister Narendra Modi today said that the government’s policies related to financial inclusion have made crores of people a part of the formal financial system.

Addressing the post-budget webinar on Enhancing Efficiency of the Financial Services for Creating growth opportunities, Mr Modi added that 20 lakh crore rupees mudra loans had been disbursed to fulfil the aspirations of citizens. He said, for the first time ever, 40 lakh street vendors have got support from the banking sector with PM SVANidhi Yojana.

Mr Modi said financial inclusion has helped crores of people to be brought under a formal economy adding that Amrit Kaal Budget has laid the roadmap of an all-inclusive financial sector for India’s growth.

The Prime Minister highlighted that the government has been consistently taking bold steps and its strategic decisions have better clarity and vision. He added that India which was on the verge of collapse 10-12 years before is now a bright spot.

Mr Modi said the country has a confident and robust financial system now and it is becoming a critical part of the global supply chain. He also said the new India has improved the domestic demand and the country’s exports are all-time high.

The Prime Minister said that there was talk about a heavy tax regime in India but today the situation has changed. He noted that tax collection is rising despite the reduction in tax rates. He added that the increase in the tax base proves that people have faith in the government and believe tax paid is being spent for the public good.

He also urged the private sector to increase investment as being done by the government. Mr Modi asked for self-sufficiency in edible oil and made the higher education sector world-class so that India can save foreign exchange.