PM Modi asks financial institutions to come up with futuristic ideas to fund emerging economic needs

Narendra Modi spoke in a post-budget webinar on “Finance for Growth and Emerging Economy”

Narendra Modi spoke in a post-budget webinar on “Finance for Growth and Emerging Economy”

Prime Minister Narendra Modi on March 8 called on financial institutions to come up with innovative and futuristic financing and risk management ideas to fund the economy’s evolving needs. Mr Modi declared that implementing green finance is the “need of the hour” to achieve the net-zero carbon emissions target by 2070 and said financial aid should be expanded to green projects.

“Our finance sector needs to engage with new futuristic ideas and initiatives and think about innovative ideas for finance and sustainable risk management,” Mr. Modi said in a post-budget webinar on “Finance for Growth and Emerging Economy.”

He also stressed the need to identify 8-10 sectors where India can rank among the top 3 globally and urged financial institutions to expand credit support. Mr Modi also urged bureaucrats to come up with “workable solutions” to implement the proposals for the 2022-23 Union budget.

He said the country is investing heavily in healthcare infrastructure and urged banks to explore the possibility of prioritizing loans to the sector. Mr Modi also said that if the banks extend financing to exporters as a priority, it will make them strong and help with the Atmanirbhar Bharat program.

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