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PM Modi stresses India’s need for economic self-reliance

Prime Minister Narendra Modi emphasized the need for India to achieve economic self-reliance within the next decade during his speech commemorating the 90th anniversary of the Reserve Bank of India (RBI). He expressed the importance of reducing the nation’s vulnerability to global economic factors by strengthening its domestic economy.

Modi highlighted the promising prospects for job creation once the BJP-led National Democratic Alliance (NDA) assumes office for its third term in June. He emphasized the imperative to enhance India’s economic independence, underlining it as a key priority.

The Prime Minister credited the concerted efforts of his government and the RBI over the past decade for the positive developments in the banking sector. He cited significant reductions in gross non-performing assets (NPAs) of public sector banks and a notable improvement in credit growth as indicators of progress. Additionally, Modi noted that challenges such as the “twin-balance sheet” problem have been effectively addressed, leading to enhanced stability and growth in the banking sector.

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