February 27, 2021 6:03:25 am
Prime Minister Narendra Modi on Friday stressed on increasing credit flow to businesses to meet the needs of a fast growing economy and highlighted the need for new financial products.
Private enterprises are being promoted wherever possible, but alongside, an effective participation of the public sector in banking and insurance is still needed by the country, he said. Speaking at a webinar on the Budget announcements on financial services, Modi said the Centre has a clear vision for the financial services sector and is taking steps to make it vibrant, proactive and strong.
The Prime Minister said the government is aware of the ups and downs faced by businesses and will support honest decisions. “The government’s responsibility is to stand with all such business decisions taken with good intent and I want to say this to all those in the financial sector that I will stand by you for all decisions taken with honest intent,” he added.
Modi highlighted that several budget announcements including privatisation of two public sector banks, permitting up to 74 per cent foreign direct investment in insurance sector, listing of Life Insurance Corporation on stock exchanges are aimed at strengthening the financial sector.
“Steps have been taken to take the country out of non-transparent credit culture,” he added.
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