PM Modi: India must achieve economic self-reliance in 10 years

PM Modi speaking at RBI`s 90th anniversary celebrations/ PTI

Prime Minister Narendra Modi has stated that India must achieve economic self-sufficiency within the next decade to offset the effects of global issues on the country. He made these statements at the Reserve Bank of India's (RBI) 90th anniversary celebrations in Mumbai.

PM Modi emphasised the significance of increasing India's economic self-sufficiency, claiming that major job opportunities will arise once the BJP-led NDA government begins its third term in June, reported PTI.

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Speaking at the event in Mumbai, per the news agency report, PM Modi said, "We have to increase India's economic self-reliance."

He further said, "While deciding the target for the next 10 years, we have to keep one more thing in mind. That is- the aspirations of the youth of India. India is one of the youngest countries in the world today. RBI has an important role in fulfilling this youth aspiration."

Modi praised the government and the RBI for growing profitability and loan growth in the banking industry over the last decade, highlighting their achievements. He highlighted that public sector banks' gross non-performing assets (NPAs) have decreased dramatically from 11.25 per cent in 2018 to less than 3 per cent by September 2023.

Per another ANI report, PM Modi, commenting on the transformation of the RBI, said, "The transformation occurred because there was honesty and consistency in our efforts. This change has come because our policies, intentions and decisions were clear. When the intentions are clear, then the policies are right. When policies are right, then the decisions are right. And when the decisions are right, the results are also right."

The Prime Minister acknowledged the RBI's participation in accomplishing these milestones, adding that the "twin-balance sheet" issue had been handled and that banks were now seeing a 15 per cent loan increase, the PTI report stated.

Meanwhile, Reserve Bank Governor Shaktikanta Das reiterated the central bank's commitment to maintaining a stable and robust financial system over the next decade. He emphasised the RBI's importance as a symbol of stability and resilience in ensuring citizens' well-being.

Finance Minister Nirmala Sitharaman, who was also present at the celebrations, also praised the RBI's professional management for strengthening India's ability to deal with foreign imbalances and uncertainty. She complimented the central bank's work to manage banks' balance sheet difficulties and stabilise government bond yields, both of which are critical to the economy, reported PTI.