Flood of work in 100 days, PM Modi tells babus
Prime Minister Narendra Modi emphasized the need for India to bolster its economic self-reliance over the next decade to mitigate the impact of global crises and enhance the international accessibility and acceptance of the rupee. He also highlighted the forthcoming increase in bureaucratic workload following the formation of the BJP-led NDA government at the Centre. These remarks were made during his address at the opening ceremony of the 90th anniversary celebrations of the Reserve Bank of India (RBI) in the capital. The RBI, which commenced operations on April 1, 1935, holds a pivotal role in India’s rapid and sustainable economic growth.
Recognizing the RBI’s contribution in instilling rule-based discipline and fiscally prudent policies within the banking sector, the Prime Minister urged for advance estimations of sectoral needs to facilitate proactive measures, while reaffirming the government’s support to the banking institutions. Modi commended the Monetary Policy Committee (MPC) of the RBI for its efforts in curbing inflation.
Flood of work in 100 days, PM Modi tells babus
He praised initiatives such as vigilant price monitoring and fiscal consolidation, which maintained inflation at manageable levels. Even during the challenging times of the Covid-19 pandemic. Modi acclaimed the RBI’s pivotal role in driving the nation’s economic progress. Asserting that clear priorities are instrumental in a nation’s advancement.
Highlighting India’s emergence as a global growth engine with a significant 15% share in the world GDP growth. Modi underscored the country’s remarkable economic performance amid the ongoing global recovery from the pandemic-induced economic shock. Stressing the importance of striking a balance between inflation control and economic growth, he expressed confidence in the RBI’s potential to serve as a model institution in this regard.