Financial institutions

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

Prime Minister Narendra Modi on Tuesday called on financial institutions to consider innovative financing and risk management systems to support new futuristic ideas to meet the emerging needs of the economy.

Stating that implementing green finance is the “need of the hour” to achieve the goal of net zero carbon emissions by 2070, Modi said financial assistance should be extended to environmentally friendly projects. ‘environment.

“Our finance industry will need to consider innovative finance and sustainable risk management of new futuristic ideas and initiatives,” Modi said during a post-budget webinar on “Financing for Growth and the Ambitious Economy”.

He said that the success of the reforms undertaken by the government to strengthen MSMEs depends on strengthening the financing of these sectors.

The Prime Minister also insisted that Industry 4.0 is not possible until the country advances in areas such as fintech, agritech, meditech and skills development.

“Help from financial institutions in these areas will take India to new heights in Industry 4.0,” the Prime Minister said.

He also highlighted the need to identify 8-10 sectors, constructions, startups, recently opened sectors like drones, space and geospatial data, in which India can be among the top 3 in the world and asked financial institutions to extend credit. Support.

“The expansion of entrepreneurship, innovation and the search for new markets among startups will only happen when there is a deep understanding of these ideas for the future among those who fund them,” said Modi.

Referring to the work and investments in the health sector, the Prime Minister stressed that to meet the challenges related to medical education, it is essential to have more and more medical institutions.

“Can our financial institutions and banks prioritize this in their business planning,” the Prime Minister asked.

Modi also said that if banks give priority financing to exporters, it will make them stronger and help them in the Atma Nirbhar Bharat scheme.

To promote organic farming, he said, if someone comes forward to do a new job in natural farming, then it is necessary to think about how financial institutions can help them.

Modi also pushed bureaucrats to come up with “workable solutions” to implement the 2022-23 Union budget proposals.