NEW DELHI, Nov 12: Union Minister of State (Independent Charge) Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said here today that the banking sector is the torch – bearer of India’s growing economy and will play a critical role in India’s rise as economic superpower.
Addressing the inaugural session of the two-day India Banking Conclave here today, Dr Jitendra Singh said, with Prime Minister Narendra Modi’s progressive vision, the role of the banking sector over the last five years has been sought to be optimized to serve the changing needs of 21st century India. He said, under the Modi government, the banking sector was pushed forward to become an essential part of every citizen’s life and an instrument to transform the lives of Indian citizens.
Over the last five and a half years, Dr Jitendra Singh said, the Modi government rolled out a series of public welfare schemes targeting the last man in the last queue and these were meant to bring about economic empowerment to the poorest of the poor along with reinforcement of his self-esteem. Beginning from Jan Dhan Yojana, he recalled, one after the other, there have been a series of such schemes like, for example, Mudra Yojna, PM Kisan Samman Yojna, MNREGA payments through DBT, Pradhan Mantri Awaas Yojna, etc whose success largely depended on the successful conduct of the banking operations.
While on the one hand, the Modi government took certain decisions to check the pilferage and wastage of money, said Dr Jitendra Singh, on the other hand, it also took definite decisions to mobilize savings for capital formation in order to make them available for entrepreneurs. One of the examples of this, he said, was the Northeast Venture fund introduced by the Ministry of Development of North Eastern Region (DoNER) for new Start-Ups through the medium of North East Development Finance Corporation Ltd (NEDFL).
Describing the ease of banking as an essential prerequisite for the ease of business, Dr Jitendra Singh said, as India grows to $5 trillion economy, the banking sector will also be expected to play a more global and wholesome role.