Excelsior Correspondent
LEH, May 3: Dr Raghuram Rajan, Governor of the Reserve Bank of India, attended a programme on MSME by the Bank at Leh and threw light on the RBI efforts to usher the country into high growth trajectory.
RBI Governor urged the entrepreneurs to establish economic ventures which are capable of tapping the local potential opportunities available in the area and which can result in inclusive growth of the area.
He said that the most important thing for entrepreneurs and start-ups is ideas which come from young minds, and finance follows the same. “In many advanced countries the start-ups start their business with initial funding from their own sources of funds and money borrowed from friends and relatives. Once the activity shows some results they then go to banks to request for funding on their viable project. The same model could be adopted in India also,” he said.
Thus, he added, ideas and the promise of entrepreneurship to convert the idea into a successful business venture lies at the core of bank financing.
RBI Governor dwelt at length on the need for strengthening the MSME Sector to bring about the desired change in the economy. He said that Government and RBI have been proactively engaging the banking industry in facilitating adequate flow of financial assistance to the desired sectors of the economy. “The regulatory interventions based on the market conditions are being gradually put in place to complement the efforts of the RBI to usher the country into high growth trajectory,” he added.
On the occasion, a presentation on the MSME Sector and the findings of the survey conducted by RBI in Leh on MSMEs, was made.
Deputy Commissioner, District Leh said that the local administration needed guidance from RBI on what their role should be to ensure that the meetings organized for the development of the region result in taking firm decisions for the same.
Regional Director for J&K, RBI, highlighted the focus that RBI has been giving to the availability of banking services to the common man as also to ensure availability of adequate financial assistance to entrepreneurs in the State of Jammu and Kashmir State in general and in the Ladakh region in specific.
Later in the day, Governor also attended an outreach activity organized by RBI in village Basgo, Leh, where he interacted with the villagers and listened to their problems.
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