Economic self-reliant must to mitigate impact of global issue: PM
Mumbai: India must become self-reliant in the next decade to mitigate the impact of global issues, and efforts should be made to make the Indian currency, the rupee, more accessible and acceptable throughout the world, says Prime Minister Narendra Modi, addressing an event at which the at which the RBI has completed 90 years.
“Today, India is becoming the engine of global growth with a 15 percent share of global GDP growth, and the next decade is extremely important for the resolutions of a Viksit Bharat,” he said.
Stressing the diverse banking needs of a large country like India, the Prime Minister underlined the need to improve ‘ease of doing banking’ and provide tailor-made services as per the needs of the citizens. He underscored the role of artificial intelligence and machine learning in the times to come and asked the banking regulator to be ready to meet the challenge.
Pointing out that the private sector debt of many countries has doubled their GDP and that such high levels of debt in many countries are also creating a negative impact on the world, the Prime Minister suggested the RBI conduct a study on this, keeping in mind the prospects and potential of India’s growth.
In Mumbai, marking 90 years of the Reserve Bank of India, Modi also released a commemorative coin to mark 90 years of the RBI. The Reserve Bank of India (RBI) commenced its operations on the 1st of April in 1935 and enters its 90th year today.
Addressing the occasion, the Prime Minister said that the Reserve Bank of India has reached a historic landmark today, completing 90 years of existence. He underlined that the RBI has witnessed both the pre- and post-independence eras, and it has created an identity around the world based on its professionalism and commitment.