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Need to make Indian banks currency an important part of international trade supply chain PM Modi

By on June 6, 2022 0

(Eds: Added more information)
New Delhi, Jun 6 (PTI) Prime Minister Narendra Modi on Monday stressed the need to make Indian banks and currency an important part of international trade and supply chain.
He also urged financial institutions to continuously encourage good financial and corporate governance practices.
Inaugurating the week’s iconic celebrations by the Ministries of Finance and Commercial Affairs as part of the Azadi ka Amrit Mahotsav, Modi said that India had developed various financial inclusion platforms and there was a need to enhance them. raise awareness for their optimal use.
There should be an effort to scale these financial inclusion solutions globally, he said.
In his address, the Prime Minister said: “There is a need to focus on how to make our national banks, our currency an important part of the international supply chain and trade.”
“We have shown over the last 8 years that if India collectively decides to do something, then India becomes a new hope for the world. Today the world looks at us not only as a big consumer market , but looks at us with hope and confidence as a capable, revolutionary, creative and innovative ecosystem,” said Modi.
The Prime Minister also launched the “Jan Samarth Portal”, a portal linked to credit from 13 government programs, to ensure easy access to credit for young people, entrepreneurs and farmers, and a special series of coins that are also “suitable for the visually impaired”.
Coins of denominations Re 1, Rs 2, 5, 10 and 20 will have the Azadi Ka Amrit Mahotsav (AKAM) design are not commemorative coins and will be in circulation.
“These new series of coins will remind people of the purpose of Amrit Kal and motivate people to work for the development of the country,” Modi said while addressing the iconic weekday celebration.
The Jan Samarth portal will be an “end-to-end delivery platform”, and more people will show up for loans due to the ease of compliance, he said.
Speaking at the event, Finance Minister Nirmala Sitharaman said each of the 13 government programs will be displayed on the Jan Samarth portal.
“This portal is going to make it easier so that citizens don’t have to ask the same questions every time to avail themselves of a government program,” she said.
Modi said the country bore the brunt of government-centric governance in the past, but now India is moving forward with the people-centric governance approach.
He said earlier that it was the responsibility of the people to approach the government to avail the benefits of the schemes. Now the focus is on people taking ownership of governance and freeing them from the rigamarole of circling different ministries and websites.
“Launch of the National Portal for Credit-Related Government Programs – The Jan Samarth Portal is a major step in this direction. This portal will improve the lives of students, farmers, business people and MSME entrepreneurs, and help them achieve their dreams,” Modi added.
The Prime Minister stressed that youth have been kept at the heart of the reforms undertaken by the country over the past eight years.
“By reducing more than 30,000 compliances, abolishing more than 1,500 laws and decriminalizing several provisions of the Companies Act, we have ensured that Indian companies not only progress but also reach new heights,” said he declared.
The Prime Minister said the country is seeing the result of simplifying indirect taxes by introducing the Goods and Services Tax (GST).
Now it has become normal for GST collection to exceed one million rupees every month, he said, adding that there has been a steady increase in EPFO ​​registration, while the GeM portal has brought a new facility for public procurement.
GeM portal purchase figure crossed 1 lakh crore, the prime minister informed.
Modi said that currently India has 70,000 startups and every day a dozen new startups are added.
He said people have become emotionally attached to government initiatives like Aatmanirbhar Bharat and Vocal for Local.
Speaking about the Jan Samarth portal, Bank of India MD AK Das said that it will help in reducing execution time and facilitate faster loan sanctioning to beneficiaries.
More programs can be integrated over time, Das added. PTI DP JD BAL