Let’s make Rupee a global currency:
PM to RBI
Prime
Minister Narendra Modi on Monday asked the Reserve Bank of India (RBI) to
prepare a 10-year strategy to make the indian rupee a globally “accessible and
acceptable” currency and to meet the credit needs of every segment burgeoning
economy, particularly the youth.
Praising RBI governor Shaktikanta Das
Praising RBI
governor Shaktikanta Das for his “out of box” thinking in monetary management,
the PM said the same approach should be used in ensuring “adequate” credit to
new sectors, the youth and innovators. Referring to Rs 1 lakh crore research
fund announced in the interim budget for innovation, Modi said, in the presence
of Union finance minister Nirmala Sitharaman, that the central bank should
start thinking how to help those who need financial help in developing
cutting-edge technology.
You have adequate time till I’m busy
in elections
“You have
adequate time till I’m busy in elections for the next 100 days. You must think
in advance about it because tasks will pour in on the very sound day after the
oath-taking [ceremony],” the PM said while addressing a function in Mumbai to
commemorate 90 years of the RBI.
ELECTION COMMISSION
On March 16,
the Election Commission (EC) announced dates for the Lok Sabha elections 2024,
which start from April 19 and end on June 1 in seven phases. The current
government’s term is ending on June 16. Recalling the work on financial
inclusion done by his government in the past 10 years, Modi said wider use of
digital payments by street-hawkers is showing their financial footprint transparently.
He urged the
regulator to use this information in empowering them financially.
Digital Transactions
According to
government data, total digital transactions surged multifold from 2,071 crore in 2017-18 to 13,462 crore 2022-23.
“Friends, we
have to accomplish one more big task together in the next 10 years. We have to
enhance Bharat’s economic self-reliance. We have endeavor that our economy
should be least effected by global advertises. Today, Bharat is becoming global
growth with 15% in global GDP growth . In these circumstances,[we should] endeavor
that our rupee is more accessible and acceptable globally,” he said.
PM on GDP Growth
The PM
underscored the importance of healthy banking sector growth to provide the
required banking sector growth to provide the required funding to various
projects. He also cautioned the sector and its regulator about emerging
challenges such as artificial intelligences (AI) and blockchains that have
changed the way banking is done. Stressing the importance of cybersecurity in
the rapidly growing digital banking system driven by fintech, he urged experts to
bring corresponding changes in the system.
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