Narendra Modi Highlights India's Economic Self-Reliance at RBI's 90th Anniversary

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Narendra Modi Highlights India's Economic Self-Reliance at RBI's 90th Anniversary

Team Finance Saathi

02/Apr/2024

Key Points:

Prime Minister Narendra Modi underscores the importance of bolstering India's economic self-reliance at the Reserve Bank of India's 90th-anniversary celebrations.
Modi praises the RBI's historical role in fostering national growth and emphasizes the need for disciplined fiscal policies within the banking sector.
He expresses confidence in India's global standing and the RBI's potential to lead, particularly in supporting the development aspirations of the Global South.

In a milestone moment marking the 90th anniversary of the Reserve Bank of India (RBI), Prime Minister Narendra Modi delivered a significant address, outlining India's strategic imperative to bolster economic self-reliance over the next decade. His speech at the celebration highlighted the crucial role played by the RBI in shaping India's economic landscape since its inception in 1935 and emphasized the need for proactive measures to navigate global crises effectively.

Historical Role and Strategic Imperatives

Prime Minister Modi commenced his address by acknowledging the pivotal role of the Reserve Bank of India in fostering rapid and sustainable national growth over the past nine decades. Established in 1935, the RBI has been instrumental in shaping India's economic policies, maintaining financial stability, and facilitating growth through its regulatory and developmental roles. Modi's recognition of the RBI's historical significance set the stage for his articulation of India's strategic imperatives in the current global scenario.

Discipline and Prudent Fiscal Policies

Emphasizing the importance of discipline and prudent fiscal policies within the banking sector, Prime Minister Modi commended the RBI's efforts in fostering responsible banking practices. He highlighted the need for proactive anticipation of sectoral needs and assured government support for banks to facilitate their operations effectively. Modi's emphasis on fiscal discipline underscores the government's commitment to ensuring the stability and resilience of India's financial system, particularly in the face of global economic uncertainties.

Addressing Challenges Amidst the Pandemic

Against the backdrop of the ongoing Covid-19 pandemic, Prime Minister Modi underscored the challenges posed by the crisis and the importance of maintaining moderate inflation levels. He lauded the measures taken by the RBI's Monetary Policy Committee to curb inflation, recognizing the critical role of price stability in sustaining economic growth. Modi's acknowledgment of the pandemic's impact on the economy reflects the government's proactive approach to mitigating its effects and ensuring the continuity of essential economic functions.

India's Growing Global Stature

Highlighting India's growing stature as a global growth engine, Prime Minister Modi expressed confidence in the country's ability to lead on the international stage. He noted that India represents 15% of the world's GDP growth, highlighting its significant contribution to global economic development. Modi's assertion of India's global leadership aspirations aligns with the country's ongoing efforts to enhance its international standing and assert its influence on global economic policies.

Leading Globally, Supporting the Global South

In his address, Prime Minister Modi underscored the RBI's potential to lead globally, particularly in supporting the development aspirations of the Global South. He emphasized the importance of leveraging India's expertise and resources to assist other developing nations in achieving their economic goals. Modi's commitment to supporting global development reflects India's ethos of cooperation and solidarity with countries facing similar challenges.

Looking Ahead: Fortifying Economic Self-Sufficiency

As India charts its course for the future, Prime Minister Modi urged concerted efforts to fortify the country's economic self-sufficiency. He emphasized the need for resilience against global crises and reiterated the government's commitment to supporting initiatives that enhance India's economic autonomy. Modi's forward-looking vision underscores the importance of proactive planning and strategic foresight in safeguarding India's economic interests in an increasingly interconnected world.

Conclusion

Prime Minister Narendra Modi's address at the 90th-anniversary celebrations of the Reserve Bank of India encapsulated India's journey towards economic self-reliance and global leadership. His recognition of the RBI's historical role, emphasis on fiscal discipline, and commitment to supporting global development initiatives underscored India's aspirations to emerge as a key player on the world stage. As India navigates the complexities of the global economy, Modi's vision for bolstering economic resilience serves as a guiding principle for the nation's future trajectory.

Also read : March 2024 Marks Record GST Revenue: Insights and Trends
In March 2024, the realm of Indian fiscal affairs witnessed a remarkable feat as Goods and Services Tax (GST) revenue soared to unprecedented heights, marking the second-highest collection ever recorded. The figures were staggering, with the revenue touching US$ 21.3 billion (Rs. 1.78 lakh crore), a substantial 11.5% increase compared to the previous year. Delving deeper into the numbers, what truly stood out was the remarkable surge in GST collection from domestic transactions, which witnessed a remarkable 17.6% increase. Even after accounting for refunds, the net GST revenue for March 2024 reached an impressive US$ 19.8 billion (Rs. 1.65 lakh crore), reflecting an astounding 18.4% growth over the same period last year.

Also read : Navigating Asia's Economic Landscape: Insights from S&P Global
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Narendra Modi Highlights India's Economic Self-Reliance at RBI's 90th Anniversary

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