Dr. Syama Prasad Mookerjee Research Foundation

PM’s address at webinar on implementation of Budget in Financial Services sector

  • Namaskar to all the colleagues associated with the financial sector!! You are well aware that a number of major steps have been taken in the financial sector in this year’s budget.
  • We have presented a roadmap in this budget to strengthen every aspect of the financial sector whether it is banking, non-banking or insurance.
  • You also get a glimpse in the budget regarding how we will make the public sector institutions stronger, and expand the private sector participation.
  • Post-budget, this dialogue is important because both the public and the private sectors have to take all these steps forward.
  • You should be aware of the priorities and commitments of the government and, more importantly, the government should also be aware of your suggestions and apprehensions.
  • I think your active contribution to the speed at which we have to take the country forward in the 21st century is very necessary.
  • Therefore, today’s dialogue is very important to take advantage of the prevailing situation in the world.
  • Friends, The government’s vision regarding the financial sector of the country is very clear. There is no place for ifs and buts.
  • Our top priority is that both the depositor and the investor should experience trust and transparency.
  • The financial system of the country runs on one thing and that is trust – trust regarding security of his earnings.
  • Trust regarding flourishing of investments and trust regarding the development of the country.
  • The old practices and arrangements of the banking and non-banking sectors are naturally undergoing a major change.
  • And change has become mandatory for us also. You are very well aware how the banking and financial sectors of the country were harmed 10-12 years ago over aggressive lending.
  • Several steps have been taken to extricate the country from non-transparent credit culture.
  • Today, it is important to report NPA for even a day rather than sweeping it under the carpet or fudging entries to escape.
  • Friends, The government understands very well that fluctuations do come in business. The government also agrees that it is not possible that every business will turn profitable and the results will be as per expectations.
  • Sometimes, we do ponder when our son or any member of the family does not become what we had expected.
  • Who doesn’t want his son to succeed, but sometimes, it does not happen. Therefore, the government understands all these things.
  • At least, our government does not presume that there are bad intentions and selfishness in every business decision.