Govt committed to 'major economic reforms', says PM Narendra Modi

PM said, his government has chosen the path of reforms to bring about a change in the lives of the poor, the middle class, deprived people, the urban population, and the youth

Prime minister Narendra Modi on Thursday said his government is deeply committed to "major reforms", emphasising that the process of reforms is not driven by compulsion, but by the intention to strengthen the nation.

Speaking from the ramparts of the Red Fort, Modi said his government has chosen the path of reforms to bring about a change in the lives of the poor, middle class, deprived people, urban population and youth.

“I want to assure the citizens of the country that our commitment to reforms is not limited to the editorials of pink papers. Our commitment to reforms is not for a few days of applause. Our process of reforms is not driven by compulsion, but by the intention to strengthen the nation. Therefore, today, I can say that our path of reforms has become a blueprint for growth. Our reforms, this growth, the change, these are not just topics for debate clubs, intellectual society or experts,” he added.

Citing the example of the banking sector, Modi said his government has implemented multiple reforms to strengthen the sector which has led Indian banks to secure their place among the selected strong banks in the world.

“Think about the state of the banking sector. There was neither development, nor expansion, nor trust. Not only that, the kind of activities that were going on led our banks into crises. We implemented multiple reforms to strengthen the banking sector. And today, as a result, our banks have secured their place among the selected strong banks in the world. And when banks become strong, the power of the formal economy is also strengthened. When a banking system is established, it becomes the greatest strength to meet the needs of the common poor, especially middle-class families,” he added.

Modi said whether it’s a home loan, a vehicle loan, a tractor loan for farmers, funding for start-ups, education loans, or loans for going abroad, the banking sector has the capability to support these needs.

“I am happy that even cattle rearers and my brothers and sisters involved in fisheries are benefiting from banks today. I am happy that millions of street vendors are now connecting with banks, achieving new heights, and becoming partners in the path to development,” he added.

Emphasising that banks are the biggest support for micros, small and medium enterprises (MSMEs), the Prime Minister said strong banks have made it possible to finance their daily expenses to progress further.

The Union government runs various financial inclusion schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), MUDRA Yojana, Stand Up India, PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) and PM Vishwakarma.