India needs to become economically self-reliant: PM Modi

RBI Governor Shaktikanta Das presented a memento to Prime Minister Narendra Modi during a ceremony to mark 90 years of the Reserve Bank of India in Mumbai on April 1, 2024. | Photo Credit: PTI

Prime Minister Narendra Modi on April 1 said India needs to become economically self-reliant in the next ten years so that the nation is not impacted much by global factors.

Speaking on the 90th anniversary of the Reserve Bank of India (RBI), the Prime Minister also said a lot of work will be generated for everyone once the BJP-led NDA assumes office for the third term in June. "We have to increase India's economic self-reliance," he said.

Mr. Modi said the banking sector has become profitable and credit growth has been increasing because of efforts taken by his government and the RBI in the last decade. He added that the gross NPAs of public sector banks, which was around 11.25% in 2018, dropped to less than 3% by September 2023.

The "twin-balance sheet" problem is now a thing of the past, Mr. Modi said, adding that banks are now registering a credit growth of 15%. The RBI has played a significant role in all these accomplishments, he said.