India needs innovative financing: PM
Narendra Modi asks financial institutions to explore futuristic ideas catering to emerging needs of economy
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New Delhi: Prime Minister Narendra Modi on Tuesday asked financial institutions (FIs) to consider innovative financing and risk management systems to support new futuristic ideas to meet the emerging needs of the economy.
Stating that implementation of green financing is the 'need of the hour' to meet net-zero carbon emissions target by 2070, Modi said financial help should be extended to environment-friendly projects. "Our financing sector will have to consider innovative financing and sustainable risk management of new futuristic ideas and initiatives," Modi said in a post-Budget webinar on 'Financing for growth and aspirational economy'.
He said the success of the reforms undertaken by the government to strengthen MSMEs is dependent on strengthening financing for these sectors. The Prime Minister also insisted that Industry 4.0 is not possible till the country moves ahead in the fields like fintech, agritech, meditech and skill development. "Help of financial institutions in such areas will take India to new heights in Industry 4.0," the Prime Minister said. He also stressed on the need to identify 8-10 sectors, constructions, startups, recently opened up sectors like drones, space and geo-spatial data, in which India can be among the top-3 globally and asked the financial institutions to extend credit support.
