Indian banks, currency must be part of global trade ecosystem: PM Modi

Prime Minister Narendra Modi on Monday called for the need to make India‘s banks and currency an important part of the international trade and supply chain.

Inaugurating the Iconic Week Celebrations by the ministries of Finance and Corporate Affairs as part of the Azadi ka Amrit Mahotsav (AKAM), Modi said India has developed various financial inclusion platforms and there is a need to create awareness about them for their optimum utilisation. There should be an effort to extend these financial inclusion solutions globally, he said.

“It is necessary to focus on how to make our domestic banks, currency an important part of international supply chain and trade,” he said. Further he added that India has shown in the last eight years that if the country collectively decides to do something, then India becomes a new hope for the world. “Today, the world is looking at us not just as a big consumer market but looking at us with hope and confidence as a capable, game-changing, creative, innovative ecosystem,” he said.

Credit linked portal

The Prime Minister also launched the ‘Jan Samarth portal’, a credit-linked portal of 13 government schemes, to ensure ease in credit availability to youth, entrepreneurs and farmers, and a special series of coins that are also ‘visually impaired friendly’. The coins of Re 1, Rs 2, 5, 10 and 20 denominations will have the AKAM design are not commemorative coins and will be part of the circulation.

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The new portal will be an ‘end-to-end delivery platform’, and more people will come forward to avail of loans because of ease of compliance,” Modi said. While adding that the country has borne the brunt of government-centric governance in the past, India is now moving ahead with the approach of people-centric governance.

He said earlier it was the responsibility of the people to go to the government to avail benefits of the schemes. Now, the emphasis is on taking governance to people and freeing them from the rigamarole of doing rounds of different ministries and websites.

Speaking during the event, Finance Minister Nirmala Sitharaman said each of the 13 government schemes will be displayed on the Jan Samarth portal. “This portal is going to make it easy so that citizens do not have to ask the same questions every time to avail themselves of a government programme,” she said.

“Launch of National Portal for Credit Linked Government schemes - Jan Samarth Portal is a major step in this direction. This portal will improve the lives of students, farmers, businessmen, and MSME entrepreneurs, and will help them in realising their dreams,” Modi added.

Simplifying processes

The Prime Minister emphasised that the youth have been kept at the heart of the reforms the country has undertaken in the last eight years. “By reducing more than 30,000 compliances, abolishing more than 1,500 laws, and decriminalising several provisions of the Companies Act, we have ensured that Indian companies not only move ahead but also achieve new heights,” he said.

The Prime Minister said the country is seeing the result of simplification in indirect taxes by bringing in Goods and Services Tax (GST). Now, it has become normal for GST collection to cross ₹1-lakh crore every month, he said, adding that there has been a constant increase in EPFO registration, while the GeM portal has brought in new ease for government procurement.

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