Modi lays stress on entrepreneurship, innovation and new businesses

Prime Minister Narendra Modi on Tuesday (March 8) asked financial institutions to come out with innovative and futuristic financing as well as risk management ideas to fund 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 look into new futuristic ideas, initiatives and think of innovative financing and sustainable risk management ideas,” Modi said in a post-Budget webinar on ‘Financing for growth and aspirational economy’.

On the Union Budget – 2022, Modi said the Centre is keen to maintain growth momentum. “We are encouraging foreign capital flows, reducing tax on infra investment, creating institutions like NIIF, Gift City, new DFIs. All these attempts are aimed at accelerating financial and economic growth,” he said.

Modi also stressed on the need to identify 8-10 sectors in which India can be among the top-3 globally and asked the financial institutions to extend credit support. He also nudged the bureaucrats to come out with ‘actionable solutions’ to implement the 2022-23 Union Budget proposals.

The Prime Minister listed out ways to encourage new ventures. “Our startups can grow only when we encourage entrepreneurship, lay stress on innovation, focus on new business areas. The financing sector needs to look at new futuristic ideas, innovative financing of initiatives and sustainable risk management,” he added.

He said the country is investing heavily in health infrastructure and asked banks to look into the possibility of prioritising credit to this sector. Modi also said that if banks extend funding on a priority basis to exporters, it will make them strong and help in the Atmanirbhar Bharat programme.

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Modi reiterated India’s commitment to achieving net-zero carbon emissions by the year 2070. “To speed up work on this, it’s necessary to accelerate environment-friendly projects,” he said.

Modi also extended his greetings on International Women’s Day. “As we hold discussions regarding Budget today, it is a matter of pride that India has a woman finance minister who presented a progressive budget,” he said.