PM Modi hails banking sector reforms in Independence Day speech, says Indian banks among ‘strongest in the world’

Independence Day 2024: Prime Minister Narendra Modi on August 15 hailed the country's banking sector reforms, adding that Indian banks “now count among strongest in world”.

“Just imagine what was the condition of our banking sector. There was no growth, no expansion, and there was no faith (in the banking system). Our banks were going through difficult times...We took big reforms to make the banking sector strong. Today, because of the reforms, our banks are among the few strong banks globally,” Modi said.

Speaking from the Ramparts of the Red Fort after hoisting the National Flag on occasion of India's 78th Independence Day celebrations, Modi addressed the country and outlined his government's goals and policies.

“India's contribution in global growth has increased; country's exports have gone up. Indian banks now count among the strongest in the world. Our commitment to reforms not for temporary applause or due to compulsions, but has resolve to strengthen country,” Modi stated.

“Reforms in governance have to be pushed to realise goal of Viksit Bharat 2047 and delivery system in governance has to be strengthened,” the PM added and urged all levels of government to work on improving ease of living on mission mode.

“The middle class gives a lot to nation and expects quality life; it will be our endeavour to ensure minimum government interference,” said PM Modi.

On Govt Reforms…

“We were given a huge responsibility and we introduced major reforms on the ground...I would like to assure the countrymen, our commitment to reforms is not limited to pink paper editorials,” Modi added.

He added that the government's commitment to reforms is “not for a few days of appreciation”, but with the intention of strengthening the country. “That is why, I can say that our path to reforms is the blueprint of growth in a way. This reform, this growth, this change, is not just a matter of discussion for debate clubs, intellectual societies and experts. We did not do this for political compulsions...we have just one resolve — Nation First,” he added.

On Technology and Women…

Modi in his speech also highlighted the creation of modern systems in key sectors through technology. “Be it tourism, education, health, MSME, transport, farming and agriculture sectors — in every sector a new modern system is being created. We want to move forward by adopting best practices by integration of technology,” he stated.

Modi also spoke about women's financial independence. “In the last 10 years, 10 crore women joined women self-help groups. 10 crore women are becoming financially independent,” he claimed.

Adding, “When women become financially independent they become part of the decision-making system in a household leading to social change...Till now, 9 lakh crores have been given to self-help groups in the country.”

Viksit Bharat 2047

Modi hailed the ‘Viksit Bharat 2047’ dream in his 11th Independence Day speech. “'Viksit Bharat 2047' are not mere words, they are reflection of resolve and dreams of 140 crore people. We are capable of making India developed nation by 2047 with our resolve,” he stated.

Adding, “We gave the mantra for 'Vocal for Local'. Today, I am happy that Vocal for Local has become a new mantra for the economic system. Every district has started taking pride in its produce. There is an environment of 'One District One Product'...”

“Path of reforms chosen by us has become blueprint for growth and not just for debate clubs,” PM Modi said. He called for making India the third-largest economy in the world soon. He also hailed the Indian government's focus on the skill development of youth.