Mumbai: Prime Minister Narendra Modi on Monday said India needs to increase its economic self-reliance in the next 10 years to mitigate the impact of global crises, and make rupee more accessible and acceptable throughout the world.
The Prime Minister also said the workload on bureaucrats will increase substantially soon after formation of the BJP-led NDA government at the Centre.
Modi was addressing the opening ceremony of the 90th anniversary celebrations of the Reserve Bank of India (RBI) here. The RBI commenced its operations on April 1, 1935.
He highlighted the role of the RBI in speedy and sustainable growth of the country.
Noting the achievement of the RBI in infusing rule-based discipline and fiscally prudent policies in the banking sector, the Prime Minister asked for advance estimates of the needs of various sectors to take proactive steps while assuring the banks of government's support.
Modi praised the role of the RBI's Monetary Policy Committee (MPC) for taking steps to control inflation. Steps like active price monitoring and fiscal consolidation kept inflation at a moderate level even during difficult times of the Covid pandemic, Modi said, lauding the RBI's role in the progress of the economy. “Nobody can stop a country from progressing if its priorities are clear,” he said, adding that India is becoming the engine of global growth with 15 per cent share in world GDP growth.
Modi said the Indian economy is creating new records at a time when many countries in the world are still trying to recover from the economic shock of the pandemic.
Highlighting the importance of creating a balance between inflation control and growth for any developing country, he expressed confidence that the RBI can become a model.
