Indian Economy News

Prime Minister, Mr. Narendra Modi calls for economic self-reliance, making the rupee more acceptable.

  • IBEF
  • April 2, 2024

Prime Minister, Mr. Narendra Modi, speaking at the 90th-anniversary celebrations of the Reserve Bank of India (RBI), outlined India's strategic imperative to bolster economic self-reliance over the next decade to navigate global crises and enhance the international standing of the Indian rupee. He commended the RBI's historical role in fostering rapid and sustainable national growth since its inception in 1935.

Emphasizing the RBI's pivotal contribution to fostering discipline and prudent fiscal policies within the banking sector, he called for proactive anticipation of sectoral needs and assured government backing for banks. He lauded the Monetary Policy Committee's measures to curb inflation, underscoring the importance of maintaining moderate inflation levels amid the Covid-19 pandemic's challenges. He asserted India's growing stature as a global growth engine, representing 15% of the world's GDP growth, and expressed confidence in the RBI's potential to lead globally, particularly in supporting the development aspirations of the Global South. Looking ahead, he urged concerted efforts to fortify India's economic self-sufficiency, ensuring resilience against global crises.

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