India’s Banking System Pivotal for Vision ‘Viksit Bharat 2047’

M Nagaraju, Secretary of the Department of Financial Services, speaks at FIBAC 2024 about India’s ambitious goal of becoming a developed nation by 2047, emphasizing the crucial role of the banking sector in achieving this vision and the need for inclusive growth and technological advancement.

M Nagaraju, Secretary of the Department of Financial Services, Ministry of Finance, highlighted the readiness of India's banking system to support the 'Viksit Bharat 2047' initiative. Speaking at FIBAC 2024, organized by FICCI and IBA, Nagaraju emphasized the need for dedication and belief in India's potential to realize this vision.

The union budget, he noted, supports this vision by focusing on women, youth, and farmers. Nagaraju stressed that banks are pivotal in promoting inclusive growth by assisting underserved sectors, empowering MSMEs, and supporting key areas such as healthcare. He also urged banks to harness fintech advancements to extend their reach, especially to the underserved, and to bolster cybersecurity measures to mitigate risks.

Nagaraju underscored the importance of improving credit systems, enhancing infrastructure, and focusing on the MSME sector, which counts 40 million registered entities, with just 40% within the formal financial system. He called for youth entrepreneurship education and green financing initiatives. Sunil Mehta, Chief Executive of IBA, acknowledged Nagaraju's suggestions, committing to furthering green finance efforts and awareness. (ANI)

(With inputs from agencies.)