Form groups of entrepreneurs, experts to suggest reforms in banking, other sectors: Modi tells business community

Prime Minister Narendra Modi on Friday asked the business community to form groups of entrepreneurs and experts to suggest policy changes for reforms in banking and other sectors, and also to point out the shortcomings.

Modi also said his government was working on creating conducive atmosphere to help people from ordinary background to become entrepreneurs. He was speaking after virtually inaugurating Global Patidar Business Summit-2022, a three-day event in Gujarat’s Surat. ”I will urge you to make 10 to 15 groups of entrepreneurs, young and old, who should take up sectors in which you think we need to make an impact, study global practices of those sectors, how its market can be developed, point out shortcomings and suggest changes in government policies for it,” Modi said. Experts and academics should be included in such groups, he said.

”Take banking…Why is the banking sector not growing, find out the problems. Every week I get representation from Surat’s diamond industry saying that banks do not extend credit to them and request me to do something. So where are our policies going wrong, why do we have such questions of priorities (in banking sectors),” Modi said. ”In the same way, you can take up the fintech sector. A thorough study of that subject can be taken up on use of technology in financial services and how to overcome our shortcomings. Other sectors can be taken up also,” he added. ”You prepare documentations on what is the right policy that needs to be implemented by the government and make a presentation of your findings. I assure you that if you seek my time, I will also sit for your presentation on banking and other subjects, and also ask government officials to remain present,” Modi said.

Based on the presentations, the government will think of changing its policy to propel business growth, he added.

Modi listed various initiatives taken by his government to boost the economy of the country. ”The government is working to create an atmosphere in which anyone coming from a very ordinary family can become an entrepreneur, dream about being one and take pride in it,” he said. Modi said the PLI (production-linked incentive) scheme introduced by his government has not only generated enthusiasm for ‘Make In India’ in old business sectors, but also opened up possibilities in new sectors like production of semiconductors. Mudra Scheme and Startup India are also contributing to rapid industrialisation, he said, adding that the government saved the MSME sector during the pandemic by pumping money into such enterprises, which are now once again giving employment to people.

The prime minister urged businesspersons from the Patidar community to also look into the ways to modernise farming saying most of them come from the farming background, and asked them to encourage farmers to adopt organic farming. ”There is a great scope in the food processing industry,” he said while urging Gujarat-based businesspersons to emerge as global leaders in the food processing industry as well.

He said the demand for ayurveda has grown exponentially in the world due to the pandemic and good startups are coming in that sector as well. Modi asked Patidar industry leaders to make its youth understand how Jyotigram scheme (‘village lighting’ scheme of the Gujarat government) brought change in villages after 24 hours of uninterrupted power supply was given to rural areas.

”In Surat, Patidar youths take out rallies saying ‘murdabad, murdabad’. But they would not be aware how we used to spend days during power cuts in villages. We brought the Jyotigram scheme, which ensured uninterrupted power supply in villages. You should tell your youths how we have come out of that situation,” Modi said.

The prime minister was referring to the 2015 Patidar quota agitation when young members of the community had taken out rallies against the state government.