Global vision with local connection foundation of robust economic system: Suresh Prabhu

Udupi: Former Union Minister and Chairman of the National Cooperative Policy, Suresh Prabhu, emphasized the importance of a ‘global vision paired with local connection’ as the foundation for a robust economic system. He was speaking at the inauguration of the digital banking system of the Mahalakshmi Co-operative Bank held at Shyamili Hall in Ambalapady on Saturday.

Highlighting the critical role of the banking sector in modern economic development, Prabhu praised the strides made by Mahalakshmi Co-operative Bank in adopting digital banking, likening its growth to that of major banks like SBI and ICICI. “Digital banking is crucial for banks today. A customer-friendly ecosystem is key to the growth of any bank,” he said.

Prabhu also underscored the importance of supporting coastal regions, particularly the fishing community, which he described as the backbone of the nation. He urged governments to prioritize these regions, stressing that local sensitivity coupled with a global perspective is essential for sustainable economic progress.

During the event, a video showcasing the digital banking features was also unveiled, marking a significant step towards modernizing the bank’s services.

Economic Development: A National Priority

Later that day, at a discussion organized by the Mahalakshmi Co-operative Bank, Prabhu reiterated that economic development should be a priority for all. He noted the significant progress India has made in the economic sector, driven by advancements in technology and the integration of systems like UPI in cooperative sectors. He stressed the need for further development by 2047, aligning with Prime Minister Narendra Modi’s vision for the nation.

Prabhu also highlighted the growing role of artificial intelligence in creating a new wave of revolution, which he believes will greatly contribute to sustainable development. He praised the achievements of companies like Microsoft, Amazon, and Infosys, pointing to them as examples of the immense potential within the Indian economy.

Discussing the future of cooperative institutions, Prabhu mentioned that the report on the new National Cooperative Policy has been submitted to the central government. This new policy, he said, prioritizes digitalization and technology, aiming to make global technological facilities easily accessible to cooperative institutions.

He advocated for the autonomous growth of the cooperative sector, similar to the model in Karnataka, with minimal government intervention, ensuring that the benefits of cooperatives reach the wider society.