Modi asks financial institutions to come out with futuristic ideas to fund emerging economic needs

Prime Minister Narendra Modi on Tuesday asked financial institutions to come out with innovative and futuristic financing as well as risk management ideas to fund the emerging needs of the economy.

Stating that implementation of green financing is the ‘need of the hour’ to meet net-zero carbon emissions target by 2070, Modi said financial help should be extended to environment-friendly projects.

”Our financing sector will have to look into new futuristic ideas, initiatives and think of innovative financing and sustainable risk management ideas,” Modi said in a post-Budget webinar on ‘Financing for growth and aspirational economy’.

He also stressed on the need to identify 8-10 sectors in which India can be among the top-3 globally and asked the financial institutions to extend credit support.

Modi also nudged the bureaucrats to come out with ‘actionable solutions’ to implement the 2022-23 Union Budget proposals.

He said the country is investing heavily in health infrastructure and asked banks to look into the possibility of prioritising credit to this sector.

Modi also said that if banks extend funding on a priority basis to exporters, it will make them strong and help in the Atma Nirbhar Bharat programme.