President Droupadi Murmu has said that the Indian economy is consistent and the fastest-growing economy in the World. In her address at the 120-year celebration of the City Union Bank at Chennai today, the President asserted that every citizen of India is financially empowered through various schemes of the Government. She said that the banking sector is playing a pivotal role in the economic growth of the Country and congratulated the Finance Minister for bringing citizen-centric schemes to bridge the rural-urban divide.
The President said that banking services are available by the click of a button on the mobile, and the scenario of people standing in long queues in banks has been avoided completely. Noting that the 56 Crore Jan Dhan accounts have been created through banks, she congratulated the Banks for helping the underprivileged in both rural, semi-urban and urban areas to reap the benefits of the Government schemes through Direct Benefit Transfer and avoid the intermediaries. Listing out schemes like farmers’ subsidy, loans for MSMEs, mobile banking, micro loans, and also availing insurance products, the President said that the people also need to be aware of the dangers in digital banking.
Union Finance Minister Nirmala Sitaraman has said that the real GDP is 7.8 per cent in the first quarter of this financial year and asserted that under the leadership of Prime Minister Narendra Modi, the economy of the Country remains vibrant. In her address, she informed that for the first time in 18 years, India’s long-term sovereign credit score has been graded by the renowned S&P grading agency.
The Finance Minister informed that the private banks play a major role in nation-building. She asserted that the inflation has reached an eight-year low of 1.5 per cent in July this year, and the fiscal deficit has reduced from 9.2 to 4.4. She said that the EPFO had registered 22 lakh new members, and 67 per cent of Jan Dhan Accounts were from the rural and semi-urban areas, and 56 per cent were women.