PM Modi heralded a momentous milestone in India’s economic journey as he announced that the country’s banking sector has surpassed Rs 3 lakh crore in net profit for the first time in history. This remarkable turnaround over the past decade marks a pivotal moment in India’s financial landscape, signifying resilience, reform, and renewed prospects.
“When we came to power, our banks were reeling with losses and high NPAs due to the phone-banking policy of UPA. The doors of the banks were closed for the poor,” PM Modi remarked, reflecting on the challenges inherited by his administration. Under the previous regime, systemic issues such as non-performing assets (NPAs) and inefficiencies had plagued the banking sector, hindering its ability to serve as a catalyst for inclusive growth.
However, through strategic reforms and decisive policy interventions, the Modi government has steered the banking sector towards a path of stability and prosperity. Initiatives aimed at addressing NPAs, enhancing transparency, and promoting financial inclusion have yielded tangible results, culminating in this historic achievement. The Prime Minister’s assertion underscores the transformative impact of proactive governance and visionary leadership in revitalizing key sectors of the economy.
Moreover, PM Modi emphasized the broader implications of this milestone, particularly in terms of enhancing credit accessibility for the marginalized segments of society. “This improvement in the health of banks will help improve credit availability to our poor, farmers, and MSMEs,” he affirmed, highlighting the profound socio-economic implications of a robust and resilient banking system. Access to affordable credit is instrumental in empowering individuals and fostering entrepreneurship, thereby driving inclusive development and prosperity across the nation.