PM Modi emphasises the importance of Indian banks and currency in international trade and supply chains.

PM Modi

On Monday, Prime Minister Narendra Modi emphasised the importance of making India’s banks and currency an integral component of international trade and supply chains.
He also urged financial institutions to promote excellent financial and corporate governance standards on a continual basis.

Modi said that India has developed various financial inclusion platforms and that there is a need to create awareness about them so that they can be used to their full potential. He was speaking at the Azadi ka Amrit Mahotsav, which is part of the Azadi ka Amrit Mahotsav.

He believes that efforts should be made to expand these financial inclusion solutions globally.

“It is crucial to focus on how to make our domestic banks and currencies an important component of the worldwide supply chain and Trade” the Prime Minister stated in his speech.”.

“In the last eight years, we have demonstrated that if India as a whole decides to accomplish anything, India becomes a new hope for the world. “Today, the world looks at us not just as a large consumer market, but as a capable, game-changing, creative, and innovative ecosystem,” Modi added.

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The Prime Minister also unveiled the ‘Jan Samarth portal,’ a credit-linked platform that connects 13 government initiatives to make finance more accessible to youth, businesses, and farmers, as well as a special set of visually impaired-friendly coins.

The Azadi Ka Amrit Mahotsav (AKAM) design will appear on coins in the denominations of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, ,the circulation.

“”These new series of coins will remind people of Amrit Kal’s purpose and urge them to work for the country’s progress,” Modi remarked at the landmark week celebration.

He claims that due of the ease of compliance, the Jan Samarth portal would be a “end-to-end delivery platform,” and that more people will come forward to apply for loans.

Finance Minister Nirmala Sitharaman said during the occasion that each of the 13 government initiatives will be published on the Jan Samarth webpage.

“This site will make it simple for citizens to take advantage of government programmes without having to ask the same questions every time,” she said.

Modi stated that India has previously suffered from government-centric governance, but that the country is now moving toward a people-centric approach.

He previously stated that it was the people’s job to go to the government in order to take advantage of the various programmes. The focus now is on bringing governance to the people and relieving them of the tedium of visiting several departments and websites.

“The launch of the Jan Samarth Portal, a national portal for credit-linked government initiatives, is a significant step forward. Students, farmers, businesses, and MSME entrepreneurs will benefit from this portal, which will assist them in achieving their goals “Modi went on to say that.

The Prime Minister emphasised that the country’s changes over the last eight years have maintained the youth at the forefront.

“We have ensured that Indian enterprises not only move forward but also achieve new heights by eliminating more than 30,000 compliances, abolishing more than 1,500 laws, and decriminalising many portions of the Companies Act,” he said.

The introduction of the Goods and Services Tax, according to the Prime Minister, has resulted in the country seeing the benefits of indirect tax simplification (GST).

GST collection has now routinely surpassed Rs one lakh crore every month, he said, adding that EPFO enrollment has been steadily increasing, and the GeM site has made government procurement easier.

The Prime Minister announced that the GeM portal purchase total had surpassed 1 lakh crore.

According to Modi, India currently has 70,000 startups, with a dozen new ones being created every day.

People have been emotionally engaged to government projects such as Aatmanirbhar Bharat and Vocal for Local, according to him.

Bank of India MD AK Das said the Jan Samarth portal will assist minimise turnaround time and promote faster loan sanctioning to beneficiaries.

As time goes on, more projects will be offered, Das said.

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