New Delhi: The Minister of State for Development of North Eastern Region (I/C), Prime Minister’s Office, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Jitendra Singh, has said that India will emerge as the torchbearer of banking reforms in the world as we aim to be a global superpower. Inaugurating the two-day India Banking Conclave here today, he said that under the leadership of Prime Minister Narendra Modi the Government has unleashed the potential of the banking sector. “This marks the beginning of India’s journey towards achieving the $5 trillion economy target,” he said.
Singh said that the Government’s thrust on Make in India and ease of doing business is dependent primarily upon the ‘Ease of Banking,’ besides improved communication, digitalisation and connectivity.
Singh said that the Pradhan Mantri Jan Dhan Yojana has transformed the banking landscape in the country. “From being a Zero Balance account scheme for every family, the deposits under the scheme have swelled to thousands of crores,” he said. “This proves the Jan Dhan Yojana is not only about economic empowerment, but it has become a matter of self-esteem for the poor as they rise to contribute to India’s economy,” he added.
Singh said that several such schemes including the Ujjwala Yojana, Pradhan Mantri Awas Yojana, Mudra Yojana, Stand Up India – Startup India scheme, PM Kisan Samman Nidhi Yojana, geotagging of NG-NREGA and DBT have stopped pilferage and helped better target welfare schemes for poverty alleviation. The minimum pension has also been raised to Rs 1,000 at the initiative of the Prime Minister.
“For the first, time initial seed capital funding has been introduced under the venture fund in the North-Eastern Region with an aim to stem the exodus of people,” said Singh.
“It is the vision of PM Modi that the nearly century-old Indian Forest Act of 1927 was amended to exempt bamboo from its purview and promote its commercial exploitation which will create jobs and industry in the North-Eastern Region,” he added.
Speaking at the Inaugural Session of India-ASEAN Business Summit earlier this week, Singh had also said that the North East will pilot India’s collaboration with ASEAN.
Singh noted that in 2014 Modi had said he is committed to serving the welfare of the poor. “This is the beginning of a journey from pessimism to optimism,” the Minister said, quoting from his tweet on the day Modi took over as Prime Minister in 2014.