India will emerge as the torchbearer of banking reforms, says Dr. Jitendra Singh
By PIB 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, Dr. Jitendra Singh has said 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 under the leadership of the Prime Minister Shri Narendra Modi, the Government has unleashed the huge potential our Banking Sector is capable of during the last more than five years. “This marks the beginning of India’s journey towards achieving the $5 trillion economy,” he said.
Dr Jitendra Singh said the Government’s thrust on ‘Make in India’ and ‘Ease of doing Business’ is dependent primarily upon the ‘Ease of Banking’, besides improved communication, digitalization and connectivity.
Dr. Jitendra Singh said 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.
Dr. Jitendra Singh said several such innovative schemes including the Ujjwala Yojana, Pradhan Mantri Awas Yojana, Mudra Yojana, Stand Up India- Start Up India schemes, PM-Kisan Samman Nidhi Yojana, geotagging of NG-NREGA and DBT have stopped pilferage and helped better target welfare schemes for poverty alleviation. Minimum Pension has been raised to Rs.1,000 at the initiative of Prime Minister Shri Narendra Modi. “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,” he said. “It is the vision of Shri Narendra Modi that the nearly century old Indian Forest Act, 1927 was amended to exempt bamboo from its purview and promote its commercial exploitation which will create jobs and industry in the NER,” he added.
Dr. Jitendra Singh said in 2014, soon after taking over the reins of the Government, the Prime Minister had said he is committed to serve the welfare of the poor. “This is the beginning of a journey from pessimism to optimism,” said Dr. Jitendra Singh quoting from his tweet on the day Shri Narendra Modi took over as the Prime Minister for the first time in 2014.