
Prime Minister Narendra Modi addressed the audience at the 90th anniversary celebration of the Reserve Bank of India (RBI) in Mumbai. He emphasized the need for India to boost its economic self-reliance over the next decade to minimize the impact of global crises. Modi also stressed the importance of making the Indian rupee more widely recognized and accepted worldwide.
During his speech, Modi mentioned that the workload on government officials would increase significantly after the formation of the BJP-led NDA government at the Centre. He commended the RBI for its role in fostering rapid and sustainable growth in the country since its establishment on April 1, 1935.
Modi praised the RBI's efforts in implementing rule-based discipline and financially responsible policies in the banking sector. He urged the RBI to provide advance estimates of sectoral needs to facilitate proactive measures and assured the banks of the government's unwavering support.
The Prime Minister lauded the RBI's Monetary Policy Committee (MPC) for its actions in controlling inflation. He credited measures such as active price monitoring and fiscal consolidation for keeping inflation in check even during the challenging times of the Covid pandemic. Modi emphasized that clear priorities are essential for a country's progress and highlighted India's growing role as a global economic powerhouse.
Despite the economic setbacks caused by the pandemic, Modi noted that the Indian economy continues to set new records. He underscored the importance of striking a balance between controlling inflation and fostering growth, expressing confidence in the RBI's ability to serve as a model and lead the way for the Global South.
Looking ahead, Modi urged collective efforts to enhance India's economic self-reliance over the next decade. He emphasized the need for the Indian economy to be resilient and less susceptible to global crises.