PM Modi: To boost the economy, business needs to increase debt flow

Prime Minister Narendra Modi stressed on increasing the flow of debt to businesses to meet the needs of a rapidly growing economy. Speaking on a webinar on budget proposals for the financial sector, Modi said financial products should be tailored to the needs of fintech and startups.

While the government is trying to promote the private sector, Modi said the government’s presence in the banking and insurance sector is also needed. “Our economy is growing and growing fast. Debt flows are just as important,” Modi said. You have to look at how lending reaches new entrepreneurs, new sectors. Now you need to focus on creating new and better financial products for startup and fintech.

Modi said the government was taking steps to make the financial services sector vibrant, dynamic and similar. He said the government will stand with all business decisions taken with the right intention.

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