Rama Krishna Sangem
Prime Minister Narendra Modi indirectly said that he would be the country’s boss for a third term after June 4, when Lok Sabha election results are announced. “I may give you more work just after the election results are announced, so be ready with more new ideas to take the economy forward,” was his message at Reserve Bank of India’s 90th foundation day event held in Mumbai on April 1, Monday.
The Reserve Bank of India (RBI) celebrated its 90th year today in Mumbai, where RBI governor Shaktikanta Das, Finance Minister Nirmala Sitharaman, and Prime Minister Narendra Modi delivered their keynote presentations. On the 90th anniversary of the RBI, PM Modi unveiled a commemorative coin.
In his introductory remarks, Governor Shaktikanta Das said that the RBI has been working to strengthen the resilience of the Indian financial sector by continuously assessing new trends and implementing preventive measures.
In his speech, Prime Minister Modi highlighted how UPI has grown to be a widely used platform. He said that throughout the next ten years, the central bank will need to concentrate on advancing digital transactions and financial inclusion. As the central bank of the country, RBI was founded in 1935 and is regulated by the Reserve Bank of India Act, 1934, as well as the Hilton Young Commission’s recommendations.
During his speech, Modi highlighted the significance of blockchain technology, artificial intelligence (AI), and machine learning and encouraged to embrace these further. For the nation’s growth to be swift, inclusive, and sustainable, the RBI must continue to use innovative methods.
“I will be busy with elections, so you have time to thnk”
Elections for a third consecutive term of government are scheduled to begin in three weeks, and the economy’s performance is contributing to Modi’s popularity among voters.
“I am busy with the elections for these 100 days, so you have a lot of time to think about (new policies). Because just a day after the swearing-in ceremony, you will have a lot of work…” said PM Modi.
As he commended the RBI for its management of the economy and the changes it has made to the banking sector over the years, PM Modi stated that the bank should prioritize economic growth over the next ten years.
At a Mumbai event celebrating the RBI’s 90th anniversary, Modi stated that the inflation targeting framework of the RBI helped in managing pricing pressures. He said that in order to balance inflation and growth, the central bank should use “unique tools.
